管理层讨论与分析信息披露的影响因素分析——以制造业为例

Analysis on the Influencing Factors of Information Disclosure of Management Discussion and Analysis——Based on the Case of the Manufacturing Industry

以中国沪市A股250家制造业上市公司2016年年度报告为研究对象,采用多元线性回归分析管理层讨论与分析(MD&A)信息披露的影响因素。结果表明:1)规模大的公司更有意愿通过提升MD&A信息披露质量,有效扩宽融资渠道,吸引外界投资。2)盈利能力强的公司在对外MD&A信息披露时会更主动,并由此更易获得投资者的青睐。3)规模结构大的董事会有利于信息对外披露,规模过小的董事会缺乏有效的监督和制约,对于信息披露时更有可能选择隐瞒对公司不利的因素,使外部投资者无法获取真实有效的信息。

The article takes the annual report of 250 listed manufacturing companies in Shanghai stock market as the objects of study in 2016. The multiple linear regression analysis was used to analyze the influencing factors of MDA information disclosure. The results show that： 1） Large companies are more willing to enhance the quality of MDA information disclosure, effectively broaden financing channels, and attract outside investment. 2）Companies with strong profitability will be more active in disclosing MDA information to get more and more favor from investors. 3）The board of large scale structure will facilitate the information disclosed, while the board of small size lacks in effective supervision and restriction. They are more likely to conceal the adverse factors when information disclosed.As a result, the external investors cannot obtain real effective information.