管理层讨论与分析信息含量对银行贷款契约的影响研究——以创业板上市公司为例

The Impact of Management Discussion and Analysis Information Content on Bank Loan Contracts: Taking GEM Listed Companies as an Example

管理层讨论与分析信息是上市公司年报中的重要部分,如同借给投资者的一双"慧眼"。对于管理层讨论与分析信息的研究目前还没有展开到其在银行放贷决策中的有用性。以2009—201 6年深交所创业板上市公司的数据为研究样本,研究结果显示,银行在信贷决策时关注企业传递的管理层讨论与分析信息,管理层讨论与分析整体信息含量及分类信息含量均能影响银行贷款,并且关于企业未来发展的前瞻信息和风险信息对银行贷款的影响更明显。研究结果可以对管理层讨论与分析信息研究领域的理论完善,特别是对新兴发展中国家市场环境下非财务信息研究的一个重要补充,并且在实践中促进上市公司持续有效披露更有用的管理层讨论与分析信息。

Management discussion and analysis information is an important part in the annual report of listed companies, which is like a pair of" wisdom eyes" lent to investors. The research on management discussion and analysis information has not yet extended to its usefulness in bank loan decisions. Taking the data of listed companies on the GEM of the Shenzhen Stock Exchange from 2009 to 2016 as research samples, this paper conducts such a study. The results show that if banks pay close attention to management discussion and analysis information transmitted by enterprises when making credit decisions, the overall information content and the classified information content of the management discussion and analysis can both affect bank loans, and the prospective information and the risk information concerning the business future development can exert more significant impact on bank loans. These results of this study can improve the theories for the management discussion and analysis information researches, especially offer an important supplement to the non-financial information researches in the context of the market environment of emerging developing countries, and promote the release of more useful management discussion and analysis information from the listed companies continuously and effectively in practice.