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  本文選題：批發(fā)與零售貿(mào)易行業(yè) + 管理層討論與分析��； 參考：《西南交通大學》2012年碩士論文

【摘要】：管理層討論與分析(Management's Discussion and Analysis,簡稱MDA)是上市公司在定期財務報告中披露的一種文字信息。其通過對財務報表中相關的數(shù)據(jù)進行文字解析,目的是向投資者及其他利益相關者提示上市公司經(jīng)營中可能存在的風險和不確定性。MDA主要披露的內(nèi)容是上市公司管理層分析和評價公司在報告期內(nèi)的經(jīng)營情況,以及預測和判斷公司下一年度的情況。我國已經(jīng)規(guī)定上市公司在年度報告和中期報告中要求MDA內(nèi)容作為單獨章節(jié)披露,由此可見MDA的披露信息具有至關重要的作用。研究MDA是否具有有用性,直接體現(xiàn)在MDA披露信息對投資者的決策是否有價值。目前我國對MDA有用性的全面和深入的研究還存在不足,特別是缺少從分行業(yè)的角度來研究MDA信息披露的有用性,所以本文對此進行分析和探討具有實踐意義。本文以批發(fā)與零售貿(mào)易行業(yè)的上市公司2007-2009年度報告中的MDA為研究對象,選取MDA信息披露的成本控制、費用支出、經(jīng)營規(guī)模、重大事件、產(chǎn)品價格、產(chǎn)品銷量、無形資產(chǎn)、市場預測、盈余預測和風險對策作為研究變量,首先采用多元回歸分析,分別研究MDA與上市公司未來營業(yè)收入、未來經(jīng)營現(xiàn)金凈流量的關系。然后采用事件分析法來研究股票市場是否對MDA信息披露存在反應。通過理論研究和實證研究,結果發(fā)現(xiàn)我國批發(fā)與零售貿(mào)易行業(yè)的上市公司MDA信息披露內(nèi)容,總體上對預測公司未來營業(yè)收入、經(jīng)營現(xiàn)金凈流量有顯著的增量解釋能力,而且股票市場對MDA信息披露在一段時間內(nèi)也做出了一定的反應。但是,研究結果也發(fā)現(xiàn),目前批發(fā)與零售貿(mào)易行業(yè)上市公司管理層對MDA信息披露還存在選擇性偏好的現(xiàn)象。最后,本文為投資者及其他利益相關者有效解讀批發(fā)與零售貿(mào)易行業(yè)上市公司披露的MDA信息提出了相關建議,并且為證券監(jiān)管部門對分行業(yè)制定MDA信息披露的要求提供了相應的參考。
[Abstract]:Management discussion and Analysis Management Management Discussion and Analysis, (MDAs) is a kind of written information disclosed by listed companies in their regular financial reports. Through text analysis of the relevant data in the financial statements, The aim is to remind investors and other stakeholders of possible risks and uncertainties in the operations of listed companies. The main disclosure of MDA is management analysis and evaluation of the performance of listed companies during the reporting period, And predict and judge the company's next year. China has stipulated that listed companies require MDA content to be disclosed as a separate chapter in the annual report and interim report, so it can be seen that the disclosure information of MDA plays an important role. The research on the usefulness of MDA is directly reflected in the value of MDA disclosure to investors. At present, the comprehensive and in-depth research on the usefulness of MDA in our country is still insufficient, especially the lack of research on the usefulness of MDA information disclosure from the angle of industry, so this paper has practical significance to analyze and discuss this issue. This paper takes the MDA of the annual report of the listed companies in the wholesale and retail trade industry from 2007-2009 as the research object, selects the cost control, the expense expenditure, the scale of operation, the major event, the product price, the product sales volume, the intangible assets of MDA information disclosure. Market forecasting, earnings forecasting and risk countermeasures are as variables. Firstly, the relationship between MDA and future operating income and net operating cash flow of listed companies is studied by multivariate regression analysis. Then the event analysis method is used to study whether the stock market is responding to MDA disclosure. Through theoretical and empirical research, it is found that the MDA disclosure content of listed companies in wholesale and retail trade industry in China has a significant incremental explanation ability to predict the future operating income and net operating cash flow. And the stock market to MDA information disclosure in a period of time also made a certain response. However, the results also show that there is still a selective preference for MDA disclosure in the management of listed companies in wholesale and retail trade. Finally, this paper provides relevant suggestions for investors and other stakeholders to effectively interpret the MDA information disclosed by listed companies in wholesale and retail trade. It also provides the corresponding reference for the securities supervision department to establish the MDA information disclosure requirement.
【學位授予單位】：西南交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

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本文編號：1939051