創(chuàng)業(yè)板“管理層討論與分析”披露影響因素實(shí)證研究
發(fā)布時(shí)間：2018-08-29 18:57
【摘要】：“管理層討論與分析”(Management’s DiscussionAnalysis,簡(jiǎn)稱MDA)制度最早由美國提出，指的是上市公司定期報(bào)告中管理層對(duì)于公司過去經(jīng)營(yíng)狀況的評(píng)價(jià)分析以及對(duì)未來發(fā)展趨勢(shì)的前瞻性判斷。我國證監(jiān)會(huì)于2001年引入了“管理層討論與分析”這一制度，并在2005年強(qiáng)化了有關(guān)規(guī)定。2009年我國開啟創(chuàng)業(yè)板市場(chǎng)，證監(jiān)會(huì)對(duì)創(chuàng)業(yè)板上市公司“管理層討論與分析”的披露內(nèi)容進(jìn)行了一定修改，使其更加符合創(chuàng)業(yè)板上市公司的特點(diǎn)。 本文選取2009年及2010年的創(chuàng)業(yè)板上市公司年報(bào)，在前人研究的基礎(chǔ)上，通過構(gòu)建年報(bào)MDA信息披露內(nèi)容分類及評(píng)分標(biāo)準(zhǔn)表（包含兩部分九大項(xiàng)共29個(gè)子項(xiàng)目），對(duì)我國創(chuàng)業(yè)板上市公司MDA披露情況進(jìn)行對(duì)比研究，了解目前我國創(chuàng)業(yè)板上市公司MDA信息的披露狀況；此后選取了公司規(guī)模、盈利能力、財(cái)務(wù)杠桿、行業(yè)、公司治理結(jié)構(gòu)、外部審計(jì)機(jī)構(gòu)權(quán)威性、公司注冊(cè)地點(diǎn)等變量進(jìn)一步分析影響創(chuàng)業(yè)板上市公司披露MDA信息的影響因素。 本文在結(jié)構(gòu)上首先介紹了選題背景與研究意義，簡(jiǎn)要回顧了美國及我國MDA信息披露的演變，以及我國對(duì)創(chuàng)業(yè)板上市公司MDA披露要求，并介紹了國內(nèi)外學(xué)者研究MDA信息披露的有關(guān)文獻(xiàn)。在對(duì)創(chuàng)業(yè)板上市公司年報(bào)中MDA信息披露情況的分析過程中，本文發(fā)現(xiàn)創(chuàng)業(yè)板上市公司披露MDA信息中存在的問題包括少數(shù)創(chuàng)業(yè)板上市公司披露合規(guī)性不強(qiáng)、經(jīng)營(yíng)成果表面披露大于對(duì)資產(chǎn)質(zhì)量的深入分析以及模板化披露現(xiàn)象較為嚴(yán)重，預(yù)測(cè)性披露及自愿性披露不強(qiáng)等問題。 在對(duì)MDA信息總得分、歷史信息得分、前瞻信息得分以及九大項(xiàng)目的實(shí)證回歸分析中，本文選取若干變量對(duì)其進(jìn)行逐步回歸，在得到總體披露情況與選取的各變量無顯著關(guān)系后，進(jìn)一步分析歷史信息、前瞻信息以及九大分項(xiàng)披露的影響因素。實(shí)證結(jié)果表明歷史信息披露與上市公司所在地為發(fā)達(dá)地區(qū)正相關(guān)，而前瞻信息披露程度則與股權(quán)集中度負(fù)相關(guān)，具體到各部分下的披露情況為：歷史信息披露中的“報(bào)告期內(nèi)總體經(jīng)營(yíng)情況”披露與公司的財(cái)務(wù)杠桿呈負(fù)相關(guān)關(guān)系，“財(cái)務(wù)數(shù)據(jù)變動(dòng)情況”的披露與公司本期盈利能力及公司所在地位發(fā)達(dá)地區(qū)正相關(guān)，“主要子公司、參股公司的經(jīng)營(yíng)情況及業(yè)績(jī)分析”部分的披露與公司的本期盈利能力正相關(guān)，，而與公司規(guī)模負(fù)相關(guān)，“主營(yíng)業(yè)務(wù)及其經(jīng)營(yíng)狀況”以及“與經(jīng)營(yíng)相關(guān)的非財(cái)務(wù)信息的揭示”部分的披露與所選變量沒有顯著相關(guān)關(guān)系；在前瞻信息部分的披露中，“行業(yè)趨勢(shì)及競(jìng)爭(zhēng)格局”與公司的財(cái)務(wù)杠桿以及聘請(qǐng)的外部審計(jì)機(jī)構(gòu)權(quán)威性呈負(fù)相關(guān)關(guān)系，“戰(zhàn)略發(fā)展及規(guī)劃”的披露受公司本期盈利能力的反向影響，“資金需求、使用及來源情況”部分與股權(quán)集中度、行業(yè)負(fù)相關(guān)，與公司本期盈利能力正相關(guān)，“風(fēng)險(xiǎn)披露”部分的披露則受公司本期盈利能力以及獨(dú)立董事比例的正向影響。 最后，本文在前述對(duì)創(chuàng)業(yè)板上市公司MDA信息披露情況以及實(shí)證研究其影響因素的分析后，結(jié)合在分析過程中發(fā)現(xiàn)的若干問題，提出對(duì)我國創(chuàng)業(yè)板上市公司MDA信息披露制度的相關(guān)建議，以期能對(duì)完善創(chuàng)業(yè)板上市公司MDA信息披露要求、提高披露水平以及有效監(jiān)管上市公司“管理層討論與分析”信息披露行為有積極的作用。具體建議包括確立MDA信息披露的獨(dú)立地位，完善MDA信息披露框架；細(xì)化信息披露要求，強(qiáng)調(diào)信息的深入分析和實(shí)質(zhì)性分析；建立披露MDA信息的獎(jiǎng)懲制度，過渡性的引入“安全港”制度。
[Abstract]:Management's Discussions Analysis (MDA) was first put forward by the United States. It refers to the management's evaluation and analysis of the company's past operation in the periodic reports of listed companies and the forward-looking judgment of the future development trend. In 2009, when China opened the GEM market, the SFC revised the disclosure of the management discussion and analysis of the listed companies on the GEM to make it more consistent with the characteristics of the listed companies on the GEM.
This paper selects the annual reports of listed companies on the GEM in 2009 and 2010, and on the basis of previous studies, through the establishment of the classification and scoring table of MDA information disclosure content (including two parts, nine items and 29 sub-items), makes a comparative study on the disclosure of MDA of listed companies on the GEM in China, and understands the current situation of listed companies on the GEM in China. After that, we select the company size, profitability, financial leverage, industry, corporate governance structure, external audit authority, the location of company registration and other variables to further analyze the impact of GEM listed companies to disclose MDA information.
This paper first introduces the background and significance of the topic selection, briefly reviews the evolution of MDA information disclosure in the United States and China, and China's requirements for MDA disclosure of GEM listed companies, and introduces the relevant literature of domestic and foreign scholars on MDA information disclosure. In the process of disclosing MDA information, this paper finds that there are some problems in disclosing MDA information on GEM, such as a few listed companies on GEM are not in compliance with the disclosure rules, the surface disclosure of operating results is more serious than the in-depth analysis of asset quality, the phenomenon of template disclosure is more serious, the predictive disclosure and voluntary disclosure is not strong.
In the empirical regression analysis of the total score of MDA information, the score of historical information, the score of prospective information and the nine major items, this paper chooses some variables to carry on the stepwise regression. After obtaining that the overall disclosure has no significant relationship with the selected variables, it further analyzes the influence factors of historical information, prospective information and the nine major sub-items disclosure. The empirical results show that historical information disclosure is positively correlated with the location of Listed Companies in developed regions, while the degree of prospective information disclosure is negatively correlated with the degree of equity concentration. The disclosure of "financial data changes" is positively correlated with the profitability of the company and the developed areas where the company is located. The disclosure of "major subsidiaries, shareholding companies'operating conditions and performance analysis" is positively correlated with the profitability of the company in the current period, but negatively correlated with the size of the company, "main business and its operating conditions" and There is no significant correlation between the disclosure of "business-related non-financial information disclosure" and the selected variables; in the disclosure of forward-looking information, "industry trends and competition pattern" is negatively correlated with the financial leverage of the company and the authority of the external auditors employed, and "strategic development and planning" is publicly disclosed. Reverse effect of profitability in the current period, "capital demand, use and source" part is negatively related to equity concentration, industry, and positively related to the company's current profitability, "risk disclosure" part of the disclosure is positively affected by the company's current profitability and the proportion of independent directors.
Finally, after the above analysis of the MDA information disclosure of listed companies on GEM and the empirical study of its influencing factors, combined with some problems found in the analysis process, this paper puts forward some suggestions on the MDA information disclosure system of listed companies on GEM in order to improve the requirements of MDA information disclosure of listed companies on GEM. Specific suggestions include establishing the independent status of MDA information disclosure, improving the framework of MDA information disclosure, refining the requirements of information disclosure, emphasizing in-depth analysis and substantive analysis of information, and establishing rewards and penalties for disclosing MDA information. The system introduces the "safe harbor" system in a transitional way.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F233;F224
本文編號(hào)：2212105
[Abstract]:Management's Discussions Analysis (MDA) was first put forward by the United States. It refers to the management's evaluation and analysis of the company's past operation in the periodic reports of listed companies and the forward-looking judgment of the future development trend. In 2009, when China opened the GEM market, the SFC revised the disclosure of the management discussion and analysis of the listed companies on the GEM to make it more consistent with the characteristics of the listed companies on the GEM.
This paper selects the annual reports of listed companies on the GEM in 2009 and 2010, and on the basis of previous studies, through the establishment of the classification and scoring table of MDA information disclosure content (including two parts, nine items and 29 sub-items), makes a comparative study on the disclosure of MDA of listed companies on the GEM in China, and understands the current situation of listed companies on the GEM in China. After that, we select the company size, profitability, financial leverage, industry, corporate governance structure, external audit authority, the location of company registration and other variables to further analyze the impact of GEM listed companies to disclose MDA information.
This paper first introduces the background and significance of the topic selection, briefly reviews the evolution of MDA information disclosure in the United States and China, and China's requirements for MDA disclosure of GEM listed companies, and introduces the relevant literature of domestic and foreign scholars on MDA information disclosure. In the process of disclosing MDA information, this paper finds that there are some problems in disclosing MDA information on GEM, such as a few listed companies on GEM are not in compliance with the disclosure rules, the surface disclosure of operating results is more serious than the in-depth analysis of asset quality, the phenomenon of template disclosure is more serious, the predictive disclosure and voluntary disclosure is not strong.
In the empirical regression analysis of the total score of MDA information, the score of historical information, the score of prospective information and the nine major items, this paper chooses some variables to carry on the stepwise regression. After obtaining that the overall disclosure has no significant relationship with the selected variables, it further analyzes the influence factors of historical information, prospective information and the nine major sub-items disclosure. The empirical results show that historical information disclosure is positively correlated with the location of Listed Companies in developed regions, while the degree of prospective information disclosure is negatively correlated with the degree of equity concentration. The disclosure of "financial data changes" is positively correlated with the profitability of the company and the developed areas where the company is located. The disclosure of "major subsidiaries, shareholding companies'operating conditions and performance analysis" is positively correlated with the profitability of the company in the current period, but negatively correlated with the size of the company, "main business and its operating conditions" and There is no significant correlation between the disclosure of "business-related non-financial information disclosure" and the selected variables; in the disclosure of forward-looking information, "industry trends and competition pattern" is negatively correlated with the financial leverage of the company and the authority of the external auditors employed, and "strategic development and planning" is publicly disclosed. Reverse effect of profitability in the current period, "capital demand, use and source" part is negatively related to equity concentration, industry, and positively related to the company's current profitability, "risk disclosure" part of the disclosure is positively affected by the company's current profitability and the proportion of independent directors.
Finally, after the above analysis of the MDA information disclosure of listed companies on GEM and the empirical study of its influencing factors, combined with some problems found in the analysis process, this paper puts forward some suggestions on the MDA information disclosure system of listed companies on GEM in order to improve the requirements of MDA information disclosure of listed companies on GEM. Specific suggestions include establishing the independent status of MDA information disclosure, improving the framework of MDA information disclosure, refining the requirements of information disclosure, emphasizing in-depth analysis and substantive analysis of information, and establishing rewards and penalties for disclosing MDA information. The system introduces the "safe harbor" system in a transitional way.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F233;F224
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