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“管理层讨论与分析”(以下简称MD&A)是上市公司财务报告的重要组成部分。本文旨在通过问卷调查,研究上市公司MD&A披露质量, MD&A是否具备有用性和投资者对会计信息的需求等。研究发现,尽管机构投资者普遍认为MD&A具备信息含量,但是MD&A披露质量仍待进一步提高,主要表现为MD&A报喜不报忧、前瞻性信息披露不足、可理解性差等。研究还发现,信息的价值相关性是机构投资者会计信息需求的重要特征,甚至当某些信息的披露威胁到上市公司的竞争优势时,机构投资者还是希望上市公司在MD&A中披露。为此,建议通过制度层面上完善MD&A信息披露相关的法律法规并加强监管,执行层面上注重公司公开信息的生成、披露和管理,鼓励上市公司更多地作出价值相关性信息的披露。
“Management Discussion and Analysis ” (hereinafter referred to as MD & A) is an important part of a listed company’s financial report. This paper aims to investigate the quality of MD & A disclosure of listed companies, the usefulness of MD & A and the investors’ demand for accounting information through questionnaires. The study found that while institutional investors generally believe that MD & A possesses information content, the quality of MD & A disclosure needs to be further improved, mainly due to the positive news of MD & A, insufficient forward-looking information disclosure and poor understandability. The study also found that the value relevance of information is an important feature of institutional investors’ accounting information needs. Even when the disclosure of some information threatens the competitive advantage of listed companies, institutional investors still want listed companies to disclose in MD & A. Therefore, it is suggested that we should improve laws and regulations related to the disclosure of MD & A information and strengthen supervision at the institutional level. We should pay attention to the generation, disclosure and management of company’s public information at the executive level and encourage listed companies to make greater disclosure of value-related information.