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dc.contributor.author李锋森
dc.contributor.author李常青
dc.date.accessioned2017-11-14T01:07:32Z
dc.date.available2017-11-14T01:07:32Z
dc.date.issued2008-12-10
dc.identifier.citation证券市场导报,2008,(12):69-75
dc.identifier.issn1005-1589
dc.identifier.otherZQDB200812014
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/139102
dc.description.abstract我国证监会引入"管理层讨论与分析"(Management’s Discussion and Analysis,以下简称MD&A)信息披露制度已有5年历史,当前MD&A到底有没有起到改善我国上市公司信息披露质量的预期作用呢?本文对我国MD&A有用性进行实证研究,研究结果表明我国MD&A总体上对预测公司未来销售收入、每股盈余和经营现金净流量的变化情况有显著的辅助作用,而且股票市场对MD&A披露作出了及时迅速的反应。但研究结果也表明,我国MD&A披露存在投资者对前瞻性信息过度信赖而上市公司管理层在信息披露时"报喜不报忧"的现象。
dc.description.abstractIt has been five years since China Securities Regulatory commission introduced the information disclosure system called Management's Discussion and Analysis (MD&A hereafter). But it is a question whether or not the current MD&As in Chinese listed firms attains the initially expected function that it should improve the quality of firm information disclosure. This paper applies empirical analysis to study the effectiveness of MD&As in Chinese firms. The results indicate that the MD&As in Chinese firms have significantly assistant function on the prediction of firm's future sales income, earning per share and the variation of net operational cash flow. Moreover, the stock market gives a rapid response to the MD&A in due time. However, this paper also points out that the in the MD&As in China the phenomenon that the investors overly depend on the prospective information and that the managements of listed firms tend to disclose good news rather than bad news still exists.
dc.description.sponsorship国家自然科学基金资助项目:“上市公司‘管理层讨论与分析’信息披露理论与实证研究”(项目批准号:G0205-70572092);; 2006年度教育部新世纪优秀人才支持计划(NCET-06-0565);; 教育部人文社会科学重点研究基地基金资助(07JJD630009)]
dc.language.isozh_CN
dc.subject管理层讨论与分析
dc.subject信息披露
dc.subject信息含量
dc.subject上市公司
dc.subjectManagement’s Discussion and Analysis,Information Disclosure,Information Content,Listed Firms
dc.title上市公司“管理层讨论与分析”的有用性研究
dc.title.alternativeThe Effectiveness of Management’s Discussion and Analysis
dc.typeArticle


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