摘要
不同于结构化的财务报表,管理层讨论与分析(management discussion and analysis,MD&A)的内容包含了管理层对公司经营业绩和未来经营态势的分析,语言风格无固定特征。因而,其所用措辞的不同是否能被投资者感知并引起投资者的不同反应是一个很有意义的问题。本文以2014~2018年中国A股上市公司为研究对象,探讨MD&A的可读性是否会影响投资者对会计盈余信息的市场反应,并进一步探究经营复杂度和分析师盈余预测分歧度对该关系的调节作用。研究发现:(1)MD&A的可读性越高,会计盈余反应系数(earnings response coefficients,ERC)越强;(2)在经营复杂度较高和分析师盈余预测分歧度较高的情况下,MD&A与会计盈余反应的正向关系更显著。本文进一步分析了MD&A的可读性对股价同步性的影响,结果发现,MD&A的可读性越高,股价同步性越低。本文的研究可以拓展信息披露的研究边界,并为完善MD&A信息披露的指引提供经验证据。
Unlike structured and quantitative financial statements,management discussions and analysis(MD&A)have no fixed format and styles but contain management outlook of the firm’s prospect and future operating challenges.For this reason,understanding how investors react to a firm’s disclosure style is important.Using a sample of all listed firms from 2014-2018 in China,this study explores the relationship between MD&A readability and investors’reaction to earnings news,and the interaction effects between MD&A readability and operating complexity and between MD&A readability and analysts’earnings forecast dispersions on the relationship.We find that(1)the higher the readability of MD&A is,the higher the earnings response coefficient(ERC)is;(2)a high level of operating complexity and large analysts forecast dispersions strengthen the positive relationship between MD&A readability and the market reactions to accounting earnings.We also analyze the relationship between MD&A readability and stock price synchronicity and find that the two are negatively associated with each other.Our results extend the information disclosure literature to the case of unstructured financial information and provide the basis for improving the guidance on MD&A disclosure.
作者
田高良
余敏丰
李星
Gaoliang Tian;Minfeng Yu;Xing Li(School of Management,Xi’an Jiaotong University,Xi’an,Shaanxi,China 710049;School of business,City University of Hong Kong,Hong Kong,China 999077)
出处
《当代会计评论》
2021年第1期37-58,共22页
Contemporary Accounting Review
基金
国家自然科学基金项目“媒体报道发挥公司治理作用的机制研究:理论分析与实证检验”(71372163)
国家自然科学基金项目“网络舆情对企业绩效与股票价格的影响机制及管理方法研究”(71672141)的资助
关键词
管理层讨论与分析
信息披露
可读性
市场反应
股价同步性
management discussion and analysis
information disclosure
readability
market reaction
stock price synchronicity
