Research on the Situation and the Effect of MD&A Information Disclosure in Financial Industry Listed Companies on China Main Board
|School||Lanzhou Commercial College|
|Keywords||Management discussion and analysis The informationdisclosure Financial report Firm performance|
The information civilization changed the accounting environment alot，the change put forward severe challenges to the current financialreporting system，the past、programmatic financial data had been difficultto fully meet the needs of the economy。Management discussion andanalysis（MD&A）is the supplement of the financial statement，the roleof providing Incremental background information，reducing the agencycost and optimizing economic decisions has already confirmed by manyempirical studies abroad。However，the theory and practice of MD&Aofinformation disclosure in our country is still in its infancy，the relevantproblems of MD&Ais still relatively new in the accounting。Based on the signal transmission theory and economic theory, thisarticle researches MD&A of development course in our country, at thesame time, selects the annals of the specific industry in our country asthe research object, explores the situation of MD&A of informationdisclosure in our country.Firstly, this article describes the shortage of soft informationdisclosure in our country, leading to the focus—MD&A informationdisclosure system. After anglicizing and summarizing the domestic andforeign literature, this article points out the difference of domestic andforeign research present situation and the research emphasis on the MD&A information disclosure, laying the foundation of the research onthe MD&A information disclosure in China Main Board ListedCompanies in the Financial Industry.Secondly, the article points out that the theoretical basis of MD&Ainformation disclosure, and describes the MD&A information disclosuresystem abroad, intended to point out the reference value to China.MD&Ainformation disclosure system was introduced into China in2001, theChina Securities Regulatory Commission (CSRC) formulated thecorresponding standards for MD&A system, in order to the better MD&Adisclosure of listed companies. According to the provisions of the CSRCrelated criterion, this paper sums up the required contents of MD&A inour country. Based on the requirements and the status quo of informationdisclosure in our country, this article points out the quality characteristicsthat MD&Ainformation should have in our country.At last, this article selects the annual report of the China main boardlisted companies in the financial industry as the research object, uses theempirical method to research the correlation of MD&A informationdisclosure and the corporate performance. Through the comparative studyon voluntary information and mandatory information、 historicalinformation and prospective information, this article analyzes the statusquo of MD&A information disclosure in China main board listedcompanies in the financial industry, and then points out its deficiency, analyzes the reason and puts forward reasonable suggestions.