关键词: 管理层讨论与分析, 纵向可比性, 信息含量, 同行企业, 投资效率

Abstract: Based on a sample of management discussion and analysis (MD&A) of A-share listed firms between 2002 and 2019, this paper measures the information content of MD&A of peer firms based on the vertical comparability of MD&A text and examines its impact on corporate investment efficiency. The findings show that the lower the vertical comparability, the higher the corporate investment efficiency. This finding is not explained by the tone of MD&A text of the peers. The channels include both the increase of industry-level information content and the enhancement of the monitoring of investors. The significance of these findings increases with disclosure timeliness, textual readability, firms’ information demand, as well as environmental volatility and competition level. Additionally, MD&A more likely contains good news than bad ones, and peers’ good news better guides corporate investment decisions. These findings support the positive spillover effect of MD&A text information.

Key words: management discussion and analysis (MD&A), vertical comparability, information content, peer firms, investment efficiency