Journal of Systems & Management ›› 2025, Vol. 34 ›› Issue (3): 866-888.DOI: 10.3969/j.issn.2097-4558.2025.03.019
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MA Chen, FU Renhui
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马晨,傅仁辉
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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
摘要: 研究以2002~2019年A股上市公司年度报告披露的管理层讨论与分析(MD&A)为样本,基于同行MD&A的纵向可比性视角,检验其信息含量对企业投资效率的影响。结果表明,同行MD&A文本的纵向可比性越低,企业投资效率越高,且该发现无法由MD&A文本语调解释。上述发现的路径包括增加行业有效信息含量和增强投资者对管理层的监督。横截面分析显示,同行MD&A信息对投资决策的有用程度随披露及时性的提升、文本可读性的增强、企业信息需求程度的增加、环境波动性的加剧以及行业竞争程度的提高而显著增强。此外,MD&A内容呈现“报喜不报忧”倾向,其中同行“好消息”对企业投资决策的指导作用更为显著。这些发现说明了MD&A文本信息在资本市场中具有显著的正向外溢效应。
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
CLC Number:
F 230
F 275
MA Chen, FU Renhui. Other People’s Advice Is Helpful:Impact of Peers’ MD&A Information on Corporate Investment Efficiency[J]. Journal of Systems & Management, 2025, 34(3): 866-888.
马晨, 傅仁辉. “它山之石,可以攻玉”——同行管理层讨论与分析信息对企业投资效率的影响[J]. 系统管理学报, 2025, 34(3): 866-888.
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URL: https://xtglxb.sjtu.edu.cn/EN/10.3969/j.issn.2097-4558.2025.03.019
https://xtglxb.sjtu.edu.cn/EN/Y2025/V34/I3/866