公司管理层讨论与分析信息披露的影响因素--基于深沪223家上市公司经验证据的探讨

我国对管理层讨论与分析（MD＆A）不仅理论研究较少，而且实践上也无法对其进行有效的监控，导致目前上市公司对MD＆A信息的披露极不规范，影响到了资本市场的发展。根据对223家深沪上市公司的分析，我国年报中MD＆A信息披露程度较低；虽然资本的竞争性正促使我国公司进行更多的MD＆A信息披露，但仍存在一些阻碍因素；我国公司MD＆A信息披露与高管激励显著相关。

An empirical analysis of management discussion and analysis disclosure

There are few theoretical studies on Management Discussion and Analysis(MD&A) and in practice it is hard to be monitored, which causes that the disclosure of MD&A information is not standardized and affects the development of capital market.According to the analysis of 223 listed companies at Shanghai and Shenzhen,this paper finds that MD&A disclosure level is low in annual report.Although the competition of capital improves the information disclosure of MD&A of China,there are still restriction factors.China's company MD&A information disclosure is related to management level encouragement.