中国上市公司“管理层讨论与分析”信息披露理论与实证研究
|
摘要
目前,在全世界范围内,在年度报告中披露“管理层讨论与分析”(Management's Discussion and Analysis,简称MD&A)信息都被认为是提高公司财务报告质量的一个至关重要的一环。本文以“管理层讨论与分析”这一特定信息作为研究对象,将MD&A信息的供给与需求作为贯穿本研究理论基础分析及实证研究主体的主要研究思路,对中国上市公司MD&A信息披露问题进行了系统的研究。
本研究理论基础和制度背景分析结论包括:MD&A信息的供给与需求作为矛盾的统一体,它们在相互作用的过程中共同决定着MD&A信息质量;目前中国相关的MD&A信息披露制度设计还过于简陋,与美国成熟的MD&A信息披露制度相比还存在一定的差距,需要从各方面对其加以完善。
实证研究分信息供给和信息需求两部分进行。在MD&A信息的供给方面,本文首先采用内容分析法对中国上市公司MD&A信息披露的现状进行分析,发现总体上中国上市公司在遵循准则要求进行MD&A披露上仍做得不够,其中前瞻性信息披露、自愿性信息披露、原因分析披露等都存在很大的提高空间;接下来,本文采用多元回归分析方法对影响上市公司遵循年报准则进行MD&A信息披露的主要因素进行了检验,研究发现公司盈利能力、行业属性、再融资需求、审计机构的权威性、公司所在地是否为发达地区及董事长与总经理是否兼任对上市公司MD&A信息披露都有一定程度的影响,但公司规模对上市公司MD&A信息披露不产生显著影响。
在MD&A信息的需求方面,本文主要从直接需求和间接需求两个方面进行研究,通过对机构投资者进行问卷调查本文获得了投资者对MD&A信息的直接需求表现的证据,发现机构投资者对于年报中MD&A信息的重要性和有用性都较为认可,但仍存在一定程度的不满意;在对中国上市公司MD&A信息披露的价值相关性的实证研究中,本文构建了另一个内容分析框架,利用固定时期效应模型对食品饮料及医药生物两个行业四年的MD&A信息披露的面板数据进行了检验,结果发现MD&A信息综合披露得分指数与上市公司当期及下一期的财务绩效具有正相关关系,从而说明MD&A信息是有用的,为投资者对MD&A信息的需求提供了实证结果的支持。
文章最后从MD&A信息披露规定的完善和证券市场相应制度的建设两方面提出了完善中国MD&A信息披露制度的政策建议。
At present,disclosing Management Discussion and Analysis(MD&A) information in annual report is believed very important to improve the quality of financial report within the whole world.This paper follows the thread of MD&A information supply and demand,and takes a systematic theoretical and empirical research on Management Discussion and Analysis information disclosure of Chinese listed companies.
The conclusion of the theoretical study and institutional background analysis of this paper includes:the quality of MD&A disclosure is dicided by both supply and demand of MD&A in the course of the two impacting each other;the design of Chinese MD&A information system is still very simple comparing with America and need to improve from various aspects.
The Empirical Study concludes two parts,that is information supply and information demand.In the respect of MD&A supply,this paper first investigates the MD&A disclosure condition of Chinese listed companies using content analysis method and finds,overall,on the aspect of complying with requirements,the MD&A disclosure of Chinese listed companies is insufficient.There has a big improving space of forward-looking information disclosure,voluatary information disclosure and cause analysis disclosure.Next,this paper examines the factors which influencing the MD&A disclosure,the result indicates that the company profitability,industry attribute,refinancing need,authority of auditing body,company location and whether board chairman and CEO is the same person exert influences to listed companies' MD&A disclosure in varying degrees,while the company size has no significant influence to it.
In the respect of MD&A demand,this paper carries out research from direct and indirect demand.Through the questionnaire survey to institutional investors,this paper gains the direct evidence of the investors' needs to MD&A,and finds Chinese institutional investors are comparatively approving with the importance and usefulness of MD&A,but they also comparatively dissatisfied with it.In the empirical study of the value relevance of MD&A,this paper uses the panel data,selects the MD&As of four years in two industries(that is food & beverage industry and medical industry),and designs another content analysis categorization scheme,and then tests the correlation between the MD&A disclosure score and company performance(both contemporaneous and future performance) using the period-fixed effects model.The result indicates that MD&A disclosure scores is significantly and positively related to the contemporaneous and future performance of listed companies,that means the MD&A disclosure of China is useful.
Finally,this paper gives some policy suggestions from the angle of improving the MD&A regulation and constructing the corresponding institution of stock market.
本研究理论基础和制度背景分析结论包括:MD&A信息的供给与需求作为矛盾的统一体,它们在相互作用的过程中共同决定着MD&A信息质量;目前中国相关的MD&A信息披露制度设计还过于简陋,与美国成熟的MD&A信息披露制度相比还存在一定的差距,需要从各方面对其加以完善。
实证研究分信息供给和信息需求两部分进行。在MD&A信息的供给方面,本文首先采用内容分析法对中国上市公司MD&A信息披露的现状进行分析,发现总体上中国上市公司在遵循准则要求进行MD&A披露上仍做得不够,其中前瞻性信息披露、自愿性信息披露、原因分析披露等都存在很大的提高空间;接下来,本文采用多元回归分析方法对影响上市公司遵循年报准则进行MD&A信息披露的主要因素进行了检验,研究发现公司盈利能力、行业属性、再融资需求、审计机构的权威性、公司所在地是否为发达地区及董事长与总经理是否兼任对上市公司MD&A信息披露都有一定程度的影响,但公司规模对上市公司MD&A信息披露不产生显著影响。
在MD&A信息的需求方面,本文主要从直接需求和间接需求两个方面进行研究,通过对机构投资者进行问卷调查本文获得了投资者对MD&A信息的直接需求表现的证据,发现机构投资者对于年报中MD&A信息的重要性和有用性都较为认可,但仍存在一定程度的不满意;在对中国上市公司MD&A信息披露的价值相关性的实证研究中,本文构建了另一个内容分析框架,利用固定时期效应模型对食品饮料及医药生物两个行业四年的MD&A信息披露的面板数据进行了检验,结果发现MD&A信息综合披露得分指数与上市公司当期及下一期的财务绩效具有正相关关系,从而说明MD&A信息是有用的,为投资者对MD&A信息的需求提供了实证结果的支持。
文章最后从MD&A信息披露规定的完善和证券市场相应制度的建设两方面提出了完善中国MD&A信息披露制度的政策建议。
At present,disclosing Management Discussion and Analysis(MD&A) information in annual report is believed very important to improve the quality of financial report within the whole world.This paper follows the thread of MD&A information supply and demand,and takes a systematic theoretical and empirical research on Management Discussion and Analysis information disclosure of Chinese listed companies.
The conclusion of the theoretical study and institutional background analysis of this paper includes:the quality of MD&A disclosure is dicided by both supply and demand of MD&A in the course of the two impacting each other;the design of Chinese MD&A information system is still very simple comparing with America and need to improve from various aspects.
The Empirical Study concludes two parts,that is information supply and information demand.In the respect of MD&A supply,this paper first investigates the MD&A disclosure condition of Chinese listed companies using content analysis method and finds,overall,on the aspect of complying with requirements,the MD&A disclosure of Chinese listed companies is insufficient.There has a big improving space of forward-looking information disclosure,voluatary information disclosure and cause analysis disclosure.Next,this paper examines the factors which influencing the MD&A disclosure,the result indicates that the company profitability,industry attribute,refinancing need,authority of auditing body,company location and whether board chairman and CEO is the same person exert influences to listed companies' MD&A disclosure in varying degrees,while the company size has no significant influence to it.
In the respect of MD&A demand,this paper carries out research from direct and indirect demand.Through the questionnaire survey to institutional investors,this paper gains the direct evidence of the investors' needs to MD&A,and finds Chinese institutional investors are comparatively approving with the importance and usefulness of MD&A,but they also comparatively dissatisfied with it.In the empirical study of the value relevance of MD&A,this paper uses the panel data,selects the MD&As of four years in two industries(that is food & beverage industry and medical industry),and designs another content analysis categorization scheme,and then tests the correlation between the MD&A disclosure score and company performance(both contemporaneous and future performance) using the period-fixed effects model.The result indicates that MD&A disclosure scores is significantly and positively related to the contemporaneous and future performance of listed companies,that means the MD&A disclosure of China is useful.
Finally,this paper gives some policy suggestions from the angle of improving the MD&A regulation and constructing the corresponding institution of stock market.
引文
[1]陈向民、谭永晖,上市公司信息披露若干问题研究--时间性、信息含量与市场反应,深圳证券交易所综合研究所研究报告,2002,No.0060
[2]陈艳,会计信息披露方式的经济学思考,会计研究,2004(8):51-56
[3]邓小洋,上市公司会计信息披露动机的经济分析,学术交流,1999(1):18-20
[4]段盛华,自愿信息披露环境下控制结构披露的市场反应,证券市场导报,2004(12):15-19
[5]范德玲、刘春林、殷枫,上市公司自愿性信息披露的影响因素研究,经济管理,2004(10):69-75
[6]范小雯,上市公司自愿性信息披露影响因素研究,证券市场导报,2006(4):72-77
[7]何佳,.中外信息披露制度及实际效果比较研究,深圳证券交易所综合研究所研究报告,2002,No.0051
[8]何涛、陈晓,现金股利能否提高企业的市场价值--1997-1999年上市公司会计年度报告期间的实证分析,金融研究,2002(8):26-37
[9]何卫东,上市公司自愿性信息披露研究,深圳证券交易所综合研究所研究报告,2003,No.0070
[10]何玉、张天西,自愿实施网络财务报告公司的特征研究,会计研究,2005(12):77-82
[11]胡玉明,平衡计分卡是什么--一个管理工具的神话,北京:中国财政经济出版社,2004
[12]加拿大注册会计师协会(CICA),王纪平译,公司董事应该询问的20个问题--管理层讨论与分析,中国会计视野,2003(9)
[13]蒋尧明,罗新华,有效需求主体的缺失与会计信息失真,会计研究,2003(8):3-7
[14]蒋尧明,上市公司财务预测信息虚假陈述民事责任若干问题研究,会计研究,2006(6):3-7
[15]李常青、李锋森,美国“管理层讨论与分析”的审计制度及对中国的借鉴,审计研究,2006(1):93-96
[16]李常青、王毅辉、张凤展、李锋森、钟娟、陈来标,上市公司定期报告“管理层讨论与分析”披露研究,上证联合研究计划第十四期课题报告,2005年8月
[17]李常青、王毅辉等,管理层讨论与分析:借给投资者的一双“慧眼”,上海证券报,2005年11月24日
[18]李康、杨兴君、张雷、陆玉、贺丹,上市公司定期报告“管理层讨论与分析”披露研究,上证联合研究计划第十四期课题报告,2005年8月
[19]李婉丽、张晓岚,中国上市公司年度报告披露状况研究,金融研究,2002(3):103-109
[20]李翔、冯峥,会计信息披露需求:来自证券研究机构的分析,会计研究,2006(3):63-68
[21]廖凡,鼓励与强制之间--美国证券法对前瞻性信息披露的规定,金融法苑,2003(3)
[22]林斌、辛清泉、杨德明、陈念,投资者关系管理及其影响因素分析--基于深圳上市公司的实证检验,会计研究,2005(9):32-38
[23]林钟高、吴利娟,公司治理与会计信息质量的相关性研究,会计研究,2004(8):65-71
[24]刘峰,信息披露:实话实说?,北京:中国财政经济出版社,2003
[25]刘慧凤、罗新华,提高会计信息披露质量的策略选择,当代财经,2000(5):53-56
[26]刘家松、王惠芳,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,重庆工商大学学报,第16卷第2期,2006(4):73-76
[27]刘立国、杜莹,公司治理与会计信息质量关系的实证研究,会计研究,2003(2):28-36
[28]刘昱熙,“管理层讨论与分析”信息披露质量特征界定,商业时代,2007(1):66-71
[29]刘昱熙,美国管理层讨论与分析的信息披露制度,财会通讯(综合版),2006(12):87-88
[30]柳木华,中美上市公司年度报告披露准则比较研究,证券市场导报,2005(11):40-43
[31]陆建桥,后安然时代的会计与审计--评美国《2002年萨班斯-奥克斯利法案》及其对会计、审计发展的影响,会计研究,2002(10):33-42
[32]陆正飞、刘桂进,中国公众投资者信息需求之探索性研究,经济研究,2002(4):36-43
[33]马连福、赵颖,上市公司社会责任信息披露影响因素研究,证券市场导报,2007(3):4-9
[34]潘琰、辛清泉,解读企业信息需求--基于机构投资者的信息需求探索,会计研究,2004(12):14-22
[35]齐斌,预测性信息披露与安全港制度,http://www.fatianxia.com/paper_list.asp?id=14040
[36]乔旭东,上市公司会计信息披露与公司治理结构的互动:一种框架分析,2003(5):46-49
[37]秦玉熙、刘进,自愿披露盈利预测的可靠性及其影响因素分析,当代财经,2005(12):119-121
[38]上海证券交易所,《2005年年度报告工作备忘录第三号--管理层讨论与分析的编制要求》,2006年1月
[39]沈洪涛,公司特征与公司社会责任信息披露--来自中国上市公司的经验证据,会计研究,2007(3):9-16
[40]沈洪涛、杨熠,公司社会责任信息披露的价值相关性研究,中国会计学会会计新领域环境会计专业委员会2006学术年会论文集,2006年10月,194-202
[41]宋献中,论企业核心能力信息的自愿披露,会计研究,2006(2):47-52
[42]孙蔓莉,公司年报中的印象管理行为研究,北京:中国人民大学出版社,2005
[43]汪炜,公司信息披露理论与实证研究,杭州:浙江大学出版社,2005
[44]汪炜、蒋高峰,信息披露、透明度与资本成本,经济研究,2004(7):107-114
[45]王华、张程睿,两种基本财务会计信息需求与供给的矛盾和协调,会计研究,2005(9):3-7
[46]王惠芳,上市公司盈利预测信息自愿性披露实证研究--来自1090家中国上市公司中期报告的证据,山西财经大学学报,2005(8):138-140
[47]王雷、王光栋、叶仁荪,对我国地区发达程度的进一步划分,统计与决策,2006年1月(下):51-53
[48]王升、王薇、於娟,中美上市公司年报中管理部门讨论与分析的比较研究,广东财富,2001(1):18-21
[49]王啸,美国“管理层讨论与分析”及对中国的借鉴,证券市场导报,2002(8):24-28
[50]王雄元、王永,上市公司信息披露策略的理论基础,审计与经济研究,2006(3):84-87
[51]王雄元、严艳,强制性信息披露的适度问题,会计研究,2003(2):13-18
[52]王咏梅,上市公司财务信息自愿披露指数实证研究,证券市场导报,2003(9):45-49
[53]王跃堂、周雪,管理层披露的信息可靠吗,经济管理,2006(5):20-23
[54]威廉.H.比弗,财务呈报会计革命,大连:东北财经大学出版社,第三版,1999
[55]魏明海、刘峰、施鲲翔,论会计透明度,会计研究,2001(9):16-20
[56]吴联生,上市公司会计报告研究,大连:东北财经大学出版社,2001
[57]吴联生,投资者对上市公司会计信息需求的调查分析,经济研究,2000(4):41-48
[58]晓远,试论会计信息披露的供给理论,会计研究,1998(6):15-20
[59]谢志华、崔学刚,信息披露水平:市场推动与政府监管--基于中国上市公司数据的研 究,审计研究,2005(4):39-45
[60]杨郊红,美国上市公司信息披露制度的变迁及启示,证券市场导报,2005(4):48-51
[61]英格兰及威尔士特许会计师协会(ICAEW),中国注册会计师协会余应敏编译,企业报告的新模式--英格兰和威尔士特许会计师协会发起的“为更完善市场的信息运动”系列报告之一,2004
[62]余芸春,上市公司信息披露制度建设,中国社会科学院研究生院博士论文,2003
[63]张保华,上市公司预测性信息披露制度研究,法律适用,2003(4):17-20
[64]张凤展,MD&A信息披露质量及其影响因素的实证研究,厦门大学硕士论文,2006
[65]张晓岚、张超,中国上市公司“管理层讨论与分析”披露状况的调查分析,中国会计学会2005年学术年会论文集,2005
[66]张宗新、郭来生、季雷、张晓荣、廖士光,上市公司自愿性信息披露的有效性研究,深圳证券交易所第六届会员单位基金公司研究成果评选,2003
[67]张宗益、黄新建,我国上市公司首次发行股票中的盈余管理实证研究,中国软科学,2003(10):37-39
[68]赵德武、张瑞彬、杨丹、邢精平,完善敏感性信披制度,提高证券市场透明度,上海证券报,2006年2月28日
[69]赵亚明,2005年深市“管理层讨论与分析”的执行情况,证券市场导报,2006(7):59-61
[70]中国证监会,《公开发行证券的公司信息披露内容与格式准则第11号--上市公司发行新股招股说明书》,2001年4月10日
[71]中国证监会,《公开发行证券的公司信息披露内容与格式准则第1号--招股说明书》(2006年修订),2006年5月18日
[72]中国证监会,《公开发行证券的公司信息披露内容与格式准则第1号--招股说明书》,2001年3月15日
[73]中国证监会,《公开发行证券的公司信息披露内容与格式准则第2号--年度报告的内容与格式》(2005年修订),2005年12月26日
[74]中国证监会,《公开发行证券的公司信息披露内容与格式准则第3号--半年度报告》,2002年6月22日
[75]周林洁、吴联生,上市公司会计信息披露制度形成的需求导向,当代财经,2004(6):112-121
[76]周勤业、卢宗辉、金瑛,上市公司信息披露与投资者信息获取的成本效益问卷调查分析,会计研究,2003(5):3-10
[77]诸葛栋、封思贤,公司业绩与自愿性信息披露的实证研究,技术经济,2005(7):66-69
[1]AICPA,Improving Business Reporting -A Customer Focus:Meeting the Information Needs of Investors and Creditors,Comprehensive Report of the Special Committee on Financial Reporting(The Jenkins Report),New York,NY:American Institute of Certified Public Accountants,1994
[2]Ali Fekrat,M.,Carla,1.and Petroni,D.,Corporate Environmental Disclosures:Competitive Disclosure Hypothesis Using 1991 Annual Data,The international journal of Accounting,1999,31(2):175-195
[3]Amir E.and Lev B.,Value-Relevance of Nonfinancial Information:The Wireless Communications Industry,Journal of Accounting and Economics,1996,1:3-30
[4] Andrew Slessor reports, Through Management Eyes, Chartered Accountants Journal, April 2005:15-17
[5] ASB, Operating and Financial Review, London: Accounting Standards Board, 2003
[6] Bagby J.W., Kintzele P.L., Management Discussion and Analysis: Discretionary Disclosures and The Business Segment, Accounting Horizons, March 1987: 51-60
[7] Barron O. E., Kile C. O. and T. B. O'Keefe., MD&A Quality as Measured by the SEC and Analysts' Earnings Forecasts, Contemporary Accounting Research 1999,16 (Spring): 75-109
[8] Barry C.B., Brown S J., Limited Information as a Source of Risk, The Journal of Portfolio Management, 1986,12: 66-72
[9] Barth E.Mary, and Christine M. Murphy, Required Financial Statement Disclosures: Purposes, Subject, Number, and Trends, Accounting Horizons, 1994,8(4), December: 1-22
[10] Beasley M., An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud, The Accounting Review, 1996,4: 443 - 465
[11] Beattie V., McInnes, B. and Fearnley S., A Methodology for Analysing and Evaluating Narratives in Annual Reports: A Comprehensive Descriptive Profile and Metrics for Disclosure Quality Attributes, Accounting Forum 2004,28(3):205-236
[12] Beattie V., Mclnnes, B. and Fearnley S., Narrative Reporting by listed UK Companies: A Comparative Within-Sector Topic Analysis, working paper, March 2002
[13] Bekey M., Annual Reports Evolve into Marketing Tools, Financial Manager, 1990(1): 50-60
[14] Beretta S., Bozzolan S., Trombetta M., Forward Looking Disclosures and Analysts' Forecasts A Study of Cross-Listed European Firms, working paper, April 2006
[15] Bhushan R., Collection of Information about Publicly Traded Firms: Theory and Evidence, Journal of Accounting and Economics, 1989,11:183-207
[16] Botosan C, Disclosure Level and the Cost of Equity Capital, The Accounting Review, July 1997.72(1): 323-349
[17] Botosan C, The Effect of Disclosure Level on the Cost of Equity Capital and Stock Market Liquidity. Ph.D. dissertation. University of Michigan, Ann Arbor, 1995
[18] Botosan C.A. and Plumlee M.A., A Re examination of Disclosure Level and the Expected Cost of Equity Capital, Journal of Accounting Research, 2002, 40(1): 21-40.
[19] Bryan S. H., Incremental Information Content of Required Disclosures Contained in Management Discussion and Analysis, The Accounting Review, April 1997, 72: 285-301
[20] Callahan, C. M. and Smith, R. E., Firm Performance and Management's Discussion and Analysis Disclosures: An Industry Approach, working paper, University of Arkansas-Fayetteville, 2004,9
[21] Carolyn M. Callahan and Rodney E. Smith, How Transparent Are MD&A Disclosures? Bank Accounting and Finance, February-March 2005: 7-15
[22] Christian Nielsen, Business Reporting: How Transparency becomes a Justification Mechanism, working paper, 2004
[23] Christopher D. Brandon, An Examination of the Use of Impression Management in the Management Discussion and Analysis Section of the Annual Report, Ph.D. dissertation, Purdue Unibersity, 2001
[24] CICA, Management's Discussion and Analysis: Guidance on Preparation and Disclosure, Toronto, Ontario: Canadian Institute of Chartered Accountants, 2002
[25] Clarkson P.M., Kao J. L. and Richardson. G.D., The Voluntary Inclusion of Forecasts in the MD&A Section of Annual Reports, Contemporary Accounting Research Fall 1994:423-50
[26] Clarkson, P.M., Kao J. L., and Richardson. GD., Evidence That Management Discussion and Analysis (MD&A) Is a Part of a Firm's Overall Disclosure Package, Contemporary Accounting Research, 1999, Spring, 16(1): 111-134
[27] Clatworthy M., Jones M.J., Financial Reporting of Good and Bad News: Evidence from Accounting Narratives, Accounting and Business Research, 2003,33(3): 171-185
[28] Cole C.J. and Jones C.L. The Usefulness of MD&A Disclosures in the Retail Industry, Journal of Accounting, Auditing and Finance, 2004 (Fall): 361-388
[29] Collins W., Davie E. S. and Weetman P., Management Discussion and Analysis: An Evaluation of Practice in UK and US Companies Accounting and Business Research, 1993, 23 (90): 123-137.
[30] Core, John E., A Review of the Empirical Disclosure Literature: Discussion, Journal of Accounting and Economics,2001,31:441-456
[31] Davis A. K., Piger J. M. and Sedor L.M., Beyond the Numbers: an Analysis of Optimistic and Pessimistic Language in Earnings Press Releases, working paper, 2005,10
[32] Donald H. Meiers, The MD&A Challenge, Journal of Accountancy, 2006,1:59-66
[33] Dye R, An Evaluation of Essays on Disclosure and the Disclosure Literature in Accounting, Journal of Accounting and Economics, 2001(32): 181-235
[34] Dye, Ronald A., Mandatory Versus Voluntary Disclosures: The Cases of Financial and Real Externalities, The Accounting Review, Jnauary, 1990 (65): 1-24
[35] Eikner A.E., Hefzi H. Glezen GW., Prospective Information in Managements' Discussion and Analysis:A Test of Incremental Information Content, working paper, fall 2000
[36] Eng L.L., Mak Y.T., Corporate Governance and Voluntary Disclosure, Journal of Accounting and Public Policy, 2003,22:325-345
[37] Fama, E.F., Jensen, M.C., Separation of Ownership and Control, The Journal of Law and Economics,1983,26: 301-325
[38] Ferguson Michael J., Lam Kevin C.K., Lee Grace Meina, Voluntary Disclosure by State-Owned Enterprises Listed on the Stock Exchange of Hong Kong, Journal of International Financial Management and Accounting, 2002:121-135.
[39] Financial Accounting Standards Board (FASB), Improving Business Reporting: Insights into Enhancing Voluntary disclosures, Steering committee report business reporting research project, 2001, download from www.fasb.org
[40] Foke J.J., Corporate Governance and Disclosure Quality, Accounting and Business Research, 1992, 22(86):111-124
[41] Gelb D., Zarowin P., Corporate Disclosure Policy and the Informativeness of Stock Price, Review of Accounting Studies, 2002,7 (1): 33-52
[42] Healy P.M, Palepu K.G, The Challenges of Investor Communications: the Case of CUC International, Journal of Financial Economics, 1995(38): 111-141
[43] Healy P.M. and Palepu KG, Information Asymmetry, Corporate Disclosure, and the Capital markets: A Review of the Empirical Disclosure Literature, Journal of Accounting and Economics, 2001,31: 405-440
[44] Healy P.M., Hutton A.P. and Palepu KG, Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure. Contemporary Accounting Research, 1999,16(3): 485-524
[45] Ho, Simon S.M. and Wong, K.S, Investment Analysts' Usage and Perceived Usefulness of Corporate Annual Reports, Corporate Ownership and Control, 2004,1(3): 61-71
[46] Hooks K.L. and Moon J.E., A Classification Scheme to Examine Management Discussion and Analysis Compliance, Accounting Horizons, 2000,13 (5): 624-646
[47] Hossain M., Perera M.B., and Rahman, A.R. Voluntary Disclosure in the Annual Reports of New Zealand Companies, Journal of International Financial Management and Accounting, 1995,6(1): 69-87
[48] IASB, Management Commentary, Discussion Paper, 2002
[49] ICAEW, New Reporting Models for Business, London: Institute of Chartered Accountants in England and Wales, 2003
[50] Inchausti B.G, The Influence of Company Characteristics and Accounting Regulation on Information Disclosed by Spanish Firms, The European Accounting Review, 1997,6(1):45-68
[51] Ingram R.W. and Frazier F.B., Narrative Disclosures in Annual Reports, Journal of Business Research, March 1983: 49-60
[52] Jensen M.C., Meckling M.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976,3:305-360
[53] Jones M.J. and Shoemaker P.A., Accounting Narratives: A Review of Empirical Studies of Content and Readability, Journal of Accounting Literature, 1994,13:142-184.
[54] Kim O., Verrecchia R., Market Liquidity and Volume around Earnings Announcements, Journal of Accounting and Economics, 1994,17:41-68
[55] Knutson P.H. prepared, Financial Reporting in the 1990's and Beyond, VA: Association of Investment Management and Research(AIMR), 1993
[56] Lanen W.N., Verrecchia R.E., Operating Decisions and the Disclosure of Management accounting Information, Journal of Accounting Research, 1987(Suppl.):165-189
[57] Lang M.H. and Lundholm R J., Corporate Disclosure Policy and Analyst Behaviour, The Accounting Review, 1996, 71(4): 467-492
[58] Lang M.H. and Lundholm R.J., Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures, Journal of Accounting Research, 1993,31(2): 246-271.
[59] Lang M.H. and Lundholm R.J., Voluntary Disclosure and Equity offerings: Reducing Information Asymmetry or Hyping the Stock? Contemporary Accounting Research, 2000, 17(4): 623-669
[60] Malone D., Fries C, Jones T., An Empirical Investigation of the Extent of Corporate Financial Disclosure in the Oil and Gas Industry, Journal of Accounting, Auditing and Finance, 1993(Summer):249-273
[61] Marc Newson and Craig Deegan, Global Expectations and Their Association with Corporate Social Disclosure Practices in Australia, Singapore and South Korea, The International Journal of Accounting, 2002,37:183-213
[62] Marston C.L. and Shrives P.J., The Use of Disclosure Indices in Accounting Research: A Review Article, British Accounting Review, 1991,23(3): 195-210
[63] Meek G. K., Roberts C. B. and Gray S. J., Factors Influencing Voluntary Annual Report Disclosures by US, UK and Continental European Multinational Corporations, Journal of International Business Studies, 1995, Third Quarter: 555-572
[64] MeKinstry S., Designing the Annual Reports of Breton PLC from 1930 to 1994, Accounting, Organizations and Society, 1996(1): 89-111
[65] Neuman W. Lawrence, Social Research Methods: Qualitative and Quantitative Approaches. 5th ed., Boston: Allyn and Bacon, 2003
[66] Nielsen C, Through the Eyes of Analysts: A Content Analysis of Annual Report Narratives, Working Paper, Copenhagen Business School, 2004
[67] O'Connor M, Foong S. and Lawrence M., The Interaction of Incentives and Information Disclosure: The Case of Confidence Interval Information, The British Accounting Review, 2003, 35(3): 233-255
[68] Ottilie L. Jarmel and Abigail Arms, MD&A 2005, Linchpin of SEC Post-Enron Disclosure Reform, SEC "Hot Topics" Institute, 2005 (Spring)
[69] Paul M. Healy, and Krishna G. Palepu, Information Asymmetry,Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature, J. Accounting and Economics, 2001,31: 405-440
[70] Pava M. L. and Epstein M. J., How Good is MD&A as an Investment tool? Journal of Accountancy, 1993,175 (3) : 51-53
[71] Pava M. L. and Epstein M. J., Shareholders' Perceptions of the Usefulness of MD&As, Managerial Finance, 1995,21:68-83
[72] Platikanova P., How Does Firm's Earnings Profile Influence Managers' Disclosure Decisions? Earnings, Proprietary Information and Intangibles, University Pompeu Fabra, working paper, 2005
[73] Previts, Gary John, Robert J. Bricker, Thomas R. Robinson, and Stephen J. Young, A content analysis of a sell-side financial analyst firm report, Accounting Horizons, 1994, 8(2), June: 55-70
[74] Robb S.W.G., Single L.E. and Zarzeski M.T., Nonfinancial Disclosures Across Anglo-American Countries, Journal of International Accounting, 2001,10(1): 71-83
[75] Rogers K. and Grant J., Content Analysis of Information Cited in Reports of Sell-Side Financial Analysts, Journal of Financial Statement Analysis, 1997, 3(1), Fall: 17-30
[76] Ruland W., Tung S., George N.E., Factors Associated with the Disclosure of Managers Forecasts, The Accounting Review,1993(3):710-721
[77] Rutherford B.A., Half the Story: Progress and Prospects for the Operating and Financial Review, ACCA Research Report No.80, London: Certified Accountants Educational Trust, 2002
[78] Salaneik G R., Meindl J. R., Corporate Attributions as Strategic Illusions of Management Control, Administrative Science Quarterly, 1984(29): 238-254
[79] Schleicher T. and Walker M., Share Price Anticipation of Earnings and Management's Discussion of Operations and Financing, Accounting and Business Research, 1999, 29(4):321-335
[80] Schlenker C. Illusions of Management Control? Effects of Self-Serving Attributions, on resource commitments and confidence in management, Human Relations, 1990(43): 333-347.
[81] Schroeder, N., Gibson. C, Readability of Management's Discussion and Analysis, Accounting Horizons, 1990,12: 78-86
[82] SEC (1980), Securities Act Release No. 33-6231 (2.9.1980)
[83] SEC (1981), Securities Act Release No. 33-6349 (28.9.1981)
[84] SEC (1989), Securities Act Release No. 33-6835 (18.5.1989)
[85]SEC(2003a):Summary by the Division of Corporation Finance of Significant Issues Addressed in the Review of the Periodic Reports of the Fortune 500 Companies,http://www.sec.gov/divisions/corpfin/fortuneSOOrep.htm(1.12.2005)
[86]SEC(2003b),Securities Act Release No.33-8350(29.12.2003)
[87]Simon S.M.Ho.and Kar Shun Wong,2001,A Study of the Relationship between Corporate Governance Structure and the Extent of Voluntary Disclosure,Journal of International Accounting,Auditing and Taxation 2001(10):139-156.
[88]Skinner D.,Why Firms Voluntarily Disclose Bad News,Journal of Accounting Research,1994,1:38-60
[89]Skinner,D.,Do the SEC's Safe Harbor Provisions Encourage Forward-Looking Disclosures?.Financial Analysts Journal,1995,51(4):38-44
[90]Smith M.and Taffler R.,The Chairman's Statement-A Content Analysis of Discretionary Narrative Disclosures,Accounting,Auditing and Accountability Journal,2000,13(5):624-646
[91]Subramnaian R.,Insley R.G.and Blackwell R.D.,Performance and Readability:A Comparison of Annual Reports of Profitable and Unprofitable Corporations,The Journal of Business Communication,1993:49-61
[92]Tennyson B.M.,Ingram R.W.,and Dugan M.T.,Assessing the Information Content of Narrative Disclosures in Explaining Bankruptcy,Journal of Business Finance and Accounting,Autumn 1990,17(52):295-308
[93]The Canadian Institute of Chartered Accountants,20 Questions Directors Should Ask About Management's Discussion And Analysis,2003,downloaded from http://www.cica.ca/index.cfm/ci_id/35205/la_id/1.htm
[94]Trueman B.,Why do Managers Voluntarily Release Earnings Forecasts? Journal of Accounting and Economics,1986,8:53-72
[95]Verrecchia R.E.,Essays on disclosure,Journal of Accounting and Economics,2001,84:97-180
[96]Verrecchia R.E.,Information Quality and Discretionary Disclosure,Journal of Accounting and Economics,1990,12:365-380
[97]Wagenhofer A.,Voluntary Disclosure with a Strategic Opponent,Journal of Accounting and Ecnomics,1990,12:341-364
[98]Welker M.,Disclosure Policy,Information Asymmetry,and Liquidity in Equity Markets,Contemporary Accounting Research,1995,11(2):801-827
[99]Yhim H-P.,Karim K.E.,Rutledge R.W.,The Association between Disclosure Level and Information Quality:Voluntary Management Earnings Forecasts,Applied Financial Economics,2003,13:677-692
[2]陈艳,会计信息披露方式的经济学思考,会计研究,2004(8):51-56
[3]邓小洋,上市公司会计信息披露动机的经济分析,学术交流,1999(1):18-20
[4]段盛华,自愿信息披露环境下控制结构披露的市场反应,证券市场导报,2004(12):15-19
[5]范德玲、刘春林、殷枫,上市公司自愿性信息披露的影响因素研究,经济管理,2004(10):69-75
[6]范小雯,上市公司自愿性信息披露影响因素研究,证券市场导报,2006(4):72-77
[7]何佳,.中外信息披露制度及实际效果比较研究,深圳证券交易所综合研究所研究报告,2002,No.0051
[8]何涛、陈晓,现金股利能否提高企业的市场价值--1997-1999年上市公司会计年度报告期间的实证分析,金融研究,2002(8):26-37
[9]何卫东,上市公司自愿性信息披露研究,深圳证券交易所综合研究所研究报告,2003,No.0070
[10]何玉、张天西,自愿实施网络财务报告公司的特征研究,会计研究,2005(12):77-82
[11]胡玉明,平衡计分卡是什么--一个管理工具的神话,北京:中国财政经济出版社,2004
[12]加拿大注册会计师协会(CICA),王纪平译,公司董事应该询问的20个问题--管理层讨论与分析,中国会计视野,2003(9)
[13]蒋尧明,罗新华,有效需求主体的缺失与会计信息失真,会计研究,2003(8):3-7
[14]蒋尧明,上市公司财务预测信息虚假陈述民事责任若干问题研究,会计研究,2006(6):3-7
[15]李常青、李锋森,美国“管理层讨论与分析”的审计制度及对中国的借鉴,审计研究,2006(1):93-96
[16]李常青、王毅辉、张凤展、李锋森、钟娟、陈来标,上市公司定期报告“管理层讨论与分析”披露研究,上证联合研究计划第十四期课题报告,2005年8月
[17]李常青、王毅辉等,管理层讨论与分析:借给投资者的一双“慧眼”,上海证券报,2005年11月24日
[18]李康、杨兴君、张雷、陆玉、贺丹,上市公司定期报告“管理层讨论与分析”披露研究,上证联合研究计划第十四期课题报告,2005年8月
[19]李婉丽、张晓岚,中国上市公司年度报告披露状况研究,金融研究,2002(3):103-109
[20]李翔、冯峥,会计信息披露需求:来自证券研究机构的分析,会计研究,2006(3):63-68
[21]廖凡,鼓励与强制之间--美国证券法对前瞻性信息披露的规定,金融法苑,2003(3)
[22]林斌、辛清泉、杨德明、陈念,投资者关系管理及其影响因素分析--基于深圳上市公司的实证检验,会计研究,2005(9):32-38
[23]林钟高、吴利娟,公司治理与会计信息质量的相关性研究,会计研究,2004(8):65-71
[24]刘峰,信息披露:实话实说?,北京:中国财政经济出版社,2003
[25]刘慧凤、罗新华,提高会计信息披露质量的策略选择,当代财经,2000(5):53-56
[26]刘家松、王惠芳,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,重庆工商大学学报,第16卷第2期,2006(4):73-76
[27]刘立国、杜莹,公司治理与会计信息质量关系的实证研究,会计研究,2003(2):28-36
[28]刘昱熙,“管理层讨论与分析”信息披露质量特征界定,商业时代,2007(1):66-71
[29]刘昱熙,美国管理层讨论与分析的信息披露制度,财会通讯(综合版),2006(12):87-88
[30]柳木华,中美上市公司年度报告披露准则比较研究,证券市场导报,2005(11):40-43
[31]陆建桥,后安然时代的会计与审计--评美国《2002年萨班斯-奥克斯利法案》及其对会计、审计发展的影响,会计研究,2002(10):33-42
[32]陆正飞、刘桂进,中国公众投资者信息需求之探索性研究,经济研究,2002(4):36-43
[33]马连福、赵颖,上市公司社会责任信息披露影响因素研究,证券市场导报,2007(3):4-9
[34]潘琰、辛清泉,解读企业信息需求--基于机构投资者的信息需求探索,会计研究,2004(12):14-22
[35]齐斌,预测性信息披露与安全港制度,http://www.fatianxia.com/paper_list.asp?id=14040
[36]乔旭东,上市公司会计信息披露与公司治理结构的互动:一种框架分析,2003(5):46-49
[37]秦玉熙、刘进,自愿披露盈利预测的可靠性及其影响因素分析,当代财经,2005(12):119-121
[38]上海证券交易所,《2005年年度报告工作备忘录第三号--管理层讨论与分析的编制要求》,2006年1月
[39]沈洪涛,公司特征与公司社会责任信息披露--来自中国上市公司的经验证据,会计研究,2007(3):9-16
[40]沈洪涛、杨熠,公司社会责任信息披露的价值相关性研究,中国会计学会会计新领域环境会计专业委员会2006学术年会论文集,2006年10月,194-202
[41]宋献中,论企业核心能力信息的自愿披露,会计研究,2006(2):47-52
[42]孙蔓莉,公司年报中的印象管理行为研究,北京:中国人民大学出版社,2005
[43]汪炜,公司信息披露理论与实证研究,杭州:浙江大学出版社,2005
[44]汪炜、蒋高峰,信息披露、透明度与资本成本,经济研究,2004(7):107-114
[45]王华、张程睿,两种基本财务会计信息需求与供给的矛盾和协调,会计研究,2005(9):3-7
[46]王惠芳,上市公司盈利预测信息自愿性披露实证研究--来自1090家中国上市公司中期报告的证据,山西财经大学学报,2005(8):138-140
[47]王雷、王光栋、叶仁荪,对我国地区发达程度的进一步划分,统计与决策,2006年1月(下):51-53
[48]王升、王薇、於娟,中美上市公司年报中管理部门讨论与分析的比较研究,广东财富,2001(1):18-21
[49]王啸,美国“管理层讨论与分析”及对中国的借鉴,证券市场导报,2002(8):24-28
[50]王雄元、王永,上市公司信息披露策略的理论基础,审计与经济研究,2006(3):84-87
[51]王雄元、严艳,强制性信息披露的适度问题,会计研究,2003(2):13-18
[52]王咏梅,上市公司财务信息自愿披露指数实证研究,证券市场导报,2003(9):45-49
[53]王跃堂、周雪,管理层披露的信息可靠吗,经济管理,2006(5):20-23
[54]威廉.H.比弗,财务呈报会计革命,大连:东北财经大学出版社,第三版,1999
[55]魏明海、刘峰、施鲲翔,论会计透明度,会计研究,2001(9):16-20
[56]吴联生,上市公司会计报告研究,大连:东北财经大学出版社,2001
[57]吴联生,投资者对上市公司会计信息需求的调查分析,经济研究,2000(4):41-48
[58]晓远,试论会计信息披露的供给理论,会计研究,1998(6):15-20
[59]谢志华、崔学刚,信息披露水平:市场推动与政府监管--基于中国上市公司数据的研 究,审计研究,2005(4):39-45
[60]杨郊红,美国上市公司信息披露制度的变迁及启示,证券市场导报,2005(4):48-51
[61]英格兰及威尔士特许会计师协会(ICAEW),中国注册会计师协会余应敏编译,企业报告的新模式--英格兰和威尔士特许会计师协会发起的“为更完善市场的信息运动”系列报告之一,2004
[62]余芸春,上市公司信息披露制度建设,中国社会科学院研究生院博士论文,2003
[63]张保华,上市公司预测性信息披露制度研究,法律适用,2003(4):17-20
[64]张凤展,MD&A信息披露质量及其影响因素的实证研究,厦门大学硕士论文,2006
[65]张晓岚、张超,中国上市公司“管理层讨论与分析”披露状况的调查分析,中国会计学会2005年学术年会论文集,2005
[66]张宗新、郭来生、季雷、张晓荣、廖士光,上市公司自愿性信息披露的有效性研究,深圳证券交易所第六届会员单位基金公司研究成果评选,2003
[67]张宗益、黄新建,我国上市公司首次发行股票中的盈余管理实证研究,中国软科学,2003(10):37-39
[68]赵德武、张瑞彬、杨丹、邢精平,完善敏感性信披制度,提高证券市场透明度,上海证券报,2006年2月28日
[69]赵亚明,2005年深市“管理层讨论与分析”的执行情况,证券市场导报,2006(7):59-61
[70]中国证监会,《公开发行证券的公司信息披露内容与格式准则第11号--上市公司发行新股招股说明书》,2001年4月10日
[71]中国证监会,《公开发行证券的公司信息披露内容与格式准则第1号--招股说明书》(2006年修订),2006年5月18日
[72]中国证监会,《公开发行证券的公司信息披露内容与格式准则第1号--招股说明书》,2001年3月15日
[73]中国证监会,《公开发行证券的公司信息披露内容与格式准则第2号--年度报告的内容与格式》(2005年修订),2005年12月26日
[74]中国证监会,《公开发行证券的公司信息披露内容与格式准则第3号--半年度报告》,2002年6月22日
[75]周林洁、吴联生,上市公司会计信息披露制度形成的需求导向,当代财经,2004(6):112-121
[76]周勤业、卢宗辉、金瑛,上市公司信息披露与投资者信息获取的成本效益问卷调查分析,会计研究,2003(5):3-10
[77]诸葛栋、封思贤,公司业绩与自愿性信息披露的实证研究,技术经济,2005(7):66-69
[1]AICPA,Improving Business Reporting -A Customer Focus:Meeting the Information Needs of Investors and Creditors,Comprehensive Report of the Special Committee on Financial Reporting(The Jenkins Report),New York,NY:American Institute of Certified Public Accountants,1994
[2]Ali Fekrat,M.,Carla,1.and Petroni,D.,Corporate Environmental Disclosures:Competitive Disclosure Hypothesis Using 1991 Annual Data,The international journal of Accounting,1999,31(2):175-195
[3]Amir E.and Lev B.,Value-Relevance of Nonfinancial Information:The Wireless Communications Industry,Journal of Accounting and Economics,1996,1:3-30
[4] Andrew Slessor reports, Through Management Eyes, Chartered Accountants Journal, April 2005:15-17
[5] ASB, Operating and Financial Review, London: Accounting Standards Board, 2003
[6] Bagby J.W., Kintzele P.L., Management Discussion and Analysis: Discretionary Disclosures and The Business Segment, Accounting Horizons, March 1987: 51-60
[7] Barron O. E., Kile C. O. and T. B. O'Keefe., MD&A Quality as Measured by the SEC and Analysts' Earnings Forecasts, Contemporary Accounting Research 1999,16 (Spring): 75-109
[8] Barry C.B., Brown S J., Limited Information as a Source of Risk, The Journal of Portfolio Management, 1986,12: 66-72
[9] Barth E.Mary, and Christine M. Murphy, Required Financial Statement Disclosures: Purposes, Subject, Number, and Trends, Accounting Horizons, 1994,8(4), December: 1-22
[10] Beasley M., An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud, The Accounting Review, 1996,4: 443 - 465
[11] Beattie V., McInnes, B. and Fearnley S., A Methodology for Analysing and Evaluating Narratives in Annual Reports: A Comprehensive Descriptive Profile and Metrics for Disclosure Quality Attributes, Accounting Forum 2004,28(3):205-236
[12] Beattie V., Mclnnes, B. and Fearnley S., Narrative Reporting by listed UK Companies: A Comparative Within-Sector Topic Analysis, working paper, March 2002
[13] Bekey M., Annual Reports Evolve into Marketing Tools, Financial Manager, 1990(1): 50-60
[14] Beretta S., Bozzolan S., Trombetta M., Forward Looking Disclosures and Analysts' Forecasts A Study of Cross-Listed European Firms, working paper, April 2006
[15] Bhushan R., Collection of Information about Publicly Traded Firms: Theory and Evidence, Journal of Accounting and Economics, 1989,11:183-207
[16] Botosan C, Disclosure Level and the Cost of Equity Capital, The Accounting Review, July 1997.72(1): 323-349
[17] Botosan C, The Effect of Disclosure Level on the Cost of Equity Capital and Stock Market Liquidity. Ph.D. dissertation. University of Michigan, Ann Arbor, 1995
[18] Botosan C.A. and Plumlee M.A., A Re examination of Disclosure Level and the Expected Cost of Equity Capital, Journal of Accounting Research, 2002, 40(1): 21-40.
[19] Bryan S. H., Incremental Information Content of Required Disclosures Contained in Management Discussion and Analysis, The Accounting Review, April 1997, 72: 285-301
[20] Callahan, C. M. and Smith, R. E., Firm Performance and Management's Discussion and Analysis Disclosures: An Industry Approach, working paper, University of Arkansas-Fayetteville, 2004,9
[21] Carolyn M. Callahan and Rodney E. Smith, How Transparent Are MD&A Disclosures? Bank Accounting and Finance, February-March 2005: 7-15
[22] Christian Nielsen, Business Reporting: How Transparency becomes a Justification Mechanism, working paper, 2004
[23] Christopher D. Brandon, An Examination of the Use of Impression Management in the Management Discussion and Analysis Section of the Annual Report, Ph.D. dissertation, Purdue Unibersity, 2001
[24] CICA, Management's Discussion and Analysis: Guidance on Preparation and Disclosure, Toronto, Ontario: Canadian Institute of Chartered Accountants, 2002
[25] Clarkson P.M., Kao J. L. and Richardson. G.D., The Voluntary Inclusion of Forecasts in the MD&A Section of Annual Reports, Contemporary Accounting Research Fall 1994:423-50
[26] Clarkson, P.M., Kao J. L., and Richardson. GD., Evidence That Management Discussion and Analysis (MD&A) Is a Part of a Firm's Overall Disclosure Package, Contemporary Accounting Research, 1999, Spring, 16(1): 111-134
[27] Clatworthy M., Jones M.J., Financial Reporting of Good and Bad News: Evidence from Accounting Narratives, Accounting and Business Research, 2003,33(3): 171-185
[28] Cole C.J. and Jones C.L. The Usefulness of MD&A Disclosures in the Retail Industry, Journal of Accounting, Auditing and Finance, 2004 (Fall): 361-388
[29] Collins W., Davie E. S. and Weetman P., Management Discussion and Analysis: An Evaluation of Practice in UK and US Companies Accounting and Business Research, 1993, 23 (90): 123-137.
[30] Core, John E., A Review of the Empirical Disclosure Literature: Discussion, Journal of Accounting and Economics,2001,31:441-456
[31] Davis A. K., Piger J. M. and Sedor L.M., Beyond the Numbers: an Analysis of Optimistic and Pessimistic Language in Earnings Press Releases, working paper, 2005,10
[32] Donald H. Meiers, The MD&A Challenge, Journal of Accountancy, 2006,1:59-66
[33] Dye R, An Evaluation of Essays on Disclosure and the Disclosure Literature in Accounting, Journal of Accounting and Economics, 2001(32): 181-235
[34] Dye, Ronald A., Mandatory Versus Voluntary Disclosures: The Cases of Financial and Real Externalities, The Accounting Review, Jnauary, 1990 (65): 1-24
[35] Eikner A.E., Hefzi H. Glezen GW., Prospective Information in Managements' Discussion and Analysis:A Test of Incremental Information Content, working paper, fall 2000
[36] Eng L.L., Mak Y.T., Corporate Governance and Voluntary Disclosure, Journal of Accounting and Public Policy, 2003,22:325-345
[37] Fama, E.F., Jensen, M.C., Separation of Ownership and Control, The Journal of Law and Economics,1983,26: 301-325
[38] Ferguson Michael J., Lam Kevin C.K., Lee Grace Meina, Voluntary Disclosure by State-Owned Enterprises Listed on the Stock Exchange of Hong Kong, Journal of International Financial Management and Accounting, 2002:121-135.
[39] Financial Accounting Standards Board (FASB), Improving Business Reporting: Insights into Enhancing Voluntary disclosures, Steering committee report business reporting research project, 2001, download from www.fasb.org
[40] Foke J.J., Corporate Governance and Disclosure Quality, Accounting and Business Research, 1992, 22(86):111-124
[41] Gelb D., Zarowin P., Corporate Disclosure Policy and the Informativeness of Stock Price, Review of Accounting Studies, 2002,7 (1): 33-52
[42] Healy P.M, Palepu K.G, The Challenges of Investor Communications: the Case of CUC International, Journal of Financial Economics, 1995(38): 111-141
[43] Healy P.M. and Palepu KG, Information Asymmetry, Corporate Disclosure, and the Capital markets: A Review of the Empirical Disclosure Literature, Journal of Accounting and Economics, 2001,31: 405-440
[44] Healy P.M., Hutton A.P. and Palepu KG, Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure. Contemporary Accounting Research, 1999,16(3): 485-524
[45] Ho, Simon S.M. and Wong, K.S, Investment Analysts' Usage and Perceived Usefulness of Corporate Annual Reports, Corporate Ownership and Control, 2004,1(3): 61-71
[46] Hooks K.L. and Moon J.E., A Classification Scheme to Examine Management Discussion and Analysis Compliance, Accounting Horizons, 2000,13 (5): 624-646
[47] Hossain M., Perera M.B., and Rahman, A.R. Voluntary Disclosure in the Annual Reports of New Zealand Companies, Journal of International Financial Management and Accounting, 1995,6(1): 69-87
[48] IASB, Management Commentary, Discussion Paper, 2002
[49] ICAEW, New Reporting Models for Business, London: Institute of Chartered Accountants in England and Wales, 2003
[50] Inchausti B.G, The Influence of Company Characteristics and Accounting Regulation on Information Disclosed by Spanish Firms, The European Accounting Review, 1997,6(1):45-68
[51] Ingram R.W. and Frazier F.B., Narrative Disclosures in Annual Reports, Journal of Business Research, March 1983: 49-60
[52] Jensen M.C., Meckling M.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 1976,3:305-360
[53] Jones M.J. and Shoemaker P.A., Accounting Narratives: A Review of Empirical Studies of Content and Readability, Journal of Accounting Literature, 1994,13:142-184.
[54] Kim O., Verrecchia R., Market Liquidity and Volume around Earnings Announcements, Journal of Accounting and Economics, 1994,17:41-68
[55] Knutson P.H. prepared, Financial Reporting in the 1990's and Beyond, VA: Association of Investment Management and Research(AIMR), 1993
[56] Lanen W.N., Verrecchia R.E., Operating Decisions and the Disclosure of Management accounting Information, Journal of Accounting Research, 1987(Suppl.):165-189
[57] Lang M.H. and Lundholm R J., Corporate Disclosure Policy and Analyst Behaviour, The Accounting Review, 1996, 71(4): 467-492
[58] Lang M.H. and Lundholm R.J., Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures, Journal of Accounting Research, 1993,31(2): 246-271.
[59] Lang M.H. and Lundholm R.J., Voluntary Disclosure and Equity offerings: Reducing Information Asymmetry or Hyping the Stock? Contemporary Accounting Research, 2000, 17(4): 623-669
[60] Malone D., Fries C, Jones T., An Empirical Investigation of the Extent of Corporate Financial Disclosure in the Oil and Gas Industry, Journal of Accounting, Auditing and Finance, 1993(Summer):249-273
[61] Marc Newson and Craig Deegan, Global Expectations and Their Association with Corporate Social Disclosure Practices in Australia, Singapore and South Korea, The International Journal of Accounting, 2002,37:183-213
[62] Marston C.L. and Shrives P.J., The Use of Disclosure Indices in Accounting Research: A Review Article, British Accounting Review, 1991,23(3): 195-210
[63] Meek G. K., Roberts C. B. and Gray S. J., Factors Influencing Voluntary Annual Report Disclosures by US, UK and Continental European Multinational Corporations, Journal of International Business Studies, 1995, Third Quarter: 555-572
[64] MeKinstry S., Designing the Annual Reports of Breton PLC from 1930 to 1994, Accounting, Organizations and Society, 1996(1): 89-111
[65] Neuman W. Lawrence, Social Research Methods: Qualitative and Quantitative Approaches. 5th ed., Boston: Allyn and Bacon, 2003
[66] Nielsen C, Through the Eyes of Analysts: A Content Analysis of Annual Report Narratives, Working Paper, Copenhagen Business School, 2004
[67] O'Connor M, Foong S. and Lawrence M., The Interaction of Incentives and Information Disclosure: The Case of Confidence Interval Information, The British Accounting Review, 2003, 35(3): 233-255
[68] Ottilie L. Jarmel and Abigail Arms, MD&A 2005, Linchpin of SEC Post-Enron Disclosure Reform, SEC "Hot Topics" Institute, 2005 (Spring)
[69] Paul M. Healy, and Krishna G. Palepu, Information Asymmetry,Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature, J. Accounting and Economics, 2001,31: 405-440
[70] Pava M. L. and Epstein M. J., How Good is MD&A as an Investment tool? Journal of Accountancy, 1993,175 (3) : 51-53
[71] Pava M. L. and Epstein M. J., Shareholders' Perceptions of the Usefulness of MD&As, Managerial Finance, 1995,21:68-83
[72] Platikanova P., How Does Firm's Earnings Profile Influence Managers' Disclosure Decisions? Earnings, Proprietary Information and Intangibles, University Pompeu Fabra, working paper, 2005
[73] Previts, Gary John, Robert J. Bricker, Thomas R. Robinson, and Stephen J. Young, A content analysis of a sell-side financial analyst firm report, Accounting Horizons, 1994, 8(2), June: 55-70
[74] Robb S.W.G., Single L.E. and Zarzeski M.T., Nonfinancial Disclosures Across Anglo-American Countries, Journal of International Accounting, 2001,10(1): 71-83
[75] Rogers K. and Grant J., Content Analysis of Information Cited in Reports of Sell-Side Financial Analysts, Journal of Financial Statement Analysis, 1997, 3(1), Fall: 17-30
[76] Ruland W., Tung S., George N.E., Factors Associated with the Disclosure of Managers Forecasts, The Accounting Review,1993(3):710-721
[77] Rutherford B.A., Half the Story: Progress and Prospects for the Operating and Financial Review, ACCA Research Report No.80, London: Certified Accountants Educational Trust, 2002
[78] Salaneik G R., Meindl J. R., Corporate Attributions as Strategic Illusions of Management Control, Administrative Science Quarterly, 1984(29): 238-254
[79] Schleicher T. and Walker M., Share Price Anticipation of Earnings and Management's Discussion of Operations and Financing, Accounting and Business Research, 1999, 29(4):321-335
[80] Schlenker C. Illusions of Management Control? Effects of Self-Serving Attributions, on resource commitments and confidence in management, Human Relations, 1990(43): 333-347.
[81] Schroeder, N., Gibson. C, Readability of Management's Discussion and Analysis, Accounting Horizons, 1990,12: 78-86
[82] SEC (1980), Securities Act Release No. 33-6231 (2.9.1980)
[83] SEC (1981), Securities Act Release No. 33-6349 (28.9.1981)
[84] SEC (1989), Securities Act Release No. 33-6835 (18.5.1989)
[85]SEC(2003a):Summary by the Division of Corporation Finance of Significant Issues Addressed in the Review of the Periodic Reports of the Fortune 500 Companies,http://www.sec.gov/divisions/corpfin/fortuneSOOrep.htm(1.12.2005)
[86]SEC(2003b),Securities Act Release No.33-8350(29.12.2003)
[87]Simon S.M.Ho.and Kar Shun Wong,2001,A Study of the Relationship between Corporate Governance Structure and the Extent of Voluntary Disclosure,Journal of International Accounting,Auditing and Taxation 2001(10):139-156.
[88]Skinner D.,Why Firms Voluntarily Disclose Bad News,Journal of Accounting Research,1994,1:38-60
[89]Skinner,D.,Do the SEC's Safe Harbor Provisions Encourage Forward-Looking Disclosures?.Financial Analysts Journal,1995,51(4):38-44
[90]Smith M.and Taffler R.,The Chairman's Statement-A Content Analysis of Discretionary Narrative Disclosures,Accounting,Auditing and Accountability Journal,2000,13(5):624-646
[91]Subramnaian R.,Insley R.G.and Blackwell R.D.,Performance and Readability:A Comparison of Annual Reports of Profitable and Unprofitable Corporations,The Journal of Business Communication,1993:49-61
[92]Tennyson B.M.,Ingram R.W.,and Dugan M.T.,Assessing the Information Content of Narrative Disclosures in Explaining Bankruptcy,Journal of Business Finance and Accounting,Autumn 1990,17(52):295-308
[93]The Canadian Institute of Chartered Accountants,20 Questions Directors Should Ask About Management's Discussion And Analysis,2003,downloaded from http://www.cica.ca/index.cfm/ci_id/35205/la_id/1.htm
[94]Trueman B.,Why do Managers Voluntarily Release Earnings Forecasts? Journal of Accounting and Economics,1986,8:53-72
[95]Verrecchia R.E.,Essays on disclosure,Journal of Accounting and Economics,2001,84:97-180
[96]Verrecchia R.E.,Information Quality and Discretionary Disclosure,Journal of Accounting and Economics,1990,12:365-380
[97]Wagenhofer A.,Voluntary Disclosure with a Strategic Opponent,Journal of Accounting and Ecnomics,1990,12:341-364
[98]Welker M.,Disclosure Policy,Information Asymmetry,and Liquidity in Equity Markets,Contemporary Accounting Research,1995,11(2):801-827
[99]Yhim H-P.,Karim K.E.,Rutledge R.W.,The Association between Disclosure Level and Information Quality:Voluntary Management Earnings Forecasts,Applied Financial Economics,2003,13:677-692