A Comparative Study On Information Disclosure About MD&A Of The Sino-US Listed Companies

Management's Discussion and Analysis(MD&A) is the product of change of stock market information disclosure system, it is the interpretation of text for the company's inherent business risks and uncertainties. MD&A gives the investors chance which can touch the essential company economic through the management' eyes, which to meet the investors higher requirements for the information of relevance and forward-looking . The information disclosure of MD&A that the traditional financial reports did not reveal sufficient information to the mass obtains an important place in the prospectus and periodic reports.Currently, the information disclosure on MD&A of our listed companies is poor and unbalanced and stereotyped in their periodic reports. This article makes a comparative study in the frame of legal system between US and China, and has the focus on two elements : "Mandatory disclosure of information" and "voluntary disclosure of information". We want to find the fundamental causes which influence the information disclosure. The study founds that we didn't have a unified system of laws and regulations to regulate the disclosure of MD&A, based on this, to face the actual situation of our listed companies' disclosure , we have an Empirical Analysis on the influential elements of voluntary disclosure of information. Using multiple regression analysis methods to study the 200 sampler manufacturing enterprises which are out of their trade and proportion in Shanghai, and considering the six factors : Listed company's board size , the number of the independent board , somebody who has two position, the size of the board of supervisors, audit committee and staff stability of the board. Our conclusion proves that the former three elements has absolute influence on the voluntary disclosure of MD&A. The study shows that the establishment of a system of independent directors can actively promote the voluntary disclosure action of listed companies. This also provides another basis for that the position of the chairman and general manager should be shared. Simultaneously, China should accelerate the building of the board of supervisors and national audit office's system as soon as possible. This will enhance the voluntary information disclosure of MD&A.The innovation of this paper is that different from the previous papers which analyze the disclosure status of information of MD&A in generally. With particular emphasis on the information analysis of voluntary disclosure of MD&A, the paper has two perspicacious indicators : voluntary and mandatory. The entire paper perfectly combined voluntary information disclosure with the corporate governancestructure in studying.