系统管理学报2025，Vol.34Issue(3)：868-888,21.DOI:10.3969/j.issn2097-4558.2025.03.019
"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
Other People's Advice Is Helpful:Impact of Peers'MD&A Information on Corporate Investment Efficiency
摘要
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.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Key words
management discussion and analysis(MD&A)/vertical comparability/information content/peer firms/investment efficiency分类
管理科学引用本文复制引用
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):868-888,21.基金项目
教育部人文社会科学基金资助项目(20YJC790027) （20YJC790027）
国家自然科学基金资助项目(71772119) （71772119）
