A Research On The Differences Of MD&A Disclosure In Dual Listed Companies

With the accelerating integration process of the global financial markets,more and more companies become dually-listed,for example,in America,lots of non American native companies list with the American depository receipt;In China,some companies issue both A-share and H-share or both A-share and B-share.These dual listed companies disclose information in two different legal regions.This dissertation is a research on the disclosure diversity of management discussion and analysis(MD＆A) in A share market and H share market of A-H dual listed companies.It is a new perspective to have a research on the MD＆A disclosure diversity of dual listed companies in two different legal regions.Will these dual listed companies disclose MD＆A information according to different legal demand or just disclose objectively based on the same activities? Will their MD＆A information disclosure in the two markets are totally different or the same?There are five chapters in all.First,it is the preface of the dissertation.Section 1 is the selection background.To forward the meaning of the research by a literature review is the content of section 2.Section 3 is the angle and framework of the research.Second, Chapter 2 makes a comparison of MD＆A regulation between A share market and H share market from regulation background and the MD＆A laws.Chapter 3 is the analysis of the selection sample,which is the MD＆A of dual listed companies in 2005,2006 and 2007,then make a descriptive statistics comparison from the whole visual effect,the textual length,the number of charts and the content.Chapter 4 is a case study of Datang International Power Generation Company and China Life Insurance Company.The last chapter is the summary and advice.At last,the research finds whether they choose the same disclosure,the similar disclosure or the different disclosure is relevant to the regulation and the consciousness of dual listed companies.The research also finds that the MD＆A information disclosure of dual listed companies is out of rules;The next year MD＆A information disclosure are mostly the same to the last year's;The compulsory MD＆A information disclosure of dual listed companies is insufficient and the voluntary MD&A information disclosure is little.Sometimes the MD＆A information in different disclosure companies is greatly different.The dissertation is intended to forward that it is important to strengthen supervision to improve the quality of MD＆A information disclosure of dual listed companies.And it is also important that the dual listed companies improve the consciousness of MD＆A information disclosure.