Research On MD&A Information Disclos Ure Of High-tech Enterprises

With the increasingly complex global economic situation,financial data of enterprises can no longer fully demonstrate their value,and investors need more non-financial information to make correct investment decisions."Management’s Discussion and Analysis(MD&A),which discloses non-financial information such as the core competitiveness and future outlook of enterprises from the perspective of management,can precisely meet the information needs of investors in a complex economic environment,and has attracted widespread attention from domestic and foreign regulators.".In May 2021,the International Accounting Standards Board(IASB)issued a Management Review Practice Announcement(Draft for Comments),which restates the information quality characteristics of MD&A.In June of the same year,China Securities Regulatory Commission updated the MD&A information disclosure standards in its annual report,adding core competitiveness,macro environment,and other content to improve the quality of MD&A information.At the same time,China is in a critical period of replacing traditional manual production with innovative technological production,and high-tech enterprises have become the main driving force for China’s development.The sustainable value of high-tech enterprises is more reflected in technological innovation,personnel allocation,business models,and other aspects,so the information of MD&A is also particularly important for high-tech enterprises.However,it is not uncommon for companies to disclose information in a timely and insufficient manner,or even falsify information.Investors are skeptical about the incremental nature of external information,especially MD&A information that lacks auditing.Based on this,high-tech companies have to attach importance to the methods and content of MD&A disclosure to improve the usefulness of information transmission.Therefore,in order to optimize the quality of MD&A disclosure by high-tech enterprises in China,this thesis takes high-tech enterprise DG Company as the research object,using content analysis and case study methods to analyze from both text and content features,in order to identify problems in the disclosure process and propose targeted optimization suggestions.Firstly,it elaborates the theory of MD&A,summarizes the research conclusions of MD&A at home and abroad,and provides theoretical support for later research;Secondly,it introduces the development process of DG Corporation,analyzes the motivation and main content of DG Corporation’s disclosure of MD&A;Then,it explores the textual characteristics of the disclosure of MD&A information of DG Company,such as the length and format of disclosure;Finally,combined with Analytic Hierarchy Process(AHP),the evaluation system of MD&A information content is constructed,and the content characteristics of MD&A information disclosure of DG companies are analyzed from both horizontal and vertical directions.The final study found that there are problems in the MD&A information disclosure of DG companies,such as a single form,a positive tone preference,a lack of forward-looking information,and a lack of discussion and analysis.Therefore,this article proposes optimization suggestions such as enriching the disclosure form,completing the disclosure content,and using key performance indicators.The thesis of the MD&A information of DG companies in this article can not only enrich the MD&A research methods,supplement the research content of information disclosure of high-tech enterprises,but also improve the readability,integrity,and effectiveness of the MD&A information of high-tech enterprises,and provide direction for China Securities Regulatory Commission to improve the MD&A disclosure standards.