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论文编号：	16076
作者编号：	2120243813
上传时间：	2026/6/5 13:28:35
中文题目：	同行技术压力对企业MD&A披露策略的影响研究
英文题目：	Research on the Impact of Technological Peer Pressure on Corporate MD&A Disclosure Strategy
指导老师：	李姝
中文关键字：	同行技术压力；MD&A披露；相似度；可读性
英文关键字：	Technological Peer Pressure; MD&A Disclosure; Similarity; Readability
中文摘要：	在技术迭代速度加快和竞争压力加剧的背景下，企业MD&A披露不仅是信息传递的重要窗口，也是战略表达的重要载体。MD&A信息作为年报中核心陈述部分，其披露内容、语言结构和复杂度等因素对投资者理解企业经营状况和未来发展具有重要影响。企业一方面需要向资本市场传递积极信号，以获取融资支持与估值溢价；另一方面，又需要避免核心技术信息泄露，导致竞争对手搭便车。因此，在技术压力环境下，如何在披露收益与专有成本之间进行策略性权衡，成为企业面临的重要现实问题。 本文以2012-2024年A股上市企业为研究样本，从信息含量和信息质量两个维度，系统考察了同行技术压力对企业MD&A披露策略的影响效应、作用机制、边界条件以及经济后果，主要结论如下：（1）同行技术压力显著降低了企业MD&A文本相似度并提高了可读性，即面临同行技术威胁时，企业选择了“低相似度-高可读性”的MD&A披露策略。在缓解内生性问题和进行一系列稳健性检验后，结论依然稳健。（2）机制检验表明同行技术压力增大了融资约束程度、加剧了信息不对称并提高了业务差异化水平，企业出于缓解融资约束、改善信息环境和强化业务差异化目的，策略性地降低了MD&A相似度、提高了可读性。（3）异质性检验表明在高科技企业、企业生命周期早期（成长期和成熟期）、研发补助低的企业、创新突破水平低的企业和知识产权保护水平高的地区，同行技术压力促使企业选择“低相似度-高可读性”的MD&A披露现象更加明显。此外，行业中头部企业主要通过降低MD&A相似度进行“差异化披露”，以强化市场认知，尾部企业则更多通过提高MD&A可读性进行“改进型披露”，以改善信息环境。（4）经济后果检验表明企业MD&A策略性披露能够缓解经营路径不确定和创新失败风险上升导致的股价崩盘风险。本文为深刻理解企业信息披露行为提供了新的见解，并拓展了信息披露的技术竞争解释框架。
英文摘要：	Against the backdrop of accelerating technological iteration and intensifying competitive pressure, corporate MD&A disclosure serves not only as an important channel for information transmission but also as a critical carrier of strategic expression. As the core narrative section of annual reports, MD&A information—including its content, linguistic structure, and complexity—exerts a substantial impact on investors’ understanding of a firm’s operational performance and future prospects. On the one hand, enterprises need to convey positive signals to the capital market to obtain financing support and valuation premiums. On the other hand, they must avoid leaking core technical information that would allow competitors to free-ride. Therefore, under technological pressure, how to make a strategic trade-off between disclosure benefits and proprietary costs has become an important practical issue facing firms. Using a sample of Chinese A-share listed companies from 2012 to 2024, this study systematically examines the influence of technological peer pressure on corporate MD&A disclosure strategies, along with the underlying mechanisms, boundary conditions, and economic consequences from the two dimensions of information content and information quality. The main conclusions are as follows: (1) Technological peer pressure significantly reduces MD&A text similarity and improves readability, indicating that firms adopt a “low similarity–high readability” combined MD&A disclosure strategy when facing peer technological threats. The conclusion remains robust after addressing endogeneity concerns and conducting a series of robustness tests. (2) Mechanism tests show that technological peer pressure increases financing constraints, exacerbates information asymmetry, and raises the level of business differentiation. Firms strategically reduce MD&A similarity and enhance readability to alleviate financing constraints, improve the information environment, and strengthen business differentiation. (3) Heterogeneity tests indicate that the effect of technological peer pressure in promoting the “low similarity–high readability” MD&A disclosure pattern is more pronounced in high-tech firms, firms in the early stages of the corporate life cycle (growth and maturity stages), firms with low R&D subsidies, firms with low innovation breakthrough levels, and regions with strong intellectual property protection. In addition, industry-leading firms mainly implement “differentiated disclosure” by reducing MD&A similarity to strengthen market recognition, while lagging firms mostly adopt “improved disclosure” by enhancing MD&A readability to improve the information environment. (4) Economic consequence tests show that the strategic disclosure of MD&A can mitigate stock price crash risk arising from increased uncertainty in business operation paths and rising innovation failure risk. This paper provides new insights into understanding corporate information disclosure behavior and expands the technological competition interpretation framework of information disclosure.
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