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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 3 期

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MD&A蒺s Textual Sincerity and Improvement of Capital Market Efficiency:
An Analysis of Stock Price Synchronicity Perspective

1,2 3 4
WANG Yunchen , HE Kang & WAN Limei
(1. Postdoctoral Mobile Station of Business Administration, Fudan University, Shanghai 200433, China;
2. School of Management, Sichuan Agricultural University, Chengdu, Sichuan 611130, China;
3. School of Accounting, Southwestern University of Finance and Economics, Chengdu, Sichuan 611130, China;
4. China Institute of Finance and Capital Markets, Beijing 100032, China)

Abstract: Sincerity is the soul of language communication. as the most important text carrier for listed companies to commu鄄
nicate with market investors about the company蒺s operation and management, the sincerity of MD&A will have an important influ鄄
ence on the performance of enterprise capital market. Taking the annual reports of listed companies in Shanghai Stock Exchange
and Shenzhen Stock Exchange during the years from 2007 to 2017 as samples, this paper empirically tests the influence of the
sincerity of MD&A on the stock price synchronization in the annual reports. The research finds that: (1) The more sincere the
MD&A is, the lower the synchronicity of the stock price is, indicating that the sincerity performance of MD&A can integrate more
corporate characteristic information into the stock price and improve the pricing efficiency of the capital market. (2) Further
combining with the external information environment of the company, it is found that in the environment with a low level of social
trust in the region and a low level of competition in the product market, the sincerity of MD&A plays a stronger role in improving
the pricing efficiency of the capital market. (3) Considering that the effective transmission of capital market information depends
on information intermediaries, based on the model of mediation effect, it is found that the improvement of the sincerity of MD&A
attracts more analysts to follow, thus reducing the synchronization of stock prices and improving the pricing efficiency of capital
market. Based on the above conclusions, the supervisor should actively promote the establishment of the text information disclo鄄
sure evaluation system, and urge the company to continuously improve information disclosure quality, so as to ensure the accuracy
of information communication and improve the efficiency of the capital market. At the same time, it is necessary to further guide
and strengthen the high鄄quality development of securities analysts and other credit intermediary platforms to promote the healthy
and stable development of the capital market.
Key Words: MD&A textual feature; synchronicity of share price; analyst following; the efficiency of information; mediating
effects; captial market

(本文责编摇 王沈南)

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