关键词: MD&A披露语调, 股权激励, 投资者情绪

Abstract: Taking China's A-share listed companies from 2007 to 2019 as samples, this paper adopts the design of DID to study the management behavior of MD&A information disclosure before the announcement of the management equity incentive. It is found that in order to maximize their equity-based incentive compensation before the equity-based incentive announcement, the management tend to conduct the market value management by reducing the optimism of the MD&A information disclosure tone. Further research finds that this behavior is more significant when the investor sentiment is low, indicating that the management may take the advantage of the investor sentiment to seek the maximum effect on information disclosure results. This paper complements the research on the motivation of the MD&A information disclosure intonation management and suggests investors carefully examine the quality of the information disclosure and the market value management motivation of the management.

Key words: MD&A Disclosure Tone, Equity Incentive, Investor Sentiment