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

摘要： 本文以2007—2019年间我国A股上市公司为样本,采用PSM-DID的设计研究管理层股权激励授予前的MD&A信息披露语调管理行为。结果发现,在股权激励授予前,管理层为了最大化他们的股权激励薪酬会降低MD&A信息披露语调的积极性。进一步研究发现,在投资者情绪较低时这种行为更加显著,这表明管理层在语调管理时会利用投资者的情绪。本文补充了有关MD&A信息披露语调管理的动机研究,同时提醒投资者要仔细辨别文本信息披露质量和管理层的市值管理动机。

关键词: MD&A披露语调, 股权激励, 投资者情绪