Does the Tone of Management Discussion and Analysis Associate with Corporate Debt Expansion? Evidence from A-share Listed Companies

被引：0

作者：

Wu, Qingyuan ^{[1
]}

Zheng, Ke ^{[2
]}

Wang, Xue ^{[3
,4
]}

机构：

[1] Hanshan Normal Univ, Sch Econ & Management, Chaozhou, Peoples R China

[2] Hanshan Normal Univ, Chaozhou, Peoples R China

[3] Emory Univ, Dept Econ, Atlanta, GA 30322 USA

[4] Southwestern Univ Finance & Econ, Inst Chinese Financial Studies, Chengdu, Peoples R China

来源：

ANNALS OF ECONOMICS AND FINANCE | 2024年 / 25卷 / 02期

关键词：

MD&A tone; Corporate debt expansion; Text information; Earnings management; DISCLOSURE; COST;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Analyzing panel data from China's A-share non-financial firms, this study detects a robust correlation between the affirmative tone in annual MD&A sections and corporate debt growth from 2007 to 2021. The positive tone's influence on debt is both immediate and moderated by profitability, operational risk, and internal controls, without apparent collusion with earnings management. Firms with superior resources exhibit reduced reliance on MD&A tone for debt financing, yet those with moderate resources strategically employ it to augment their debt appeal, providing strategic debt financing insights.

引用

页码：705 / 739

页数：35

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