管理层讨论与分析积极语调对企业研发投入的影响:基于分析师预测准确度的中介效应分析  

Impact of positive tone of MD&A on firm's R&D investment:analysis based on the mediating effect of analysts'forecasting accuracy

作　　者：任海芝[1] 陈鹤雨 REN Haizhi;CHEN Heyu(School of Business Administration,Liaoning Technical University,Huludao 125105,China)

机构地区：[1]辽宁工程技术大学工商管理学院,辽宁葫芦岛125105

出　　处：《辽宁工程技术大学学报(社会科学版)》2025年第2期86-92,110,共8页Journal of Liaoning Technical University(Social Science Edition)

基　　金：教育部人文社科规划基金项目(21YJAZH012)。

摘　　要：针对管理层讨论与分析(MD&A)积极语调对研发投入的影响问题,以2011—2021年A股上市公司为研究样本,采用实证研究的方法,分析MD&A积极语调、分析师预测准确度与研发投入之间的关系。研究表明:MD&A积极语调与研发投入显著正相关;分析师预测准确度与研发投入显著正相关;分析师预测准确度在MD&A积极语调与研发投入之间发挥部分中介作用。研究结论为提高分析师预测准确度,加大研发投入力度提供参考。In view of the impact of positive tone of MD&A on firm's R&D investment,A-share listed companies from 2011 to 2021 are taken as the research samples,and empirical research methods are used to analyze the relationship between positive tone of MD&A and analysts'forecasting accuracy and R&D investment.Research shows that the positive tone of MD&A is significantly positively correlated with R&D investment;analysts'forecasting accuracy is significantly positively correlated with R&D investment;analysts'forecasting accuracy plays a partial mediating role between positive tone of MD&A and R&D investment.The research conclusion provides reference for improving analysts'forecasting accuracy and optimizing R&D investment.

关 键 词：MD&A积极语调 研发投入 分析师预测准确度 信号传递理论 盈余预测 

分 类 号：F230[经济管理—会计学]