According to the Administrative Measures for Information Disclosure of Listed Companies, listed companies as information disclosure obligors shall disclose legally required and voluntarily disclosed information to the market in a truthful, accurate, timely, and complete manner. Such publicly disclosed information includes but is not limited to: basic corporate information, key accounting data and financial indicators, shareholder equity structures, and executive compensation details. Information disclosure by listed companies serves as critical evidence for government regulation and investor decision-making, with effective administrative supervision and market oversight jointly forming a dual-track mechanism that promotes stable and orderly development of securities markets.

CnOpenData presents the A-share Listed Companies' Management Discussion and Analysis dataset, comprising two tables: Basic Information of Management Discussion and Analysis, and Operational Discussion and Analysis Content. This dataset covers stock codes(股票代码), reporting years(年份), operational analysis timelines(经营分析时间), positive/negative word counts(正/负面词汇数量), sentence quantities(句子数量), and analytical content(分析内容).

Time Coverage

2001-2023

Field Display

Sample Data

Basic Information of Management Discussion and Analysis

Operational Discussion and Analysis Content

Related Literature

• Meng Qingbin, Yang Junhua, Lu Bing, 2017: "Information Content of Management Discussion and Analysis Disclosure and Stock Price Crash Risk: A Text Vectorization Approach," China Industrial Economics, No. 12.
• Lin Wanfa, Zhao Zhongkuang, Song Min, 2022: "Tone Manipulation in Management Discussion and Analysis and Its Bond Market Reactions," Management World, No. 1.

Data Update Frequency

Annual updates