The CnOpenData A-share Listed Companies Management Discussion and Analysis (MD&A) Database systematically compiles public information from the "Management Discussion and Analysis" section of annual reports since 2001. This section represents management’s concentrated elaboration on operational conditions, risk factors, and future prospects, widely regarded as the most forward-looking and explanatory disclosure content. The database comprises two tables covering stock codes, year, operation analysis time, counts of positive/negative sentiment words, sentence and text lengths, as well as complete analysis content. It integrates structured metrics with original texts, providing robust support for researching corporate strategic intentions, market signals, and investor interpretation mechanisms.
Data Features
- Long-term Coverage: Comprehensively tracks the evolution of management discourse across all A-share companies since 2001.
- Dual Presentation of Structured and Textual Data: Provides structured metrics (word count, sentence count, vocabulary volume, sentiment polarity) while preserving original texts.
- Strong Forward-looking Nature: Unlike the backward-looking nature of financial statements, it encompasses forward-looking information such as strategic plans, risk alerts, and industry judgments.
Potential Application Value
- Academic Research: Analyze the relationship between management tone and corporate performance; explore changes in disclosure styles and risk expressions under policy shocks or economic cycles; investigate capital market reactions to management language.
- Industry Practice: Investment institutions capture management confidence and potential risk signals through sentiment words and disclosure patterns to aid investment decisions; companies can compare disclosure priorities within the same industry; policy and consulting institutions can utilize long-term data to assess disclosure transparency and regulatory effectiveness.
By virtue of its long-term coverage, integration of textual and structured data, and strong forward-looking nature, the CnOpenData A-share MD&A Database provides valuable resources for academic research on corporate communication and market behavior, while also offering quantifiable "management voice" for investment and policy practices.
Time Period
2001-2024
Field Display
Sample Data
Basic Information Table of Management Discussion and Analysis
Operation Discussion and Analysis Content Table
Relevant Literature
- Meng Qingbin, Yang Junhua, Lu Bing, 2017: Information Content of MD&A Disclosure and Stock Price Crash Risk—Research Based on Text Vectorization Methods, China Industrial Economics, No. 12.
- Lin Wanfa, Zhao Zhongkuang, Song Min, 2022: Tone Manipulation in Management Discussion and Analysis and Its Bond Market Reaction, Management World, No. 1.
Data Update Frequency
Annual Update