关键词: 管理层讨论与分析,银行贷款,文本向量化,信息含量

Abstract: Management discussion and analysis information is an important part in the annual report of listed companies, which is like a pair of“wisdom eyes”lent to investors. The research on management discussion and analysis information has not yet extended to its usefulness in bank loan decisions. Taking the data of listed companies on the GEM of the Shenzhen Stock Exchange from 2009 to 2016 as research samples, this paper conducts such a study. The results show that if banks pay close attention to management discussion and analysis information transmitted by enterprises when making credit decisions, the overall information content and the classified information content of the management discussion and analysis can both affect bank loans, and the prospective information and the risk information concerning the business future development can exert more significant impact on bank loans. These results of this study can improve the theories for the management discussion and analysis information researches, especially offer an important supplement to the non-financial information researches in the context of the market environment of emerging developing countries, and promote the release of more useful management discussion and analysis information from the listed companies continuously and effectively in practice.

Key words: management discussion and analysis; bank loan; text quantification; information content