The Analysis Of Strategic Commentary: Cross-Sectional And Longitudinal Large-Scale Narrative Analaysis

战略评论分析：横断面和纵向的大尺度叙事分析

• 批准号: 2035911
• 金额: --
• 依托单位: Lancaster University
• 依托单位国家: 英国
• 项目类别: Studentship
• 财政年份: 2018
• 资助国家: 英国
• 起止时间: 2018 至 无数据
• 项目状态: 已结题
• 来源: https://gtr.ukri.org/projects?ref=studentship-2035911
• 关键词: Analysis; Strategic; Commentary; Cross; Sectional

Understanding an entity's competitive environment and its strategy for operating successfully in that environment lies at the heart of financial analysis, investment decision-making and management control (Palepu et al. 2010, Simons 2010). However, provision of strategy-related commentary by stock exchange-listed firms has traditionally been voluntary. As a result, disclosure has been patchy and limited in scope, with management often citing proprietary costs for the lack of detail. The absence of such information, however, 3 can restrict the usefulness of accounting data due to a lack of context in which to evaluate results. In response, professional bodies and policymakers have started to promote non-binding guidance on strategy-related disclosures (CFA Institute 2006, International Accounting Standards Board 2010). A House of Commons Treasury Committee review of UK governance and executive pay practices in 2009 highlighted concern over the lack of clear strategic narrative provided by senior management. In response, UK Company Law was amended to require companies with a premium listing on the London Stock Exchange (LSE) to publish a strategic report as part of their annual disclosure to shareholders (effective for fiscal years beginning on or after 30 September 2013). This requirement extends the ground-breaking obligation introduced in 2010 for LSE Main Market firms to incorporate in their annual report information on strategic objectives and business model (Financial Reporting Council 2010, para C.1.2). The UK is currently the only globally recognised financial market that requires listed companies to disclose information on strategy and as such it provides a unique setting in which to study the nature, drivers and consequences of strategy-focused narrative disclosures.

了解一个实体的竞争环境及其在该环境中成功运营的战略是财务分析、投资决策和管理控制的核心（Palepu et al. 2010，Simons 2010）。然而，证券交易所上市公司提供与战略有关的评论历来是自愿的。因此，信息披露一直是不完整的，范围有限，管理层经常以缺乏细节为由引用专有成本。然而，缺乏这类信息3会限制会计数据的有用性，因为缺乏评价结果的背景。作为回应，专业机构和决策者已开始推广关于战略相关披露的非约束性指南（CFA Institute 2006，International Accounting Standards Board 2010）。下议院财政委员会2009年对英国治理和高管薪酬做法的审查突出了对高级管理层缺乏明确战略叙述的担忧。对此，英国《公司法》进行了修订，要求在伦敦证券交易所（LSE）溢价上市的公司发布战略报告，作为其向股东进行年度披露的一部分（于2013年9月30日或之后开始的财政年度生效）。这一要求扩大了2010年为伦敦证交所主要市场公司引入的开创性义务，即在其年度报告中纳入有关战略目标和商业模式的信息（财务报告理事会，2010年，第C.1.2段）。英国是目前唯一一个要求上市公司披露战略信息的全球公认的金融市场，因此，它提供了一个独特的环境来研究以战略为重点的叙述性披露的性质、驱动因素和后果。