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

了解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，上市公司提供与策略相关的评论传统上是自愿的。其结果是，披露的内容参差不齐，范围有限，管理层经常以专有成本为由缺乏细节。然而，由于缺乏评价结果的背景，这些信息的缺失3会限制会计数据的有用性。作为回应，专业机构和政策制定者已经开始推动对战略相关披露的非约束性指导（CFA协会2006年，国际会计准则委员会2010年）。2009年，英国下议院财政委员会（House of Commons Treasury Committee）对英国公司治理和高管薪酬做法进行了审查，突显出人们对高级管理层缺乏清晰战略叙述的担忧。为此，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，作为其年度股东披露的一部分（从2013年9月30日或之后开始的财政年度生效）。这一要求扩展了2010年伦敦证券交易所主要市场公司在其年度报告中纳入战略目标和商业模式信息的开创性义务（财务报告委员会2010年，第C.1.2段）。英国目前是全球公认的唯一一个要求上市公司披露战略信息的金融市场，因此它提供了一个独特的环境，可以研究以战略为重点的叙事披露的性质、驱动因素和后果。

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.