Research on MD & A disclosure quality of Chinese military listed companies

61 A-share military listed companies are taken as example, and their MD & A informations disclosed in 2010, 2011 and 2012 annual reports are studied. The MD & A information quality of Chinese military listed companies is analyzed by establishing an evaluation index system of MD & A information quality. The research results show that MD & A information disclosure quality of Chinese military listed companies is not high, however, the MD & A disclosure level of military listed companies increased year by year in 2020-2012. The quality of disclosed historical information is higher than that of disclosed forward-looking information, and the quality of disclosed mandatory information is better than that of voluntary information. There exists no significant difference between MD & A information disclosures of military and non-military listed companies.