【摘要】 文本信息的惯性披露行为，不仅会加剧企业信息不对称程度，更是导致资本市场低效运行的重要诱因。本文以2009～2020年沪深A股上市公司为样本，从社会网络理论出发，以程度中心度和网络结构洞为切入点，考察了独立董事对MD&A文本信息惯性披露行为的影响效应及内在作用机理。研究结论表明：占据重要关系网络位置的独立董事，能够有效抑制上市公司MD&A文本信息惯性披露行为，该结论在经过一系列稳健性检验，并考虑内生性后依然成立。影响机理检验结果表明，在关系网络视角下，监督与咨询是独立董事抑制MD&A文本信息惯性披露行为的主要作用机制。进一步研究发现，独立董事关系网络位置对MD&A文本信息惯性披露行为的影响，在非国有企业、行业竞争激烈以及管理者能力较低的样本中更为显著。本文的研究结论，不仅丰富了企业信息披露影响因素方面研究成果，且对于在不同约束条件下深入认识独立董事网络作用具有启发意义。更多还原

【Abstract】 Inertial disclosure behaviour of textual information not only exacerbates the degree of corporate information asymmetry, but is also an important factor contributing to the inefficient operation of the capital market.This paper examines the impact of independent directors on the inertial disclosure behaviour of MD&A text information through the lens of relationship networks, using a sample of A-share listed companies in Shanghai and Shenzhen from 2009 to 2020.It is found that independent directors who occupy important relationship network positions can effectively inhibit MD&A text information inertia disclosure behaviour of listed companies.And the finding still holds after a series of robustness tests.The results of the mechanism of influence test indicate that supervision and consultation are the main mechanisms through which independent directors who occupy important relationship network positions can inhibit MD&A textual information disclosure inertia.Further research finds that the effect of independent directors’ relationship network location on MD&A text similarity is more significant in the sample of non-state owned enterprises, highly competitive industries and low managerial competence.The findings of this paper not only enrich the research findings on the factors influencing corporate disclosure, but also provide insights into the role of independent directors’ networks under different constraints.更多还原