There are few theoretical studies on Management Discussion and Analysis(MD&A) and in practice it is hard to be monitored, which causes that the disclosure of MD&A information is not standardized and affects the development of capital market.According to the analysis of 223 listed companies at Shanghai and Shenzhen,this paper finds that MD&A disclosure level is low in annual report.Although the competition of capital improves the information disclosure of MD&A of China,there are still restriction factors.China's company MD&A information disclosure is related to management level encouragement.