启发式认知下的会计信息价值相关性研究  

A Study of the Value Relevance of Accounting Reporting Based on Investors' Heuristic Cognition

作　　者：边泓[1] 周晓苏[2] 郑嵘[1] 

机构地区：[1]南开大学商学院 [2]南开大学商学院MPAcc中心

出　　处：《南开管理评论》2009年第2期107-114,共8页Nankai Business Review

基　　金：天津市社科规划项目(TJJL08-039);国家自然科学基金项目(70872053)资助

摘　　要：通过借鉴行为经济学对投资者启发式认知方式研究的发展,本文发现,目前的会计研究基本忽视了会计信息的价值相关性与投资者在短时间内的决策特征有着密切的联系,我国的一些研究成果认为上市公司的信息披露都存在"好消息早、坏消息晚"的现象,并且提出以报表发布时间的早晚来衡量及时性的观点。对此,本文结合我国特殊的制度背景,探讨了在新信息即将发布前的短时间窗口中市场反应的具体诱因,发现投资者的心态和认知过程对会计信息的价值相关性影响较大,而报表发布时间并不构成会计信息价值相关性的影响因素,我国当前制度仍存在着不利于投资者保护的潜在风险。With the development of research into investors＇ heuristic cognition in behavioral economics, we notice that the value relevance of accounting reporting is closely related to the characteristics of immediate investor decisions. However, this issue has been largely neglected in recent research. Some studies have found that listed companies prefer to announce good news early and bad news late, and argue that the timing of a report could be used to measure general timeliness. In regards to this standpoint, and based on the unique Chinese capital market institutional environment and the bounded rationality of investors, this paper investigates the inducement of market reaction and the way that investors use available information in their decision making shortly before the announcement of the new information. We contend that investor attitudes and their cognition processes have a significant effect on the value relevance of accounting reporting, and the announcement time of a report is unrelated to market reaction. The market reaction to the same accounting information announced earlier becomes an important reference for the investor, and the investor can not distinguish good quality information from bad information in the short time window. Therefore, if listed companies announce their accounting reports later when their achievement is bad, they may enhance their report to deceive investors （given the current institution environment and investors＇ bounded rationality）. Moreover, investors can not take precautions against this risk. In order to put an end to this potential risk, the administering authority must strengthen their control over false accounting information, and improve the current information publishing institutions of the Chinese capital market step by step.

关 键 词：启发式认知 市场反应 投资心态 价值 相关性 

分 类 号：F233[经济管理—会计学] F275[经济管理—国民经济] F224