会计信息在投资决策中的锚定调整机制研究  

A Study of the Anchoring and Adjustment Effects of Accounting Information on Investment Decision-Making

作　　者：边泓[1] 周晓苏[1] 曲兴华[1] 

机构地区：[1]南开大学商学院,天津300071

出　　处：《当代财经》2010年第1期111-119,共9页Contemporary Finance and Economics

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

摘　　要：文章通过筛选市场中价格稳定成员的方式,对影响股价的非会计信息进行了有效控制,改进了计量观的实证方法。研究结果表明,在年度财务报告发布后的长时间窗中,历史性会计信息确定了各股票价格间的相对关系,并决定了这一期间的股价锚定初值。在2003年至2007年间,净资产及资产总值对股价具有稳定的影响力,且日趋增大,表明我国投资者的决策方式日趋稳健。从不同会计信息对股价影响力的变化,可以预见2006年新企业会计准则将对会计信息决策有用性的发展起到较强的推动作用。By selecting ＂price-stable＂ samples from the stock market, this paper effectively controls the effects of non-accounting information on the stock valuation, which improves the empirical methods of measurement perspective. The results indicate that in the long-time window after the release of annual financial reports the historic accounting information may determine the relativeness between the prices of each stock and decide the initial anchoring value during this period. During the period of 2003-2007, the net assets and the total value of assets had stable effects on the stock price, which has been continuously increasing, implying that investors of China tend to be more rational when making decisions. From the changing effects of different accounting information on the stock price, it can be predicted that the new Enterprise Accounting Standards 2006 will remarkably enhance the usefulness of accounting information decision.

关 键 词：定价决策 锚定调整效应 作用机制 决策有用性 稳定成员 

分 类 号：F234.4[经济管理—会计学]