IASB新提议的金融负债公允价值变动损益列报形式能够消除反直觉效应及投资判断偏误吗?——基于个体投资者的实验证据  

Can New Presentation Format Proposed by IASB Eliminate the Counter- intuition Effect and Investment Judgment Biases? ——An Experimental Evidence Based on Individual Investors

作　　者：张丽霞[1] 张继勋[2] 

机构地区：[1]河南财经政法大学会计学院,450002 [2]南开大学商学院,300071

出　　处：《会计研究》2013年第12期3-10,96,共8页Accounting Research

基　　金：国家自然科学基金项目(71372097);天津市哲学社会科学研究规划资助项目(TJGL12-012)的资助

摘　　要：在IASB现行关于金融负债的准则下,由公司信用风险变动引起的金融负债公允价值变动损益列报形式会产生反直觉效应,并容易使投资者出现投资判断偏误。为了改变这一状况,IASB在其发布的征求意见稿中提出了新的列报形式。本文基于心理和行为的视角,采用实验研究方法,分析和检验了IASB新提议列报形式的有效性。研究发现,IASB新提议的列报形式,消除了原列报形式给个体投资者造成的反直觉效应及其引起的投资判断偏误。研究还发现,个体投资者对公司管理层胜任能力的评价,完全中介了金融负债公允价值变动损益列报形式和信用风险变动对个体投资者的市盈率评价的影响;个体投资者的市盈率评价又部分中介了个体投资者的管理层胜任能力评价与个体投资者的投资吸引力评价之间的关系。The fair value change attributable to changes in entities' credit risk has the counter- intuitive income statement effect when liabilities are measured at fair value. The financial information users are apt to be misled by this counter- intuitive effect. To change this situation,IASB proposed new presentation format in its exposure draft. This paper analyses and investigates the efficacy of the new format by employing experimental method. The research results show that the new format can eliminate individual investors' judgment biases and the counter- intuition effect on them. The further research indicates the individual investors' investment judgment process,with investors' composite appraisement for the entities' managements and P / E judgment acting as mediating variables.

关 键 词：信用风险 金融负债公允价值变动损益 反直觉效应 个体投资者 投资判断偏误 

分 类 号：F233[经济管理—会计学]