非职业投资者利用综合收益信息的眼动研究  

An Eye Movement Study on the Using of Comprehensive Income Information by Nonprofessional Investors

作　　者：潘立新[1] 马兰[1] 

机构地区：[1]北京航空航天大学经济管理学院,北京100191

出　　处：《人类工效学》2016年第4期50-55,共6页Chinese Journal of Ergonomics

摘　　要：目的通过眼动研究深入考察非职业投资者利用综合收益信息的过程,以及列报方式对估值决策的影响。方法采用眼动技术追踪了综合收益列报的"一表法"和"两表法"下86名MBA学生信息获得、认知和利用的过程。结果 (1)非职业投资者按照呈报的顺序阅读财务报告,证实了"顺序搜寻"信息策略。(2)列报方式不影响信息的获得,但显著影响综合收益信息区域的注视点时长、注视点个数和观察时长。(3)"一表法"下非职业投资者能更好地识别综合收益增长与公司投资价值之间的关系。结论列报方式通过信息认知来影响信息利用,"一表法"有利于非职业投资者改善估值决策。This paper presents an eye movement experiment that examines effects of comprehensive income reporting format on nonprofessional investors＇judgments. A 2 （ reporting format ： one - statement format and two - statement format） ; 2 （comprehensive income growth rate：high and low）between- subject experiment enrolling 86 MBA students was conducted in the research. The result shows that subjects read financial report in the order it was presen- ted, which confirms that nonprofessional investors use sequential information search strategies when reading accounting information. It is also found that reporting format had no influence on information acquisition, but had significant influ- ences on eye movement parameters including fixation length, fixation count and observation length,which were related to the cognitive cost of comprehensive income information. Nonprofessional investors could rely more on comprehensive income information for decision making when it was presented in the statement of comprehensive income in one - statement format comparing to two - statement format. Based on these resuhs, advices on financial reporting standards are given in the end of this paper.

关 键 词：列报方式 非职业投资者 综合收益 眼动技术 风险管理 

分 类 号：F234[经济管理—会计学] B849[经济管理—国民经济]