股市传闻、会计信息透明度与散户认知负向偏差——一项实验研究
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财经研究 2014 年 第 40 卷第 05 期, 页码：31 - 41
摘要
参考文献
摘要
散户是我国资本市场重要的参与者和组成部分,他们对股市传闻的认知规律会对资本市场效率产生重要影响。文章基于负向偏差效应视角,运用实验方法探讨了散户对股市传闻的认知规律。结果表明,散户对股市传闻的认知存在负向偏差效应,而且这种效应随传闻传播渠道权威性的增强和公司会计信息透明度的提升而减弱;此外,会计信息透明度提升还有助于抑制传闻传播。文章为理解散户对传闻的认知规律,以及揭示会计信息透明度提升有助于降低噪音对资本市场效率的影响提供了重要证据。
[1]杜兴强,周泽将.政治联系方式与民营上市公司信息透明度——基于深交所信息披露考评的经验证据[J].中南财经政法大学学报,2010,(1):126-131.
[2]葛家澍,陈少华.改进企业财务报告问题研究[M].北京:中国财政经济出版社,2002.
[3]胡奕明,唐松莲.审计、信息透明度与银行贷款利率[J].审计研究,2007,(6):74-84.
[4]王爱国,杨明增.审计判断信心研究:一项实验的证据[J].会计研究,2009,(9):81-87.
[5]赵静梅,何欣,吴风云.中国股市谣言研究:传谣、辟谣及其对股价的冲击[J].管理世界,2010,(11):38-51.
[6]Alloport G W,Postman L J.The psychology of rumor[M].New York:Herry Holt,1947.
[7]Ashton R H,Kramer S S.Students as surrogates in behavioral accounting research:Some evidence[J].Journal of Accounting Research,1980,18(1):1-15.
[8]Barber B,Odean T,Zhu N.Do retail trades move markets?[J].Review of Financial Studies,2009,22(1):151-186.
[9]Barber B,Odean T.Boys will be boys:Gender,overconfidence,and common stock investment[J].Quarterly Journal of Economics,2001,116(1):261-292.
[10]Bhojraj S,Libby R.Capital market pressure,disclosure frequency-induced earnings/cash flow conflict,and managerial myopia[J].The Accounting Review,2005,80(1):1-20.
[11]Brown K C,Harlow W V,Tinic S M.Risk aversion,uncertain information,and market efficiency[J].Journal of Financial Economics,1988,22(2):355-385.
[12]Cianci A M,Falsetta D.Impact of investors’status on their evaluation of positive and negative,and past and future information[J].Accounting and Finance,2008,48(5):719-739.
[13]Elliott W B,Hodge F D,Kennedy J J,et al.Are MBA students a good proxy for nonprofessional investors?[J].The Accounting Review,2007,82(1):139-168.
[14]Frederickson J R,Miller J S.The effects of pro forma earnings disclosures on analysts’and nonprofessional investors’equity valuation judgments[J].The Accounting Review,2004,79(3):667-686.
[15]Healy P M,Palepu K G.Information asymmetry,corporate disclosure,and the capital markets:A review of the empirical disclosure literature[J].Journal of Accounting and Economics,2001,31(1-3):405
[16]Hirshleifer D,Lim S S,Teoh S H.Driven to distraction:Extraneous events and underreaction to earnings news[J].Journal of Finance,2009,64(5):2289-2325.
[17]Hirst D E,Koonce L,Simko P J.Investor reactions to financial analysts’research reports[J].Journal of Accounting Research,1995,33(2):335-351.
[18]Hodge F,Kennedy J J,Maines L A.Does search-facilitating technology improve the transparency of financial reporting?[J].The Accounting Review,2004,79(3):687-703.
[19]Kahneman D.Attention and effort[M].NJ:Prentice-Hall,1973.
[20]Lavie N.Perceptual load as necessary condition for selective attention[J].Journal of Experimental Psychology,1995,21(3):451-468.
[21]Lawrence A.Individual investors and financial disclosure[J].Journal of Financial and Economics,2013,56(1):130-147.
[22]Libby R,Bloomfield R,Nelson M W.Experimental research in financial accounting[J].Accounting Organizations and Society,2002,27(8):775-810.
①例如,2012年4月,《人民日报》盘点了近年来影响巨大的网络谣言,如“蛆橘事件”、“山西地震”、“军车进京”等,指出“网络谣言不仅败坏个人名誉,更损害国家形象,影响社会稳定,已成社会‘毒瘤’”。
①有研究表明,由于存在“学习效应”,随着投资经验的增加,投资者逐渐趋于理性,能够提高对信息的认知(Barton和Mercer,2005),进而提高自己的回报(Elliot等,2008)。因此,本文认为投资经验有限的投资者更能代表“散户”。
①Amir和Lev(1996)的研究表明,在不确定程度较高的会计信息环境中,投资者更倾向于运用非会计信息。
①为了保证研究结果的稳健性,本文同时采用Likert 7分量表分值和虚拟变量两种方式来衡量“传闻性质”和“会计信息透明度”。
①参见新华网:“中国资本市场最缺信用股民很无奈”,2013年8月23日。
[2]葛家澍,陈少华.改进企业财务报告问题研究[M].北京:中国财政经济出版社,2002.
[3]胡奕明,唐松莲.审计、信息透明度与银行贷款利率[J].审计研究,2007,(6):74-84.
[4]王爱国,杨明增.审计判断信心研究:一项实验的证据[J].会计研究,2009,(9):81-87.
[5]赵静梅,何欣,吴风云.中国股市谣言研究:传谣、辟谣及其对股价的冲击[J].管理世界,2010,(11):38-51.
[6]Alloport G W,Postman L J.The psychology of rumor[M].New York:Herry Holt,1947.
[7]Ashton R H,Kramer S S.Students as surrogates in behavioral accounting research:Some evidence[J].Journal of Accounting Research,1980,18(1):1-15.
[8]Barber B,Odean T,Zhu N.Do retail trades move markets?[J].Review of Financial Studies,2009,22(1):151-186.
[9]Barber B,Odean T.Boys will be boys:Gender,overconfidence,and common stock investment[J].Quarterly Journal of Economics,2001,116(1):261-292.
[10]Bhojraj S,Libby R.Capital market pressure,disclosure frequency-induced earnings/cash flow conflict,and managerial myopia[J].The Accounting Review,2005,80(1):1-20.
[11]Brown K C,Harlow W V,Tinic S M.Risk aversion,uncertain information,and market efficiency[J].Journal of Financial Economics,1988,22(2):355-385.
[12]Cianci A M,Falsetta D.Impact of investors’status on their evaluation of positive and negative,and past and future information[J].Accounting and Finance,2008,48(5):719-739.
[13]Elliott W B,Hodge F D,Kennedy J J,et al.Are MBA students a good proxy for nonprofessional investors?[J].The Accounting Review,2007,82(1):139-168.
[14]Frederickson J R,Miller J S.The effects of pro forma earnings disclosures on analysts’and nonprofessional investors’equity valuation judgments[J].The Accounting Review,2004,79(3):667-686.
[15]Healy P M,Palepu K G.Information asymmetry,corporate disclosure,and the capital markets:A review of the empirical disclosure literature[J].Journal of Accounting and Economics,2001,31(1-3):405
[16]Hirshleifer D,Lim S S,Teoh S H.Driven to distraction:Extraneous events and underreaction to earnings news[J].Journal of Finance,2009,64(5):2289-2325.
[17]Hirst D E,Koonce L,Simko P J.Investor reactions to financial analysts’research reports[J].Journal of Accounting Research,1995,33(2):335-351.
[18]Hodge F,Kennedy J J,Maines L A.Does search-facilitating technology improve the transparency of financial reporting?[J].The Accounting Review,2004,79(3):687-703.
[19]Kahneman D.Attention and effort[M].NJ:Prentice-Hall,1973.
[20]Lavie N.Perceptual load as necessary condition for selective attention[J].Journal of Experimental Psychology,1995,21(3):451-468.
[21]Lawrence A.Individual investors and financial disclosure[J].Journal of Financial and Economics,2013,56(1):130-147.
[22]Libby R,Bloomfield R,Nelson M W.Experimental research in financial accounting[J].Accounting Organizations and Society,2002,27(8):775-810.
①例如,2012年4月,《人民日报》盘点了近年来影响巨大的网络谣言,如“蛆橘事件”、“山西地震”、“军车进京”等,指出“网络谣言不仅败坏个人名誉,更损害国家形象,影响社会稳定,已成社会‘毒瘤’”。
①有研究表明,由于存在“学习效应”,随着投资经验的增加,投资者逐渐趋于理性,能够提高对信息的认知(Barton和Mercer,2005),进而提高自己的回报(Elliot等,2008)。因此,本文认为投资经验有限的投资者更能代表“散户”。
①Amir和Lev(1996)的研究表明,在不确定程度较高的会计信息环境中,投资者更倾向于运用非会计信息。
①为了保证研究结果的稳健性,本文同时采用Likert 7分量表分值和虚拟变量两种方式来衡量“传闻性质”和“会计信息透明度”。
①参见新华网:“中国资本市场最缺信用股民很无奈”,2013年8月23日。
引用本文
唐雪松, 林雁. 股市传闻、会计信息透明度与散户认知负向偏差——一项实验研究[J]. 财经研究, 2014, 40(5): 31–41.
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