1704 
2994信息处理成本直接影响投资者的信息选择与投资结果，信息的有效获取和处理是资本市场发挥功能的重要基础。文章聚焦于管理层讨论与分析（MD&A）的信息披露方式，提出将现有的MD&A披露方式（传统披露）转变为整合披露（Integrated Disclosure）。在这种新的披露模式下，公司将与其核心业务相关的同类、同质信息进行逻辑性分类、阐述与呈现。实验结果显示，信息的整合披露不仅增进了投资者对信息的理解，还增强了他们的投资意愿。特别是对于当期业绩表现不佳的公司，整合信息披露的积极影响尤为显著。中介效应分析表明，整合信息披露激发了投资者的情景思维（Scenario Thinking），帮助他们更深入地理解公司产品业务创造价值和获取现金流的逻辑，从而增强了投资者对MD&A内容的信任和投资意愿。文章研究表明，即使不增加信息披露的数量，优化信息的呈现方式也能大幅减少投资者的信息处理成本，从而增强他们对资本市场的信心和投资意愿。文章研究结论对监管机构、上市公司以及投资者都具有重要的参考价值。
整合信息披露、信息处理成本与投资意愿——基于个体投资者判断的实验研究
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周波, 李洁柔, 王少飞. 整合信息披露、信息处理成本与投资意愿——基于个体投资者判断的实验研究[J]. 财经研究, 2025, 51(4): 139-154.
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