投资者情绪与上市公司自愿性信息披露迎合策略——基于业绩快报行为的实证检验

发布时间：2018-01-01 01:25

本文关键词：投资者情绪与上市公司自愿性信息披露迎合策略——基于业绩快报行为的实证检验　出处：《中南财经政法大学学报》2017年05期 　论文类型：期刊论文

【摘要】：以我国A股主板上市公司业绩快报行为作为分析对象,对投资者情绪是否以及如何影响公司自愿性信息披露决策进行了实证检验。检验结果表明:(1)当公司盈利时,随着投资者情绪的高涨,上市公司披露业绩快报的概率增加,而当公司亏损时,投资者情绪水平越高,公司披露业绩快报的概率则越低;(2)在公司披露业绩快报的前提下,投资者情绪越高涨,业绩快报中的盈利数据越被高估。上述结果意味着上市公司可能策略性地利用业绩快报行为来应对投资者情绪的波动,并从经验事实上支持了行为金融学的迎合理论。在当前A股市场整体信息披露质量欠佳的前提下,该研究结论有助于完善证券市场相关规制、对市场进行有效的引导或监管,为深化市场改革提供新思路。
[Abstract]:Based on our A A-share listed company performance express behavior as the analysis object, the investor sentiment whether and how to affect the company's voluntary disclosure decision to conduct the empirical test. The test results show that: (1) when profits, with the rising of investor sentiment, increase the probability of listed companies to disclose the results of letters, and when a company loses money the higher the level of investor sentiment, the company disclosed the results of letters, the probability is lower; (2) the disclosure of the results of letters in the company under the premise, the higher the investor sentiment, earnings data in the performance express is overrated. The above results suggest that the listed company may strategically use performance express behavior to deal with the volatility of investor sentiment, and support to the behavioral finance theory from experience. In fact in the current A-share market as A whole information disclosure under the premise of poor quality, the conclusions will help improve The relevant regulations of the securities market can guide or supervise the market effectively, and provide new ideas for deepening the market reform.

【作者单位】：湖南大学工商管理学院;湖南商学院会计学院;
【基金】：湖南省教育厅科学研究项目“投资者情绪与上市公司信息披露迎合策略研究”(14C0634)
【分类号】：F832.51
【正文快照】： 一、引言投资者情绪问题一直是行为金融研究的热点。国外一系列研究成果表明,投资者情绪会对上市公司的投资、公司更名、股票分拆以及信息披露等行为决策产生显著影响(Stein,1996;Baker等,2003;Cooper等,2001/2005;Bergman和Roychowdhury,2008;Baker等,2009;Polk和Sapienza,20

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