投资者情绪对稳定性影响的实证研究

发布时间：2018-05-25 08:09

本文选题：投资者情绪 + 会计稳健性　；参考：《哈尔滨商业大学》2014年硕士论文

【摘要】：随着金融危机的愈演愈烈,市场“异象”不断浮现,传统经济学理论已不足以解释这些异象的发生。二十世纪后期,行为金融学产生。该理论将投资者定义为是非理性的,并认为投资者在投资决策中受到情感、认知、态度等心理因素的影响进而会产生市场效应。投资者情绪作为行为金融学中重要的组成部分,其变化会影响着投资者的行为和管理者对会计政策的选择。会计稳健性原则一直是会计信息评价中重要的标准之一。目前,市场上信息不对称程度愈加明显,稳健性由于具有约束管理者的机会主义行为的作用,国内外学者对它的研究已逐渐加深。受投资者情绪的影响,公司管理层会迎合投资者情绪对会计信息进行操控,从而影响会计信息的稳健性。本文在现代市场两权分离的经济体制下,采用规范研究和实证研究相结合的方法对投资者情绪影响会计稳健性的作用机理进行梳理和研究,为有效提高我国会计信息质量提供理论基础和经验证据。文章首先整理和分析国内外学者对投资者情绪和会计稳健性的研究情况,阐述了投资者情绪和会计稳健性原则的相关概念,并基于委托代理理论、信息不对称理论和契约理论,分析投资者情绪影响会计稳健性的作用机理并提出实证研究假设。其次,本文以2007—-2012年期间我国A股市场的上市公司为研究样本,借鉴BW情绪指数和Basu(1997)模型对投资者情绪和会计稳健性进行计量,采用描述性分析方法、相关性分析方法和回归分析方法进行实证检验。检验结果表明,投资者情绪高涨时期,管理层会为了迎合投资者的乐观情绪而降低会计稳健性；投资者情绪低落时期,管理层采取较为稳健的会计政策,迎合了投资者的悲观情绪。最后,在此结论的基础上提出完善投资者情绪对会计稳健性影响的政策建议。
[Abstract]:As the financial crisis intensifies, the market "vision" emerges constantly, the traditional economic theory is no longer enough to explain the occurrence of these anomalies. Behavioral finance emerged in the late twentieth century. This theory defines investors as irrational, and believes that investors are affected by emotional, cognitive, attitude and other psychological factors in their investment decisions, and then produce market effects. As an important part of behavioral finance, investor sentiment changes will affect the behavior of investors and the choice of accounting policies. Accounting conservatism principle has always been one of the important standards in accounting information evaluation. At present, the degree of information asymmetry is becoming more and more obvious in the market. Due to the role of opportunistic behavior of constrained managers, the research on it has been deepened gradually by domestic and foreign scholars. Under the influence of investor sentiment, company management will cater to investor sentiment to manipulate accounting information, thus affecting the conservatism of accounting information. Under the economic system of the separation of two powers in the modern market, this paper combs and studies the mechanism of the influence of investor sentiment on accounting conservatism by combining normative research with empirical research. To effectively improve the quality of accounting information in China to provide the theoretical basis and empirical evidence. Firstly, this paper summarizes and analyzes the research situation of investor sentiment and accounting conservatism at home and abroad, expounds the related concepts of investor sentiment and accounting conservatism principle, and bases on principal-agent theory, information asymmetry theory and contract theory. This paper analyzes the mechanism of investor sentiment influencing accounting conservatism and puts forward empirical research hypothesis. Secondly, taking the listed companies in China's A-share market from 2007 to 2012 as the research samples, using BW sentiment index and Basuqi 1997) model to measure investor sentiment and accounting conservatism, the paper adopts descriptive analysis method. Correlation analysis method and regression analysis method are used to test. The test results show that in times of high investor sentiment, management will reduce accounting conservatism in order to meet the optimism of investors, and when investors are depressed, management will adopt more prudent accounting policies. Pandering to investor pessimism. Finally, on the basis of the conclusion, the paper puts forward some policy suggestions to improve the influence of investor sentiment on accounting conservatism.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233

【共引文献】