会计信息在投资决策中长期锚定效应研究——对计量观实证方法的改进

A Study on the Long-term Anchoring Effect of Accounting Information in the Process of Investment Decision——An Improvement on the Empirical Methodin Quantitative Perspective

文章以2003-2007年间我国A股上市公司为研究对象,通过筛选市场中股价相对关系"稳定"的成员的方式,对影响股价的非会计信息进行了有效控制,改进了计量观的实证方法。研究结果说明,在年度财务报告发布后的长时间窗口中,由历史性会计信息确定的各股票间的股价初始相对关系,在这段时期的投资者决策过程中具有锚定效应,会计信息对投资决策的影响力在"稳定"成员样本中更为突出。文章所进行的研究尝试,为日后检验2007准则的实施效果提供了有效的参考。

On the basis of a sample of A-share listed companies from 2003 to 2007 and the selection of the members with stable relative location of stock price,the paper effectively controls non-accounting information which affects stock price, and thus improves the empirical method in quantitative perspective. The results show that in the long time window after the announcement of annual financial statement, initial relative location of stock prices determined by historical accounting information have the anchoring effect in the process of investment decision and the effect of accounting information on investment decision is especially significant in the sample of stable members. It provides references for investigating the implementation effect of 2007 Accounting Standards in the future.