上市公司信息披露对个体投资者行为的影响——基于行为金融的实验研究

The Impact of Information Disclosure of Listed Companies on Individual Investors' Behavior:Based on an Experimental Research of Behavior Finance

在假设我国股票市场中的个体投资者存在"非理性"的前提下,运用实验研究方法,考察上市公司信息披露对个体投资者投资行为的影响程度。从中发现:个体投资者存在着过度自信的心理,对上市公司信息披露的关注和敏感度不高;从上市公司财务和非财务信息披露的影响来看,个体投资者受前者的影响更显著一些,但不存在过度反应,而对后者则反应不足。这表明应进一步完善我国上市公司的信息披露制度,以尽快得到广大个体投资者的认可。

With the assumption that individual investors in Chinese stock market are irrational, this paper uses the experimental research method to study the effect on individual investors＇ behavior exerted by the listed companies＇ information disclosure. We find that individual investors in our country are overconfident, paying inadequate attention to information disclosure offered by the listed companies. They are more influenced by the financial information than the non-financial information; but they are not over-sensitive to the former while under-sensitive to the latter. This indicates that we should improve the system of listed companies＇ information disclosure so that it can be accepted by individual investors as soon as possible.