投资倾向、内部控制重大缺陷与投资者的投资判断——基于个体投资者的实验研究

Investment Preference,Material Defect in Internal Control and Investors' Decision Making——An Experimental Study Based on Individual Investors

本文采用实验研究方法检验了投资倾向、内部控制重大缺陷类型对投资者投资判断的影响。研究发现,与公司存在账户层面重大缺陷情况相比,投资者对存在公司层面重大缺陷情况的市盈率估计和投资吸引力评价更低。投资倾向与内控重大缺陷类型共同地影响投资者的投资判断,当投资者有较高投资倾向时,投资者对存在公司层面重大缺陷情况的市盈率估计和投资吸引力评价显著低于存在账户层面重大缺陷的情况;但在较低投资倾向时,两类重大缺陷情况下投资者做出的投资判断没有显著差异。同时还进一步发现了管理层可信度、市盈率的中介效应。

This paper uses experimental method to examine the effects of investment preference and types of Material Defect in internal control on investors＇ decision making. The results show that investors tend to give a lower P/E ratio and investment attractiveness esti- mate when a material defect exists at the corporate level than they would when it exists at specific account level. We also find the com- bined effect of investment preference and material defect in internal control on investors＇ decision making. If investors have a higher pref- erence in investment, they tend to give a significantly lower P/E ratio and investment attractiveness estimate when a material defect exists at the corporate level than they would when it exists at specific account level. However, when investors have a lower investment prefer- ence, there is no significant difference in investment judgments between the two types of material defect in internal control. Meanwhile, we further find the mediation effects of management credibility and P/E ratio.