会计信息呈现方式、披露顺序与非专业投资者信念修正——基于专业能力视角

Accounting Information Presentation Mode,Disclosure Order and Non-professional Investors’ Belief Revision——Based on the Perspective of Professional Competence

资本市场中,信息不对称问题不仅归因于信息提供方对信息的策略性披露,还归因于信息接收方对信息解读能力的不足。本文采用心理学理论和实验研究方法,立足信息供给-需求双方,综合分析会计信息呈现方式、披露顺序及专业能力对非专业投资者信念修正的影响。研究发现,会计信息呈现方式、披露顺序和专业能力间两两组合会影响非专业投资者信念修正。进一步分析表明,相比于好消息,坏消息对非专业投资者信念修正的影响更大;消息性质的转变具有"凸显效应",而专业能力和信息呈现方式会对"凸显效应"予以缓解。研究结果为会计信息披露形式对非专业投资者信念修正的影响提供了新证据,丰富了信念修正理论,拓展了"凸显效应"的相关研究。

In the capital market, information asymmetry is not only attributed to the information provider’s strategic disclosure, but also to the information receiver’s insufficient ability to interpret information.This paper uses psychological theory and experimental method to examine the effect of accounting information presentation mode, disclosure order and professional competence on non-professional investors’ belief revision based on both sides of information supply and demand.We found that the presentation mode, disclosure order and professional competence have an interactive effect on non-professional investors’ belief revision.Furthermore, compared to good news, bad news has a greater impact on non-professional investors’ belief revision;the change of the nature of the news has a"Salience Effects",however, the professional competence and the presentation mode of information alleviate the impact of the"Salience Effects".We provide new evidence for the impact of accounting information disclosure form on non-professional investors’ belief revision, we enrich belief revision theory and expand related research on"Salience Effects".