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论文编号：	1224
作者编号：	2120071937
上传时间：	2009/6/11 23:54:44
中文题目：	基于行为金融学的会计信息价值相
英文题目：	The research on the value rele
指导老师：	周晓苏
中文关键字：	投资者保护;启发式认知;会计信息
英文关键字：	Investor Protection;Heuristic
中文摘要：	我国证券市场属于新兴市场，不同于欧美国家成熟的证券市场自然演进的发展过程，我国的证券市场是在政府的推动下，通过上市公司和投资者在数量上的扩张实现市场规模扩大的。从投资者数量上来看，中小投资者在市场中占绝大部分，其决策行为在很大程度上影响着证券市场的运行状况。因此，有效地帮助投资者进行理性决策，充分维护其利益，对于维护资本市场的健康发展具有至关重要的作用。 为投资者提供会计信息是投资者保护的一项重要手段，其保护作用需要通过提供会计信息帮助投资者做出正确决策来实现。因此，投资者是否能够充分有效地利用会计信息决定了这一手段的有效性。行为金融学指出，投资者在短时间内所进行的决策不是完全理性的，当其面对一个既复杂模糊又不确定的事件进行判断时，往往会走一些思维的捷径，其认知特征及心理因素会对决策过程造成重大影响。据此我们认为，会计信息不能孤立地发挥作用，投资者在决策过程中对它的关注程度和使用方式影响了会计信息的价值相关性。 基于此，本文从行为的视角对上市公司年度报告披露前的一段时间窗口内的累积超额回报率与会计信息的关系进行研究，探讨了投资者不同的心理状态和思维模式对其会计信息关注度的影响程度，以及投资者有限理性的特征所造就的会计信息价值相关性的形成机制，进而为会计信息应具备何种满足投资者决策方式的质量特征找到依据，以达到投资者保护的目的。
英文摘要：	Chinese stock market is an emerging market. Unlike the development process of natural evolution of the European and the United States’mature stock markets, the expansion of Chinese stock market is driven by the Government, and the increasing number of the listed companies and investors. Judging from the number of investors, minority investors account for the vast majority in the market. To a large extent their decision-making affects the operation of the stock market. Therefore, helping investors to engage in a rational decision-making, and fully safeguarding their interests, will be vital for the healthy development of the stock market. Providing accounting information for investors is an important means of investor protection, and the protective effect is provided by its function of helping investors make the right decisions. Therefore, whether investors are able to fully use accounting information determines the effectiveness of this means. According to behavioral finance, investors can’t make decision entirely rationally in short time. When faced with complex and ambiguous events, they tend to take a shortcut to make decision. Their cognitive characteristics and psychological factors have significant impact on the process of decision-making. Accordingly we believe that the accounting information doesn’t simply play a role in the decision-making process. The value relevance of accounting information is influenced by the investors’concern degree and usage mode. This thesis researches the relationship between CAR and accounting information, which would be released shortly in a short time window before the listed companies release their annual accounting reports. We research how the investors’ mentality and different mode of thinking impact on their concern about accounting information, and the formation mechanism of Accounting Information’s Value Relevance made by the investor’s bounded rationality. We expect to find a basis for the qualitative characteristic which should be possessed by the accounting information in order to meet the need of investors, so we will achieve the purpose of investor protection.
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