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论文编号：	8047
作者编号：	1120110750
上传时间：	2015/12/10 20:09:16
中文题目：	附注结构、报表项目熟悉度、投资者类型与
英文题目：	Notes Structure, Familiarity with Items in Financial Statements, Investor Type and Investors’ Judgments
指导老师：	张继勋
中文关键字：	附注结构；熟悉度；投资者类型；个体投资者；投资判断
英文关键字：	Notes structure; Familiarity; Investor type; Individual investor; Investment judgment
中文摘要：	财务报告作为资本市场上公司与投资者之间的重要沟通工具，通过传递公司的财务状况、经营业绩等财务信息帮助投资者作出恰当的投资决策。但目前大多数投资者认为财务报告的沟通效果差，尤其是财务报告的附注披露存在许多问题：样板化的附注结构和内容、过多的无关信息、特定事项或交易的信息分散导致使用者难以理解等等。为了解决这些披露问题，IASB和FASB等准则制定机构先后发布修订披露准则的征求意见稿，旨在改进附注的相关规定，提高附注信息的质量。在此背景下，本文基于心理学理论，使用实验研究方法考察附注结构、投资者的报表项目熟悉度和投资者类型对个体投资者的投资判断的影响。具体从以下六个章节展开论述： 第一章介绍研究背景，提出本文的研究问题和研究意义，构建本文的研究框架，指出本研究可能的创新点；第二章梳理和评述附注披露信息、信息列报形式影响个体的判断与决策、不同类型的投资者与投资者判断以及熟悉度影响个体判断与决策的相关文献；第三章运用有限注意力理论、认知负荷理论、接近兼容原则、时间解释理论等心理学理论，分析附注结构对投资者感知的决策相关性、投资风险和判断的投资吸引力的影响，以及附注结构、投资者的报表项目熟悉度和投资者类型对投资者判断的共同影响，并形成相关的假设；第四章主要介绍本研究的实验设计、实验被试、自变量的操控和因变量的测度以及实验过程；第五章统计分析实验数据，检验本研究的假设；第六章总结本研究得出的结论，指出本研究存在的局限性和可能的未来研究方向。 文章得出的主要结论如下： 1. 理论分析认为，基于个体有限的注意力和认知负荷，以及接近兼容原则，以不同的附注结构披露会计信息会影响投资者的判断，即按照报表项目分散披露、按照报表项目集中披露和按照报表项目集中及重要性披露的附注结构会导致投资者的判断产生差异；由于认知负荷、熟悉效应和时间带来的不同解释水平的应用，附注结构、投资者的报表项目熟悉度和投资者类型也会共同影响投资者的判断。同时，投资者感知的价值未来变动的可能性会对附注结构与投资者判断的关系起到中介作用。 2. 实验结果表明，不同附注结构影响了投资者对附注信息的决策相关性的感知。具体而言，与现行按照报表项目分散披露的附注结构相比，对按照报表项目集中披露的附注结构，投资者感知的决策相关性更高；与按照报表项目集中披露的附注结构相比，对按照报表项目集中及重要性披露的附注结构，投资者感知的决策相关性更高。总之，改进后的集中披露附注结构会让投资者感知到附注信息与决策更相关。 3. 实验结果表明，不同附注结构会影响投资者对公司投资风险和投资吸引力的判断。具体而言，与现行按照报表项目分散披露的附注结构相比，在报表项目集中披露的附注结构和按照报表项目集中及重要性披露的附注结构下，投资者感知的投资风险更低，判断的投资吸引力更高。 4. 实验结果表明，附注结构、投资者的报表项目熟悉度和投资者类型三者共同影响了投资者判断。具体而言，对短期投资者来说，在不熟悉的报表项目下，其感知的投资风险，在现行按照报表项目分散披露的附注结构下最高，在按照报表项目集中及重要性披露的附注结构下最低，在按照报表项目集中披露的附注结构下介于两者之间；与之相反，其判断的投资吸引力，在现行按照报表项目分散披露的附注结构下最低，在按照报表项目集中及重要性披露的附注结构下最高，在按照报表项目集中披露的附注结构下介于两者之间。在熟悉的报表项目下，在上述三种附注结构下，短期投资者对投资风险的感知和投资吸引力的判断没有显著差异。 对长期投资者来说，无论投资者对报表项目的熟悉程度如何，在现行按照报表项目分散披露的附注结构、按照报表项目集中披露的附注结构和按照报表项目集中及重要性披露的附注结构这三种情况下，投资者感知的投资风险和判断的投资吸引力均没有显著差异，也就是说，长期投资者在作出投资判断时没有受到附注结构的影响。 5. 实验结果表明，短期投资者作出投资判断的具体路径是，投资者感知的价值未来变动可能性中介了附注结构与投资者感知的投资风险之间的关系；投资者感知的投资风险中介了投资者感知的价值未来变动可能性与投资者判断的投资吸引力之间的关系。
英文摘要：	Financial reports are an important communication tool between companies and investors in capital market, which help investors to make informed investment decisions by delivering the company's financial position, operating performance and other financial information. However, most investors believe the communication of financial report is poor at present. Specially, they perceive there are kinds of problems in notes to financial statements: boilerplate structure and its disclosure content, too much irrelevant information，disperse event or transaction information leading to users difficult to understand and so on. In order to solve these disclosure problems, standard setters (e.g.，IASB and FASB) issue exposure draft proposing amendments to standards of disclosure, to improve the relevant provisions of the notes and enhance the quality of note information. In this context, the dissertation uses experimental research method to investigate the effect of notes structure, familiarity with items in notes to financial statements and investor type on individual investors’ investment judgments based on the psychology theory. Detailed discussions are from the following six chapters: In this dissertation, Chapter one introduces background of the research, puts forward the research question and research significance, constructs the research framework of this paper and points out the possible innovation; Chapter two presents and reviews related literatures on note disclosure, the effect of information presentation form on individual judgment and decision-making, different types of investors’ judgment and decision-making and the effect of familiarity on individual judgment and decision-making; Chapter three develops the hypotheses about the impact of notes structure on decision relevance, investment risk and investment attractiveness ,and the joint effect of notes structure, familiarity with items in notes to financial statements and investor type on individual investors’ investment judgments based on the psychology theory of limited attention, cognitive load, proximity compatibility principle, temporal construal theory; Chapter four mainly introduces the experiment design, the experimental subjects, the manipulation of independent variable and the measurement of dependent variable in this study and the experimental process; Chapter five does statistical analysis by experimental datum handling, and then does the hypothesis-testing; Chapter six comes to a conclusion from the dissertation, summarizes the limitation of this study and points out the potential directions for future research. The dissertation draws the following conclusions: 1. The results of theoretical analysis indicate that, information disclosure in different note structure will affect investors’ judgment based on individual limited attention, cognitive load and proximity compatibility principle. That is, individual investors will make different judgment among the notes structure of dispersing disclosure by line item presented in the financial statements, the notes structure of grouping line items of disclosure and locating them by their order in the financial statements and the notes structure of grouping line items of disclosure and locating them by relative importance; due to cognitive load, familiarity effects and the application of different levels of construal because of time, the notes structure, familiarity with items in financial statements and investor type can jointly affect individual investors’ investment judgments. At the same time, investors’ perceived possibility of value changes in the future may act as mediate effect in the relations of the notes structure and investors’ judgment. 2. The experimental results show that different notes structure affect investors’ judgment about decision relevance of information in notes. Specifically, compared with the current notes structure of dispersing disclosure by line item presented in the financial statements, investors judge higher decision relevance for the notes structure of grouping line items of disclosure and locating them by their order in the financial statements; compared with the notes structure of grouping line items of disclosure and locating them by their order in the financial statements, investors judge higher decision relevance for the notes structure of grouping line items of disclosure and locating them by relative importance. In short, the improved notes structure of grouping line items of disclosure make investors consider information in the notes more relevant for decision-making. 3. The experimental results show that different notes structure will affect investors’ judgment about the company’s investment risk and investment attractiveness. Specifically, compared to the current notes structure of dispersing disclosure by line item presented in the financial statements, investors perceive lower investment risk and assess higher investment attractiveness when the notes structure of grouping line items of disclosure and locating them by their order in the financial statements and the notes structure of grouping line items of disclosure and locating them by relative importance are present. 4. The experimental results show that the notes structure, familiarity with items in financial statements and investor type jointly affect individual investors’ investment judgments. Specially, when investors are unfamiliar with items in the financial statements, short-term investors perceive the highest investment risk for the notes structure of dispersing disclosure by line item presented in the financial statements, the lowest investment risk for the notes structure of grouping line items of disclosure and locating them by relative importance, the notes structure of grouping line items of disclosure and locating them by their order in the financial statements falls in between; on the contrary, short-term investors assess the lowest investment attractiveness for the notes structure of dispersing disclosure by line item presented in the financial statements, the highest investment attractiveness for the notes structure of grouping line items of disclosure and locating them by relative importance, the notes structure of grouping line items of disclosure and locating them by their order in the financial statements falls in between. When investors are familiar with items in the financial statements, short-term investors’ perception of investment risk and judgment of investment attractiveness don’t differ significantly for above-mentioned three notes structure. Regardless of the extent to which investors are familiar with items in the financial statements, long-term investors’ perception of investment risk and judgment of investment attractiveness have no significant difference for the notes structure of dispersing disclosure by line item presented in the financial statements, grouping line items of disclosure and locating them by their order in the financial statements, grouping line items of disclosure and locating them by relative importance, in other words, long-term investors’ investment judgment is not influenced by the notes structure. 5. The experimental results show that the relationship between the notes structure and investors’ perceived investment risk is mediated by investors’ perceived possibility of value changes in the future in the process of short-term investors’ investment judgment; the relationship between investors’ perceived possibility of value changes in the future and investment attractiveness is mediated by investors’ perceived investment risk.
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