摘要
探寻上市公司盈余管理决策是否以及如何受到投资者情绪的影响,并在此基础上分析投资者情绪影响下的盈余管理策略动因。研究发现:当投资者情绪高涨(低落)时,公司倾向于正向(负向)盈余管理;投资者情绪水平与盈余管理大小正相关。上市公司盈余管理决策并非受管理者自身情绪的影响,而是针对投资者情绪的一种理性迎合手段。本文研究丰富了投资者情绪影响公司会计信息披露决策问题的相关文献,同时为行为金融的"迎合理论"提供了新证据。
This paper tries to explore whether and how the earnings management decision-making of listed companies is influenced by investor sentiment, and on this basis, it analyzes the motivations of earnings management strategy under the influence of investor sentiment. The findings show that when the investors sentiment is higher （or lower）, the company would be inclined to positive （nega- tive） earnings management; investor sentiment thus would be positively related to the size of earnings management. The earnings management decision-making of the listed companies is not influenced by the managers＇ own emotions, but a means of rational catering towards the investors＇ emotions. The study of this paper can enrich the related literature on the problem of the investor sentiment affecting the decision-making of corporate accounting information disclosure, and at the same time has provided new evidences for the catering theory of the behavioral finance.
作者
龚光明
龙立
GONG Guang-ming Long Li(Hunan University, Changsha 410082 Hunan University of Commerce, Changsha 410205, China)
出处
《当代财经》
CSSCI
北大核心
2017年第8期112-122,共11页
Contemporary Finance and Economics
基金
湖南省教育厅科学研究项目"投资者情绪与上市公司信息披露迎合策略研究"(14C0634)
关键词
投资者情绪
信息披露
盈余管理
迎合理论
investor sentiment
information disclosure
earnings management
catering theory
