投资者注意力、应计误定价与盈余操纵

基于应计误定价视角,以投资者认知特征分析为切入点,本文检验了投资者注意力、应计误定价及盈余操纵间的关系。研究发现:(1)投资者注意力具有认知效应,投资者注意力的提高能够显著提高其对盈余构成信息的认知效率,并降低市场中投资者对应计信息的定价高估;(2)投资者注意力具有治理效应,即投资者对股票的充分注意能够显著降低管理层主观的盈余操纵行为。综合而言,投资者注意力具有"认知效应"和"治理效应",投资者注意力调节了投资者的认知效率并提升了对会计盈余构成信息的定价效率,进一步影响了管理层主观的盈余操纵行为。深化投资者注意力的研究具有很高的理论价值和现实意义。

Investor Attention,Accrual Mispricing and Earnings Manipulation

Based on accrual mispricing perspective and cutting in from investor cognitive characteristics, this paper empirically test the relations between investor attention and accrual mispricing and earnings manipulation. Research shows that :(1) investor attention has cognitive effect,investor attention could reduce the overestimate of accrual of earnings and improve market price efficiency.(2) investor attention has governance effect, investor attention could significantly reduce management's subjective earnings manipulation. Under the "cognitive effect"and "governance effect" together, investor attention、accrual mispricing and earnings manipulation show a progressive logic relation. From the perspective of accounting earnings structure information, investor attention improve accounting information quality and market price efficiency for earnings structure information and reduce management's subjective earnings manipulation. Therefore, deepen researching of investor attention in the future has very high theoretical and practical significance.