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通过借鉴行为经济学对投资者启发式认知方式研究的发展,本文发现,目前的会计研究基本忽视了会计信息的价值相关性与投资者在短时间内的决策特征有着密切的联系,我国的一些研究成果认为上市公司的信息披露都存在“好消息早、坏消息晚”的现象,并且提出以报表发布时间的早晚来衡量及时性的观点。对此,本文结合我国特殊的制度背景,探讨了在新信息即将发布前的短时间窗口中市场反应的具体诱因,发现投资者的心态和认知过程对会计信息的价值相关性影响较大,而报表发布时间并不构成会计信息价值相关性的影响因素,我国当前制度仍存在着不利于投资者保护的潜在风险。
By learning from behavioral economics on the development of research on heuristic cognition of investors, this paper discovers that the current accounting research basically ignores the close relationship between the value relevance of accounting information and the decision characteristics of investors in a short period of time. Our country’s Some research findings suggest that the information disclosure of listed companies has the phenomenon of “good news is bad or bad news is late,” and the viewpoint of measuring the timeliness of the report in time is put forward. To this end, this article, combined with China’s special institutional background, explores the specific incentives for market reaction in the short time window before the new information is about to be released. It is found that the investor’s mentality and cognitive process have greater impact on the value relevance of accounting information, However, the time of publication of the report does not constitute the influencing factor of the value relevance of accounting information. There is still a potential risk in our country’s current system that is not conducive to the protection of investors.