【摘要】：盈余公告效應(yīng)表明，由于投資者對(duì)盈余信息反應(yīng)不足，從而使得盈余信息未能及時(shí)地融入股價(jià)中，即時(shí)反應(yīng)不足導(dǎo)致后期出現(xiàn)滯后反應(yīng)，該反應(yīng)不足可能是由于投資者注意力有限所導(dǎo)致的由此可見(jiàn)，從投資者關(guān)注的視角出發(fā)，分析盈余公告效應(yīng)具有一定的理論價(jià)值和現(xiàn)實(shí)意義然而，注意力是十分抽象的認(rèn)知資源，對(duì)投資者關(guān)注的測(cè)量一直是實(shí)證研究的難點(diǎn)國(guó)內(nèi)外學(xué)者開(kāi)始使用網(wǎng)絡(luò)搜索量來(lái)替代投資者關(guān)注，所以本文將百度指數(shù)作為投資者關(guān)注的替代變量，并將其引入到盈余公告效應(yīng)的研究中 據(jù)此，本文利用深交所的信息披露考評(píng)等級(jí)，以深交所A股主板上市公司為樣本，選取百度指數(shù)作為投資者關(guān)注的替代變量，分析了投資者關(guān)注影響盈余公告效應(yīng)的內(nèi)在機(jī)制研究結(jié)果表明：（1）投資者關(guān)注程度與信息透明度正相關(guān)（2）信息透明度的提高，有利于減少市場(chǎng)的逆向選擇，進(jìn)而增加股票流動(dòng)性（3）股票流動(dòng)性的增加，使得投資者能及時(shí)有效地將盈余信息納入投資決策，，盈余信息能快速融入股價(jià)之中 本文的研究貢獻(xiàn)在于將百度指數(shù)引入盈余公告效應(yīng)的研究中，以深交所A股主板上市公司為研究對(duì)象，分析了投資者關(guān)注影響盈余公告效應(yīng)的內(nèi)在機(jī)制，能在一定程度上解釋中國(guó)的盈余慣性現(xiàn)象，投資者關(guān)注與盈余公告效應(yīng)的研究再次驗(yàn)證了注意力的作用，由此，為吸引有限的注意力，公司必須加強(qiáng)信息披露，增強(qiáng)信息透明度
[Abstract]:The effect of earnings announcement indicates that due to the insufficient response of investors to earnings information, the earnings information does not fit into stock price in time, and the lack of immediate response leads to lag reaction in the later period. This reaction may be caused by the limited attention of investors. From the perspective of investors' attention, it has certain theoretical value and practical significance to analyze the effect of earnings announcement. Attention is a very abstract cognitive resources, the measurement of investor concern has been the difficulty of empirical research, scholars at home and abroad began to use the Internet search volume to replace investor concern. Therefore, this paper takes Baidu index as an alternative variable of investors' concern, and introduces it into the study of earnings announcement effect. Based on this, this paper uses the information disclosure evaluation rating of Shenzhen Stock Exchange. Taking the listed companies on the main board of Shenzhen Stock Exchange as a sample, Baidu Index is selected as the substitute variable of investors' concern. The results show that: (1) the degree of investor concern is positively related to the transparency of information; (2) the improvement of information transparency is conducive to reducing the adverse selection of the market. Then increase the stock liquidity (3) the increase of stock liquidity, so that investors can timely and effectively incorporate earnings information into investment decisions, The contribution of this paper is to introduce the Baidu index into the earnings announcement effect, and take the listed companies on the main board of Shenzhen Stock Exchange as the research object. This paper analyzes the internal mechanism of investors' attention to the effect of earnings announcement, and to some extent explains the phenomenon of earnings inertia in China. The study of investor concern and earnings announcement effect verifies the effect of attention again. To attract limited attention, companies must enhance disclosure and transparency
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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