信息环境变化、投资者信息解读与特质信息含量

该研究旨在通过考察信息环境变化前后,分析师盈余预测行为和信息质量对投资者决策结果的影响,证明信息环境的变化可能通过改变投资者对信息的解读习惯,影响市场资源配置的效率.研究发现:会计准则变革后,财务分析师盈余预测的准确性下降,预测报告中特质信息含量也发生显著变化,进而使投资者更多关注报告中的行业和市场信息;会计准则变革前,盈余质量与股价同步性正相关,而会计准则变革后,盈余质量与股价同步性的正相关关系减弱或逆转,说明投资者信息处理效率并非一成不变,信息环境能影响投资者对于公司特质信息的发掘、解读和运用.文章指出提升财务分析师、普通投资者等社会公众对上市公司信息披露质量进行识别和监督的能力,对提高市场定价效率,促进资本市场的发展具有重要意义.

Information environment change,investors' comprehension and firm-specific information content

This paper studies the influence that analysts' forecasting and information quality made on investors' decision making before and after information environment change, to prove that information environment variation may change the efficiency of market allocation of resources by changing investors' information comprehension. First, after the reform of accounting standards, the analysts forecast accuracy decreased, firm-specific information in the forecasting report change significantly, and thus investors pay more attention on the industry-wide and market-wide information. Second, after the reform, the positive correlation of earnings quality and stock price synchronicity weakened or even reversed. The results proved that investors' information processing efficiency is not invariable, but changes with information environment. It is of great significance for financial analysts, ordinary investors and other social public to improve their discrimination and control capability on financial report quality which would improve the efficiency of market pricing and promote the development of capital market.