管理层风险提示信息、诚信度与投资者决策——一项实验证据被引量：5

Experimental Evidence for Risk Warning Information,Integrity of Management and the Investors' Decision

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摘要本文采用实验研究方法,检验了管理层讨论与分析中风险提示信息和管理层的诚信度对投资者估计公司未来盈利潜力和投资可能性的影响。研究发现,管理层讨论与分析中的风险提示信息显著的影响了投资者对上市公司未来盈利潜力的估计和投资者投资可能性的判断;同时还发现,风险提示信息对投资者估计公司未来盈利潜力和投资可能性的影响依赖于公司管理层诚信度的高低,即管理层诚信度调节了公司管理层讨论与分析中风险提示信息对投资者估计上市公司未来盈利潜力和投资可能性的影响。 This paper experimentally examines the effects of risk warnings information in management＇s discussion and analysis （MD＆A） and integrity of management on investors＇ judgment for future earning potentials and possibility of investment. The experimental results show that risk warning information in the MD＆A has a significant effect on investors＇ evaluation of future earning potentials and possibility of investment. In addition, we also find the effect of risk warning information depends on the level （high or low） of management＇s integrity. Specifically, the integrity of managements moderates the effect of risk warning information in MD＆A on investors＇ evaluation

作者张继勋屈小兰

机构地区南开大学商学院

出处《证券市场导报》 CSSCI 北大核心 2011年第9期51-56,共6页 Securities Market Herald

基金国家自然科学"基金项目基于认知和冲突管理的审计谈判研究"(项目编号:70972087)的资助

关键词风险提示信息管理层诚信投资者决策 risk warning information, integrity of future earning potentials and possibility of investment. of management, investors＇ decision

分类号 F830.9 [经济管理—金融学]

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