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| 題 名 | 投資者情緒、會計信息與權益估價--來自中國上市公司的證據=Investor Sentiment, Accounting Information and Equity Valuation-Empirical Evidence from Listed Companies in China |
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| 作 者 | 羅奕; | 書刊名 | 澳門科技大學學報 |
| 卷 期 | 7:1 2013.06[民102.06] |
| 頁 次 | 頁1-15 |
| 分類號 | 563.54 |
| 關鍵詞 | 投資者情緒; 消費者信心指數; 會計信息; 權益估價; Investor sentiment; Consumer Confidence Index; Accounting information; Equity valuation; |
| 語 文 | 中文(Chinese) |
| 中文摘要 | 通過使用消費者信心指數作爲投資者情緒的代理指標,本文研究了在不同的投資者情緒狀况下會計數字對于權益估價的啓示。研究發現,在投資者情緒較高的時期,投資者傾向于較少地關注會計盈餘和賬面價值等基本面的指標,進而該時期的股價更多地偏離其內在價值。相反,在投資者情緒較低的時期,投資者的這種估價偏誤較小,進而股價與公司基本面信息的關係更爲緊密。進一步的研究發現,投資者情緒對權益估價的作用還受到公司盈利與否的影響。本文的研究結果對投資者决策以及對會計數字的解讀具有啓發意義和指導作用。 |
| 英文摘要 | Using Consumer Confidence Index as proxy for investor sentiment, the paper examines the implication of accounting number for equity valuation under circumstances of different degrees of investor sentiment. We find that at times of high investor sentiment, investors tend to pay less attention to fundamental information such as earnings and book value, leading to larger divergence between stock price and its intrinsic value. On the contrary, at times of low investor sentiment, the valuation bias is relatively small in magnitude and there’s a closer relationship between stock price and fundamental information. Moreover, the effect of investor sentiment on equity valuation is also subject to the profitability of the firm. These findings have implications for investors’ investment decisions as well as the interpretation of accounting numbers. |
本系統中英文摘要資訊取自各篇刊載內容。