CAJ | 학술논문

投资者注意力作为一种有限的资源，其分配方式会对信息披露的经济后果产生重要的影响。本文主要研究了信息竞争性披露带来的信息溢出效应对投资者注意力分配，进而对信息传递效率的的影响,我们的研究结果表明，信息竞争性披露在一定程度上能提高投资者的分类认知效率，投资者对未预期盈余的敏感性随竞争性信息数量的增加而增强，而盈余公告后的漂移程度则随竞争性信息数量的增加而减少，原因在于相关信息有利于投资者解读所持股票的信息，从而提高了市场效率。
투자자주의력작위일충유한적자원，기분배방식회대신식피로적경제후과산생중요적영향。본문주요연구료신식경쟁성피로대래적신식일출효응대투자자주의력분배，진이대신식전체효솔적적영향,아문적연구결과표명，신식경쟁성피로재일정정도상능제고투자자적분류인지효솔，투자자대미예기영여적민감성수경쟁성신식수량적증가이증강，이영여공고후적표이정도칙수경쟁성신식수량적증가이감소，원인재우상관신식유리우투자자해독소지고표적신식，종이제고료시장효솔。
Investor attention, as a scarce resource, its allocation will cause economic consequence. This paper investigates the impact of information spill-over effect caused by competing information disclosure on investor attention allocation and the efficiency of information dissemination. The results show, the immediate price reaction to disclosure increases with the number of competing disclosure, and post-earnings announcement drift decreases with the number of competing disclosure. When we classified the competing information into related information and unrelated information, the additional results show it＇s the related information that caused the above immediate price reaction effect and post-earnings t drift effect. The results overall indicate, related information disclosure can improve the efficiency of investor＇s classification-learning, and facilitate the efficiency of information dissemination and improving the reading capacity of investor.