CAJ | 학술논문

基于认知心理学视角,以盈余信息披露作为切入点,本文实证检验了投资者关注与上市公司盈余公告效应及管理层盈余公告择机行为之间的关系,研究发现：（1）投资者关注程度总体上与盈余公告效应呈显著的负向关系。即当投资者处于有限关注时,上市公司的盈余公告效应会加重,而当投资者关注处于极端关注时却会减轻上市公司的盈余公告效应;（2）盈余公告日市场的交易量反应与投资者关注呈U型关系;（3）基于投资者关注状态的差异,我国上市公司管理层盈余公告存在择机和非对称的时间偏好。
기우인지심이학시각,이영여신식피로작위절입점,본문실증검험료투자자관주여상시공사영여공고효응급관리층영여공고택궤행위지간적관계,연구발현：（1）투자자관주정도총체상여영여공고효응정현저적부향관계。즉당투자자처우유한관주시,상시공사적영여공고효응회가중,이당투자자관주처우겁단관주시각회감경상시공사적영여공고효응;（2）영여공고일시장적교역량반응여투자자관주정U형관계;（3）기우투자자관주상태적차이,아국상시공사관리층영여공고존재택궤화비대칭적시간편호。
Based on cognitive psychology perspective,this paper examines the relations between investor attention and earning announcement effect and announcement timing of management.The empirical results show that：（1） The relation between investor attention and earning announcement effect is significant negative.The earnings announcement effect becomes more serious when investors are more likely to be limited attentive and weaker when investors are more likely to be high attention.（2） The relation between volume effect of earning announcement and investor attention is U - shape.（3） The management of listed company prefers to choose the earnings announcement timing based on investor attention state.