上市公司年报自利性归因的市场反应实证研究

摘要

年报中自利性归因现象的存在，在一定程度上会影响投资者的投资决策。运用内容分析法对2011年沪A上市公司随机抽样，进行多元线性回归检验。实证发现，自利性归因能在一定程度上影响上市公司累计超额收益率；当公司意外盈余为正时，自利性归因会影响市场对盈余的敏感度，投资者更倾向于年报中的自利性归因的语言解释。%Self⁃serving attribution in annual reports will to some extent influence the investors’ in⁃vestment decision. This paper applies content analysis to do multi⁃linear regression test based on the ran⁃dom selection in Shanghai A⁃share listed companies of 2011. Result shows that firstly, self⁃serving attri⁃bution has some impact on cumulative abnormal return of listed companies;secondly, when the company has unexpected earnings, self⁃serving attribution will influence the market’ s sensitivity to the earnings while investors tends to welcome the language explanation of self⁃serving attribution in annual reports.