投资者过度自信对企业信息披露的抑制效应

被引：2

作者：

李红刚

梁玉梅

机构：

[1] 北京师范大学管理学院

来源：

经济科学 | 2007年 / 01期

关键词：

过度自信; 资本成本; 信息披露; 信息精度;

D O I：

10.19523/j.jjkx.2007.01.006

中图分类号：

F275 [企业财务管理]; F224 [经济数学方法];

学科分类号：

0701 ; 070104 ;

摘要：

本文假设投资者存在过度自信心理且过度自信程度和信息精度成向关系,在假设上建立市场均衡模型,得出资本成本与信息精度的关系。该关系表明,不论自信程度和信息精度的具体关系如何,和投资者理性相比,投资者过度自信抑制了信息披露。究其原因在于投资者过度自信心理会高估信息的精度从而低估风险,这使得他们要求较低的风险补偿,而企业信息披露过多会降低投资者的自信程度,从而增加资本成本。由此本文给出企业不完全披露信息的一个新的解释——投资者过度自信抑制了企业信息披露。

引用

页码：53 / 60

页数：8

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