Hu Shuya, Wang Shengnian
Department of Accounting, School of Economics and Management, Shihezi University, Shihezi, Xinjiang, China.
Front Psychol. 2022 Oct 11;13:1006957. doi: 10.3389/fpsyg.2022.1006957. eCollection 2022.
Enterprises do not exist independently of the external environment, so uncertainty affects their earnings volatility and exacerbates the information asymmetry between internal and external stakeholders. As a major manifestation of capital market mispricing, the accrual anomaly is caused by investors' functional fixation on total surplus under information asymmetry. Against this backdrop, taking A-share listed companies in China from 2007 to 2019 as our research objects, this study explores the impact of environmental uncertainty on the accrual anomaly based on the information asymmetry and investor irrationality perspective. We find that environmental uncertainty enterprises facing exacerbates the accrual anomaly in the Chinese stock market, and internal control quality, state ownership and the media coverage will affect this impact. Furthermore, this study shows that there are three factors playing the mediating role in the effect, accounting information quality, investment growth and the investor attention. The results show that environmental uncertainty exacerbates the accrual anomaly driven by information manipulation, empire building and investor irrationality. Improving investor irrationality behavior and restraining the self-interest behavior of managers can help alleviate the mispricing of accruals caused by information asymmetry in psychology.
企业并非独立于外部环境而存在，因此不确定性会影响其收益波动性，并加剧内部和外部利益相关者之间的信息不对称。作为资本市场错误定价的一个主要表现，应计异象是由投资者在信息不对称下对总盈余的功能固着所导致的。在此背景下，本研究以2007年至2019年中国A股上市公司为研究对象，基于信息不对称和投资者非理性视角，探讨环境不确定性对应计异象的影响。我们发现，面临环境不确定性的企业会加剧中国股票市场中的应计异象，而内部控制质量、国有股权和媒体报道会影响这种影响。此外，本研究表明，有三个因素在该效应中起中介作用，即会计信息质量、投资增长和投资者关注。结果表明，环境不确定性加剧了由信息操纵、构建企业帝国和投资者非理性驱动的应计异象。改善投资者非理性行为并抑制管理者的自利行为，有助于缓解心理层面信息不对称导致的应计项目错误定价。
