可读性是否能提高投资者对套期保值头寸的理解?

IF 3.1 3区 管理学 Q2 BUSINESS, FINANCE Australian Accounting Review Pub Date : 2024-05-24 DOI:10.1111/auar.12423
Wenhuan Liu, Yue Yan, Bin Li, Chaosha Yang
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引用次数: 0

摘要

可读性是对冲风险信息表述的一个关键问题。我们运用心理学理论和实验分析研究了对冲风险和对冲有效性信息的可读性对投资者投资评估的影响。我们发现,当套期保值风险信息表述的可读性较高时,投资者对套期保值有效性高的投资吸引力的判断要高于套期保值有效性低的投资吸引力。然而,当对冲风险表述信息的可读性较低时,投资者对投资吸引力的判断在两个对冲有效性水平之间没有显著差异。同时,我们进一步确定了对冲风险信息的可读性对投资者判断投资吸引力的中介效应。我们的研究结果对提高会计信息可读性、提升会计信息质量具有重要意义。
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Does Readability Improve Investors’ Understanding of Hedging Positions?

Readability is a key issue in the presentation of hedging risk information. We use psychological theories and experiments to analyse and examine the effects of the readability of hedging risk and hedge effectiveness information on investors’ assessment of investments. We find that when hedging risk information presentation is more readable, investors’ judgement of the attractiveness of an investment is higher when hedging effectiveness is high than when hedging effectiveness is low. However, when hedging risk presentation information is less readable, there is no significant difference in their judgement of the attractiveness of an investment between two hedging effectiveness levels. Meanwhile, we further identify the mediation effects of the readability of hedging risk information on investors’ judgement of an investment's attractiveness. The findings of our study have significant implications for improving accounting information readability and enhancing accounting information quality.

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来源期刊
Australian Accounting Review
Australian Accounting Review BUSINESS, FINANCE-
CiteScore
6.30
自引率
17.60%
发文量
31
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