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本文采取行为实验方法,以绩差企业为研究对象,从业绩归因的部位/稳定性以及合理性/自利性程度两组特征出发,考察了业绩归因对股票投资行为的影响路径和作用机制。研究发现,外部归因和不稳定归因都可以有效提高投资者对管理层能力的评价。在合理归因的前提条件下,适当的自利性程度也可以起到正面作用;不合理归因反而会降低投资者对管理层的评价。对管理层评价的高低又传导至投资者对企业未来业绩和股价变动的预期,从而产生对应的股票投资行为。
In this paper, behavioral experimentation is adopted to study the performance-based firms, and from the characteristics of the part / stability and the degree of rationality / self-interest, we examine the path and effect of performance attribution on the behavior of stock investment mechanism. The study found that external attribution and unstable attribution can effectively improve investors’ evaluation of management ability. In the reasonable attribution of the premise, the appropriate degree of self-interest can also play a positive role; unreasonable attribution but will reduce the investor’s evaluation of management. The level of management evaluation is also transmitted to investors on the company’s future performance and stock price changes expected, resulting in the corresponding stock investment behavior.