Experimental Study On Individual Investor’s Decision With Company Performance Attribution Information Disclosure

Earnings information disclosure of listed companies has been a hot topic of practice circle. Attribution information disclosure is a supplement of earnings information. Its characteristics, influencing factors and economic consequences have drawn a great attention to the theory circles of home and abroad. Thesis from a psychological perspective, concerns the area of information disclosure’s economic consequences, and studies the impact of the company’s performance attribution information disclosure on the individual investor’s decision-making. The results help to enrich the information disclosure theory, promote the development of capital markets, improve the accounting information users to understand it, and strengthen regulatory supervision of attribution information disclosure.Thesis consists of theoretical analysis and empirical analysis method. In the theoretical analysis part, thesis bases on related concepts, combines with Weiner’s attribution theory, uses mathematical models to derive the company performance attribution information to influence investors decision-making and puts forward thesis hypothesis. In the empirical research part, thesis uses experimental methods to investigate five reason explains, such as internal stability attribution and internal instability attribution, impact on the investor’s decision-making of the company performance rising and falling. Experiment chooses 152 accounting professional graduate students for the object, who are divided into five groups, and each group is offered two types of different attribution messages under good and bad news situation. Thesis uses structural equation model to analyze and test the data collected from 300 questionnaire. Experimental results show that firstly most of observation variables have a high level of reliability and validity. Secondly Under good news situation, attribution site indirectly affects investor’s decision-making by affecting investor’s assessment of management capacity and expectation of company future performance(path coefficient is-0.129). Attribution stability indirectly affects investor’s decision-making by affecting investor’s expectation of company future performance(path coefficient is 0.681). Finally, the influence path between variables under bad news situation is as same as it under good news situation, but the path coefficients are different.