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    Title: 白話英文與市場效率性 - 實驗室市場證據
    Other Titles: Plain English and Market Efficiency - Laboratory Market Evidence
    Authors: 俞洪昭
    Contributors: 國立政治大學會計學系
    行政院國家科學委員會
    Keywords: 揭露品質;實驗經濟學;白話英文;理性預期;閱讀理解
    Disclosure Quality;Experimental Economics;Plain English;Rational Expectation;Reading Comprehension
    Date: 2010
    Issue Date: 2012-06-26 14:57:55 (UTC+8)
    Abstract: 近年來主管機關與準則制訂團體均越來越強調使用白話英文對於公司揭露的重要 性。雖然白話英文日驅重要,會計學術界對於其相關議題並無深入討論。本計畫之主要 目的,即在透過實驗經濟學的研究方法,探討白話英文與市場效率之相關性。這個議題 的重要原因在於:一般投資大眾可能無能力瞭解複雜之商業語言,導致無法充分使用財 務報表資訊,造成資本市場效率下降。因此,要求公司以白話英文進行揭露,將有助於 提高會計資訊的可閱讀性,使一般投資大眾更能掌握公司之財務狀況與經營成果,達成 市場效率性。本研究擬使用實驗室市場,控制可能影響市場交易之因素,俾正確的測試 白話英文對於資訊使用者決策以及市場效率性的影響。 本研究擬透過經濟學中之理性預期理論 (rational expectation theory) 以及認知心理 學中之閱讀理解理論 (reading comprehension theory) ,形成競爭假說 (competing hypotheses)。理性預期理論預期白話英文對於市場有效性並無顯著影響,因為市場有能 力將不同投資人所握有之個別私有資訊予以彙總,並反應在股價上。因此,只要市場中 存在少數「複雜的」投資人 (sophisticated traders),市場即可達到效率性。反之,閱讀 理解理論預期白話英文對於市場有效性將有顯著影響,因為白話英文可幫助報表使用者 更清楚瞭解財務資訊揭露之真正意涵,作出正確的投資決策,使資源做更有效率的分配。 本研究擬根據 Sunder (1992) 的實驗設計,在同一個實驗市場中,同時進行資產與 私有資訊的交易,並擬操三個變數:資訊市場的結構(供給固定或價格固定)、私有資 訊之可閱讀性(白話或複雜英文)以及市場中複雜投資人數之相對比率(五分之一或三 分之一),因此總共有八個實驗市場。每一個實驗市場將由十二位受試者參加,進行十 期、每期五分鐘之市場實驗。本研究將針對白話英文對於交易價格、交易量、市場效率 性、買賣價差以及市場收斂至均衡之速度進行分析。
    Recently, securities regulators and policy makers have increasingly emphasized the importance of using plain English in public firms’ mandatory and voluntary disclosures. Given the increasing importance of the plain English requirements, however, the accounting academics has lagged in examining plain English-related issues that may bear important policy or market implications. The main purpose of this proposal is to use the experimental economics methodology to examine the association between plain English and market efficiency. This issue is important because one major underlying argument for the regulation of plain English disclosures is that unsophisticated investors may not be able to understand complex business documents and, therefore, leads to capital market inefficiency. Based on this argument, the regulatory goal of the plain English provisions is to improve the readability of disclosures to “average” investors so that market efficiency can be sustained. To cleanly test the efficacy of the plain English rules on information users’ decisions and the resulting market efficiency, laboratory experiments seem to be a more appropriate approach. This study addresses the research issue by testing two competing hypotheses derived from the rational expectations theory in economics and the discourse comprehension theory in cognitive psychology. Rational expectation hypothesis predicts that plain English rules play no significant role to market efficiency because market can aggregate diverse private information as well as disseminate it to all traders. In contrast, reading comprehension hypothesis predicts that plain English can better help financial statements users understand the content of the disclosures, leading to more appropriate investment decisions and resource allocations. Following Sunder (1992), there will be two trading markets simultaneously exist in each experimental period: an asset market and an information market. Three treatment variables will be considered and manipulated: the structure of the information market (two levels: supply is fixed vs. price is fixed), readability of private information (two levels: plain vs. complex), and the percentage of sophisticated traders (two levels: 1/5 vs. 1/3 of total traders), leading to eight experimental sessions. Each experimental session (participated by 12 human subjects) will consist of 10 periods and each period will last for 5 minutes. This study will provide experimental evidence as to whether plain English affect average trading price, trading volume, trading efficiency, bid-ask spread, and average time taken to converge to equilibrium.
    Relation: 基礎研究
    學術補助
    研究期間:9908~ 10007
    研究經費:430仟元
    Data Type: report
    Appears in Collections:[會計學系] 國科會研究計畫

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