效率市場假說認為只要資訊的實質一樣，表達方式並不會影響投資人的判斷；然而，許多心理學研究卻發現人類的判斷會受到表達格式的影響，因此，本研究以國內三十四號公報「金融商品之會計處理準則」為例，探討此問題。實驗採2*2受試者間測試之設計，以國內會計研究所之學生為受試者，將個案設計成兩種，一個是按照成本與市價孰低法評價，證券投資相關損益呈現持續上升，而以公平價值法評價則呈現不規則波動，另一個是按照成本與市價孰低法評價，證券投資相關損益呈現不規則波動，而以公平價值法評價則呈現持續上升。研究結果發現，投資人都會僵固在報表的數字而不管資訊的實質。因此，本研究支持不同的會計處理，確實會影響投資人的判斷。 According to Efficient Market Hypothesis, holding constant the available information and underlying economics, different presentations of financial information would not have an impact on investors' judgments. However, many psychological researches have discovered otherwise. Therefore, the objective of this research is to determine whether or not the presentations of financial information would have an impact on nonprofessional investors' judgment, using Taiwan's SFAC No.34 "Accounting for Financial Instruments." A 2*2 between-subjects experiment was designed to test on a pre-selected focus group, consist of graduate accounting students, by giving them two different scenarios: (1) gain or loss on investments in securities rise as using Lower of Cost or Market Method whereas it fluctuates irregularly as using Fair Value Method; (2) gain or loss on investments in securities fluctuates irregularly as using Lower of Cost or Market Method whereas it rise as using Fair Value Method. The results find that the focus group simply fixated on reported income rather than the derivation of the information. Thus, this research concludes that different presentations of financial information do affect its readers in making investment decisions.
台灣財務金融學會年會暨財務金融保險不動產學術研討會論文集=Proceedings of 2006 Annual Conference of TFA on Finance, Insurance, and Real Estate，25頁