我国上市公司股权分置改革中的锚定效应研究

股权分置改革是我国资本市场发展中一个独特的经济问题。本文收集526家实施股改公司的相关资料,运用行为心理学著名的“锚定效应”理论,对股权分置改革中对价的制定和对价的影响因素两大问题进行分析、检验和解释。

A Study on Anchoring Effect for Non-tradable Share Reform of Listed Companies in China

The non-tradable share reform is an issue unique to capital market in China. This paper uses the theory of “anchoring effect” in psychology, to investigate two key issues: how to set up compensation ratio and determinants of compensation ratio. The results from a sample of 526 reformed firms show that: (1) compensation ratio is set up irrationally by the reformed firms, there exists significant “anchoring and adjustment” biases; (2) when setting up compensation ratio, reformed firms mainly use two anchor, the static anchor-the average compensation ratio of first 3 pilot firms, and the moving anchor-the average ratio of preceding round of reformed firms; (3) as the reform progress, not matter based on the static anchor or the moving anchor, for the second round pilot firms, the compensation ratios are more affected by the “anchor”, but less affected by other variables, anchoring effect is strong; but for the full-scale reformed firms, the compensation ratios are more affected by other variables, but less affected by the “anchor”, anchoring effect is weak; (4) not matter based on the static low/high anchor or the moving low/high anchor, for firms which offer low compensation ratio, the compensation ratios are more affected by the “low anchor”, but less affected by other variables, anchoring effect is strong; but for firms which offer high compensation ratio, the compensation ratios are more affected by the “high anchor”, but less affected by other variables, anchoring effect is weak.