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.
Anchoring Effect Non-tradable Share Reform Compensation Ratio
许年行 吴世农
厦门大学管理学院,361005
国际会议
成都
英文
2007-07-09（万方平台首次上网日期，不代表论文的发表时间）