上市公司定向增发定价中的锚定效应研究

摘要笔者以沪深两市定向增发的564家上市公司为研究样本，运用行为心理学中的锚定效应理论，对定向增发折扣率确定的过程进行了检验和解释。研究结果表明上市公司定向增发折扣率的确定并非是一种完全理性的经济决策行为，而是以“初始的5家上市公司定向增发折扣率均值”和“截止前一组已经实施增发的所有上市公司定向增发折扣率均值”为基点，按照外部锚启动范式和内部锚启动范式进行定价决策，存在明显的锚定效应现象。

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	俞军

关键词：定向增发定价折扣内部锚启动范式外部锚启动范式锚定效应

Abstract： The paper tests and explores the the determination process of price discount rate by 564 sample of Private placement with anchoring effect theory. The results show that the managers of Chinese listed companies have made some irrational decisions and have obvious behavioral deviation influenced by “Anchoring and Adjustments” when they determine the discount rate of private placement. Based on discount rate mean of private placement of the initial five listed companies(experimenter-provided anchors) and discount rate mean of private placement of the former group in all listed companies(self-generated anchors), the managers set the price with an obvious anchoring effect.

Keywords： Private Placement Pricing Discount Experimenter-Provided Anchors Paradigm Self-generated Anchors Paradigm Anchoring Effect

收稿日期 2011-12-07; 接受日期 2012-12-03;

基金资助:安徽教育厅人文社科重点项目(2011SK385ZD)；安徽省会计领军人才培养项目。

作者简介: 俞军(1975- )，男，安徽巢湖人，河海大学商学院博士研究生，副教授，主要从事金融工程与投资管理研究。

引用本文:

俞军.上市公司定向增发定价中的锚定效应研究[J]. 经济经纬, 2012,6: 150-155

YU Jun .Anchoring Effect in the Private Placement Pricing of the Listed Companies[J] Economic Survey, 2012,V1(6): 150-155

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2012/V1/I6/150