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.
2012, Vol. 1 
