Research On The Formation Mechanism And Governance Strategyof Anchoring Effect In Financial Fraud

Since the beginning of the 21 st century,corporate financial fraud has been escalating,such as the collapse of energy giant Enron,the inflated operating income of Disney Company of 6 billion US dollars in USA,the unprovoked evaporation of 30 billion funds of Kangmei Pharmaceutical and Ruixing Coffee in deep financial dilemma in China.The occurrence of these financial fraud cases have seriously affected the healthy and orderly operation of the capital market,and hit the confidence of investors in the capital market,thus undermining the stability of the economy to a certain extent.Therefore,western countries have perfected legislation and law enforcement,and strengthened the supervision of capital market.Compared with western countries,our country is in the period of economic transformation,and the national legal supervision ability is insufficient and the enterprise financial system construction is not perfect,which makes it easier to breed financial fraud.Therefore,an in-depth analysis of the mechanism of financial fraud is an urgent problem to be solved at this stage.Based on behavioral finance,personality traits,cognitive neuroscience and other related theories,this dissertation discusses the formation mechanism of anchoring effect in financial fraud decision-making from three dimensions: behavioral traits,personality traits and neurobiological traits,and puts forward financial fraud governance strategies based on the above research conclusions.This dissertation consists of the following contents:Firstly,Basis on summarizing the literature,this dissertation systematically introduces the core concepts and related theories of this dissertation,discusses the cognitive process and decision-making process of actors based on the dual process theory and heuristic method of behavioral decision science,and expounds the analytical framework of the formation mechanism of anchoring effect in financial fraud decision-making from three dimensions: behavioral characteristics,personality characteristics and neurobiological characteristics.Secondly,the behavioral characteristics of anchoring effect in financial fraud decision-making are analyzed.On the basis of constructing an analytical framework for the formation mechanism of anchoring effect in financial fraud decision-making,the questionnaire survey method is adopted,and the existence of anchoring effect in financial fraud decision-making is verified from the behavioral level by setting internal anchoring information-financial fraud risk level of previous years,external anchoring information-financial fraud risk level of other enterprises in the same industry and external legal supervision degree,and under the condition of setting high anchoring value and low anchoring value.Thirdly,the personality characteristics of anchoring effect in financial fraud decision-making are analyzed.On the basis of verifying the existence of anchoring effect in financial fraud decision-making,this dissertation analyzes the influence of personality,a psychological characteristic variable,on the decision-making behavior of cognitive system.Through the data of personality characteristics measured by Big Five Personality Scale and the data of independent judgment decision of anchoring effect in financial fraud decision-making,the score of Big Five personality was calculated.Based on this personality characteristic,the average skewness index and anchoring index measurement model are used to analyze the intensity of anchoring effect influenced by higher personality traits and lower personality traits in financial fraud decision-making under the condition of setting high anchor value and low anchor value.Then,the neurobiological characteristics of anchoring effect in financial fraud decision-making are analyzed.On the basis of the above research on behavioral traits and personality traits,this dissertation further analyzes the influence of mirror neuron,a biological characteristic variable,on the decision-making behavior of cognitive system.The relationship between μ wave suppression in mirror neuron system and anchoring effect in financial fraud decision-making is analyzed by using the data of dependent variable and independent variable collected from the designed situational decision-making behavior experiment and EEG experiment,and the neurobiological evidence of whether there is significant difference between anchoring information from different sources and anchoring effect in financial fraud decision-making is considered.Finally,based on the theoretical research and empirical analysis results of the formation mechanism of anchoring effect in financial fraud decision-making,combined with the institutional background of China’s enterprise transformation,this dissertation puts forward the governance strategies of anchoring effect in financial fraud decision-making from the perspectives of supervision,enterprises and financial personnel themselves,so as to guide financial personnel to make correct financial decisions.