Study On The Causes Of Anchoring Effect With A Demonstration Analysis On The Corporate Governance

With the continuing development and improvement of the theoretical system of economics and with the deepening and expansion of the modern capital market, traditional finance theories have no longer corresponded to the current phenomenon of a variety of financial realities. Furthermore they may be on a collision course in some parts. Therefore Behavioral Finance, as a new branch of theory and subject, has been more and more spoken of by academician. Also there are many studies on this kind of "market anomalies" from this viewpoint. However, nowadays most of the domestic theorists just focus their view on reaching a conclusion to a specific heteromorphism whether it exists or not. They have not made a profound analysis of problem in terms of investors'psychology and decision-making features. In this thesis, I want to aim at one important branches of Behavioral Finance, Anchoring Effect, and make a comprehensive and systematic research.Anchoring Effect, which means people get used to predict events according to preliminary information when they live, invest or make decision. It is to say that if we want to estimate a particular case, we should be apt to find a beginning or reference point firstly, considering the other information after that. Then we may adjust our initial decision through possibly-given feedback and acquire the eventual solution at last. But we have to point out that it is tend to bring out bias and problems of one kind or another in this process of adjustment.Both theorists and practitioners in our country so far haven been very little involved in this part of content. The characteristics of this thesis are to begin from the perspective of cognitive psychology and to research the internal mechanism and principles of Anchoring Effect first of all. Then I want to inspect and verify whether we Chinese have clear Anchoring Effect when we are subjects under the Chinese culture background because this cross-cultural universality and consistency of psychological phenomenon have an important significance to our domestic research. Then I pay my attention to the "Anchors" and anatomize the difference and features between the self-generated anchors and experimenter-provided anchors. Finally I will make a relatively simple empirical analysis to illustrate that the "Anchoring Effect" is more like a basic analytical tools instead of a mental activity and it can be used as means to explain many kinds of anomalies in our capital market.