Anchoring Effect In Individual Securities Investment Activities In China

This research will focus on below four facilities:government agencies, brokerage firms, listed companies and other network media through questionnaires. The design of the research is by contrasting the high anchor value with the low anchor value to collect individual investors’problem determination information under the influence of anchor change value.From the research, we can see that the impact of the anchor value increases on individual investors is generally larger than the anchor value reduced circumstances; secondly while government agencies play as a source anchor, the changes are minor for the individual investors compared to other anchor sources regardless of increase or decrease in government agencies; Thirdly younger or newly joined individual investors is relatively easy to be impacted by brokerage analysts while anchor value reduce; finally individual investors are more inclined to believe the information that is in line with its own prediction direction, and the expectation of individual investors in the stock is generally upward. Once anchors’ prediction direction of the change is in the same direction with anchor change value direction, it will produce a resonance effect that generates strong anchoring effect, which accelerates share prices rise.