Research On Anchoring Effect In The Establishment Of Corporate Budget Objectives

The Nineteenth Congress proposed to establish a standard scientific budget system.In 2014,the Ministry of Finance formulated and issued the "Guiding Opinions on Comprehensively Promoting the Construction of Management Accounting System" and proposed the overall goal of establishing a management accounting system with Chinese characteristics.From 2016 to 2018,the Ministry of Finance successively issued the "Basic Guidelines for Management Accounting" and the "Guidelines for the Application of Management Accounting" to further promote the in-depth application of management accounting,especially budget management,in enterprises,and improve the application level of management accounting tools in China.Realize "three to one,one reduction and one supplement" to enhance the competitiveness of Chinese enterprises in the new normal economic situation.The primary task of budget management is budgeting,and the starting point and key point of budgeting is the formulation of budget targets.The formulation of budget goals is the embodiment of corporate goals or strategic intentions.It is the standard for the implementation of budgets in the future and the standard for assessing performance.The standard science is directly related to the success or failure of budget management.The degree of completion determines the organization's operating status and performance.With the economic interests of all employees,it is of practical and practical value to study the formulation of budget targets for Chinese enterprises to improve the budget management level of China.However,the existing research shows that the effect of corporate budget management in China is not good,the maturity of corporate budget management is not high,and the budget objectives are susceptible to subjective experience.There is still a gap between the requirements of the "standard science" proposed by the 19th National Congress.Psychological research has found that people will exhibit irrational characteristics when making decisions,especially under uncertain conditions.There are "anchoring effects" in the irrational characteristics of decision makers,that is,in the process of judging and making decisions in things.The influence of information causes the estimate to deviate and approach the previous informationThe article uses hand-collected data from manufacturing enterprises in Shanghai and Shenzhen to test the rationality of manufacturing enterprises that represent the advanced level of Chinese enterprise budget management in budget management decisions,that is,to examine the science of Chinese enterprises in setting budget targets(standards).Sexuality,whether there is an "anchoring effect" in the process of formulating the budget target of listed companies,revealing the influencing factors of the anchoring effect and the economic consequences,and then exploring ways to reduce the anchoring effect in the formulation of budget targets.The innovations of the research are as follows:(1)Applying the "anchoring effect" theory in psychology to the research of enterprise budget management theory,revealing the irrational decision-making behavior in the process of formulating enterprise budget goals,and realizing the theory of enterprise budget management and The intersection of psychological theory has enriched the theoretical system of budget management.The study found that there is a general anchoring effect in the budget decision-making of listed companies in China.The research findings suggest that there is still a large gap between the requirements of the budget management practice of Chinese enterprises and institutions and the requirements of the 19th National Congress,and the government and other relevant departments still need continuous attention and advancement.(2)In order to deeply reflect the differences in anchoring effects of different enterprises,the paper conducts group tests from the perspective of enterprise nature and environmental uncertainty,and finds that state-owned enterprises and environmentally uncertain enterprises have obvious irrational characteristics and are affected by anchoring effects.More significant,the research finds that if we want to really improve the budget management level of state-owned enterprises,we should focus on exploring the deep institutional factors that restrict the rational decision-making of state-owned enterprises.At the same time,we should expand the macroeconomic extension of the forecasting link before the budget target is formulated and strengthen the modeling of scenario simulation..(3)Further research from the characteristics of managers and the economic consequences of anchoring effects found that the anchoring effect of the chairman with a financial background is more obvious;the enterprises with obvious budget anchoring effects have higher real earning management levels.The research findings suggest that enterprises should establish a check and balance mechanism for managers to improve the governance ability of the board of directors,and prevent individual managers from having "absolute voice" when formulating budget targets.At the same time,pay attention to enterprises and managers with anchoring effects on budget targets."Playing digital games." Strengthen the supervision of corporate financial reporting,curb earnings management practices,and foster a healthy capital market culture.The structure of the article is as follows:The first part is the introduction,the research question is put forward,and the innovation point and research significance are pointed out.The second part is the literature review,from the anchoring effect,the budget goal and the anchoring effect in the budget target formulation.The third part is the theoretical analysis and research hypothesis,the theoretical exploration of the existence characteristics of the anchoring effect and the difference characteristics in the grouping situation;the fourth part is the research design,including the data source,variable selection and measurement,and research steps.The fourth part is the empirical test results and analysis.The data is analyzed and processed by descriptive statistics,T test and multi-collinearity test.The research hypothesis is verified by multiple regression models and the data support is provided for the conclusion.The sixth part is Further research,from the perspective of managerial characteristics,how to reduce the impact of anchoring effect;the seventh part is the extended test to explore the economic consequences brought by the anchoring effect;the eighth part is the test of robustness;the ninth part is the conclusion and suggestion.