Do Goals Determine Success? The Anchoring Effect In Chinese Commercial Bank's Waelth Management Products

Since the launch of the personal wealth management business of commercial banks in China,the market of bank wealth management products has maintained rapid development.Many banks have introduced various of wealth management products for investors to choose.China's wealth management business started late but developed rapidly,thus will bring about various problems.In recent years,many bank wealth management products have experienced ?zero gain? and ?negative gains?,which has made investors feel uneasy.Different from the uncertainty of the stock market,the wealth management products issued by the banking institutions trusted by the public can‘t achieve the expected benefits,and even lose money.Since then,the issue of uncertainty about risks and returns has received widespread public attention.Regarding the research on the influencing factors of the actual income of wealth management products,many scholars have found that macroeconomics and the characteristics of wealth management products will affect them.However,the expected return of wealth management products will also refer to the characteristics of wealth management products,but the actual income cannot meet expectations after maturity.Are there other factors besides the existing factors affecting the profitability of bank wealth management products? This is a topic of great concern to investors and market regulation.Based on this,this paper research about the influencing factors of the actual income of commercial bank wealth management products from the perspective of behavioral finance.This paper tests whether the anchoring effect affects the actual income by analyzing whether the wealth management product manager will be affected by the anchoring effect in the decision-making process.This paper takes the wealth management products issued by domestic Chinese commercial banks in 2004-2011 as the research objects.According to the definition of anchor type,this paper takes the expected income of wealth management products as the self-generated anchors and takes the actual income of wealth management product issued by reference bank as experimenter provided anchors to examines whether the actual income of commercial bank wealth management products is affected by the anchoring effect.The results show that the anchoring effect is an important factor affecting the actual income of commercial banks' wealth management products.When there are only self-generated anchors in the decision-making context,the actual income of the wealth management product will be affected by the self-generated anchoring effect,and the time interval has a negative adjustment effect on the self-generated anchoring effect;When there are experimenter provided anchors in the decision-making context,the actual income of the wealth management product will be affected by experimenter provided anchoring effect,and the manager's knowledge has a negative adjustment effect on the experimenter provided anchoring effect;When both the self-generated anchors and the experimenter provided anchors exist,the experimenter provided anchoring effect will weaken the self-generated anchoring effect,because the expected return is extremely large.If a smaller expected income sample is selected,the self-generated anchoring effect will be stronger than the experimenter provided anchoring effect.