摘要
笔者以沪深两市定向增发的564家上市公司为研究样本,运用行为心理学中的锚定效应理论,对定向增发折扣率确定的过程进行了检验和解释。研究结果表明:上市公司定向增发折扣率的确定并非是一种完全理性的经济决策行为,而是以"初始的5家上市公司定向增发折扣率均值"和"截止前一组已经实施增发的所有上市公司定向增发折扣率均值"为基点,按照外部锚启动范式和内部锚启动范式进行定价决策,存在明显的锚定效应现象。
The paper tests and explores the the determination process of price discount rate by 564 sample of Private placement with an- choring effect theory. The results show that the managers of Chinese listed companies have made some irrational decisions and have ob- vious behavioral deviation influenced by ＂ Anchoring and Adjustments＂ when they determine the discount rate of private placement. Based on discount rate mean of private placement of the initial five listed companies（ experimenter-provided anchors） and discount rate mean of private placement of the former group in all listed companies（ self-generated anchors） , the managers set the price with an obvi- ous anchoring effect.
出处
《经济经纬》
CSSCI
北大核心
2012年第6期150-155,共6页
Economic Survey
基金
安徽教育厅人文社科重点项目(2011SK385ZD)
安徽省会计领军人才培养项目
关键词
定向增发
定价折扣
内部锚启动范式
外部锚启动范式
锚定效应
Private Placement
Pricing Discount
Experimenter-Provided Anchors Paradigm
Self-generated Anchors Paradigm
An- choring Effect
