资本市场锚定效应的实证方法及检验

Empirical methods and tests for the anchoring effect in capital market

本文简要总结了资本市场中锚定现象的特征,探讨了对锚定实证的方法,并以我国实行询价制5年来上市公司IPO定价中的锚定效应为例进行了实证,发现我国中小板与创业板上市公司IPO定价对市盈率、市净率的锚定效应明显,但两板块锚定目标有差异,中小板紧密锚定于市盈率,而创业板紧密锚定于市净率。

The paper describes the characteristics of anchoring phenomena in capital market,and discusses common methods used in empirical study.Then,the author conducts empirical tests on anchoring effect in IPO progress in recent five years with listed companies＇ IPO pricing data,finds that there do have significantly anchoring effect in Small Plate and Growth Enterprises Market,this research also shows that the Small Plate＇s IPO pricing anchor is more closer on PE than on PB;on the contrary,GEM＇s anchoring target is tightly on PB.