民族地区公司财务违规的锚定效应——基于南北文化差异的调节作用

The Financial Irregularities’ Anchoring Effect of the Companies in the Ethnic Minority Areas——Based on the Moderating Effect of the Cultural Difference between North and South

基于2011~2019年民族地区上市公司数据,验证了连锁董事网络中财务违规行为中锚定效应的存在,并分析了南北文化差异对锚定效应的影响。研究结果发现,联结公司上年财务违规行为是民族地区上市公司本年财务行为的锚值,南方民族地区上市公司与联结公司财务违规行为之间的锚定效应更为明显。进一步研究发现,联结公司财务行为稳定性越强,锚定效应越强。

Based on the data of listed companies in ethnic minority areas from 2011 to 2016, this paper verified the existence of anchoring effect in financial irregularities through interlocking director network, and analyzed the influence of cultural differences between north and south on anchoring effect.The results show that the financial irregularities of the interlocked companies in the previous year are the anchor of the financial behaviors of the listed companies in the ethnic regions, and the anchoring effect in the southern ethnic regions and the affiliated companies is more obvious.Further research shows that the stronger the persistence of the financial behavior of the interlocked company, the stronger the anchoring effect.