突出性思考与封闭式基金投资者锚定效应  

Salient Thinking and the Anchor Effect of Closed-End Fund Investors

作　　者：李学峰 毕谋奇 LI Xue-feng;BI Mou-qi(School of Finance,Nankai University)

机构地区：[1]南开大学金融学院,天津300350

出　　处：《当代金融研究》2023年第8期47-60,共14页Journal of Contemporary Financial Research

基　　金：国家社会科学基金项目“中国契约型证券投资基金治理问题研究”(20FJYB016)。

摘　　要：已有研究证实投资者存在锚定效应,但对锚定效应内在机理的探究稍显不足。本文基于突出性理论,通过理论推导证明突出性思考和锚定效应的关系,进而对我国封闭式基金投资者锚定效应与突出性思考的关系进行实证检验。研究发现:突出性思考是锚定效应产生的原因,封闭式基金锚定比率突出性程度越高,投资者采取买卖行为的概率将会越大;当封闭式基金具有突出的高锚定比率时,会激励投资者卖出基金,反之则会激励投资者买入基金。Existing studies confirm or default that investors have an anchoring effect,but there is a lack of research on the inner mechanism of anchoring effect.Based on the salient theory proposed by Bordalo et al.(2012),this paper proves the relationship between salient thinking and anchoring effect by theoretical derivation,and then takes the data of closed-end funds in China from July 1,1998 to December 31,2022 as samples to reveal the relationship from the perspective of empirical research by building a Logit model and a fixed effect model.We found that salient thinking is the inner mechanism of anchoring effect,the higher the salient degree of the anchoring ratio of closed-end funds,the higher the probability of investors taking buying or selling behavior.When the closed-end fund has a salient high anchor ratio,it will motivate investors to sell.When the closed-end fund has a salient low anchor ratio,it will motivate investors to buy.Monte Carlo simulation supports the conclusion.Based on this,the article puts forward the insight of the research.

关 键 词：锚定效应 突出性思考 封闭式基金 

分 类 号：F832.5[经济管理—金融学]