Research On Anchoring Effect Of Chinese Stock Market Anomaly

The Chinese stock market bears an important responsibility for the development of the socialist economy with Chinese characteristics.The effective and stable development of the stock market has far-reaching significance for China's socialist economic construction and development.As an intuitive indicator for researchers to observe the law of economic cycle changes,there is a very close relationship between stock price changes and macroeconomic fluctuations,which plays an important role in forecasting and warning of macroeconomic fluctuations.However,since the 1980 s,there have been many “price anomalies” in the stock market that cannot be explained by traditional financial theories,such as the mystery of equity premium,the mystery of volatility,momentum effect,scale effect,book-to-market ratio effect,Calendar effect and so on.Against the background of the "price anomalies" in the stock market in recent years,traditional financial theories based on rational people and market effectiveness have become increasingly questioned.The development of behavioral finance has led us to pay more attention to the psychological and behavioral research of individual stock market investment decision-makers.Some scholars have gradually begun to use the relevant theories of behavioral finance to explain related issues such as "price anomalies" in the stock market."Anchoring effect" is a classic theory of anchoring deviation in heuristic thinking in behavioral finance.Under the environment of imperfect two-way trading mechanism in China's stock market,which has non-effective characteristics and unreasonable investor structure and irrational behavior,From the perspective of anchoring effect,to study the causes of "price anomalies" in China's stock market,will help us to further understand the internal changes of China's stock market and investor behavior from a micro level,and further improve the basic system of the stock market to give investment Provide a good market environment,which is conducive to investors to identify irrational behavior in the stock investment process,adjust and optimize investment decisions.This article is written on the basis of mechanism analysis combined with empirical research.In terms of theory,first of all,the relevant literature on the three aspects of the anchoring effect,stock market price anomalies and investor sentiment is combed,and then the basic concepts and basic theories of the three are defined,and the anchoring effect of this paper is demonstrated through theoretical analysis."Anchor value"-the median monthly stock price,using the anchoring effect "ANCHOR" dynamic theory model to analyze the effect of the anchoring effect on China's stock market under the premise of stock market inefficiency and investors' limited rationality,causing "price differences" The action mechanism of "image" further raises the main issues studied in this paper.The anchoring effect will cause price anomalies in the stock market,and the relative position of the stock price and the mo nthly stock price median will have a positive feedback on the stock return rate.In addition,from the analysis of the relevant research results of the basic theory of behavioral finance and investor sentiment in the stock market,it is believed that the sentiment bias and cognitive bias exist in China's stock market at the same time,and investor sentiment has a significant impact on investors 'stock investment behavior,which further confirms,However,investor sentiment has an impact on the anchoring effect of the stock market.In the aspect of empirical research,by referring to the Fama-French three-factor model,we determine the control variables in this paper and design an empirical model.Then determine the two-way fixed effect model as the statistical model in this paper.Through the regression of "anchor value" and stock price,it is found that the anchoring effect will cause stock price anomalies.The relative position of the stock price and the monthly stock price median will affect the stock return rate.Into positive feedback.The investor sentiment factor is added on the basis of the original empirical data,and the full sample data and the segmented data are respectively regressed.The regression results confirm that the investor sentiment has a certain degree of influence on the level of the anchoring effect of the stock market.The positive feedback effect of the anchoring effect will be strengthened,and the negative investor sentiment is only manifested as a lower degree of positive feedback effect of the anchoring effect.Finally,the paper proposes suggestions from the perspective of the stock market system and investors' decision-making behavior,and further improves the market basic system,which provides new ideas for optimizing investment decisions.