A Study of"Ponzi Scheme"from the Perspective of Behavioral Finance——A Case Study of"Financial Tea"in Fangcun,Guangzhou
The Ponzi scheme is an illegal fundraising activity with a negative social impact and repeated bans.On December 12,2023,a news story about the collapse of Guangzhou Fangcun's"financial tea"surged on the hot search.This is not the first"financial tea"collapse that occurred in Fangcun,Guangzhou.Guangzhou Fangcun's"Financial Tea"has been defined by the local authorities for illegal fundraising as a new type of"Ponzi scheme".Based on the perspective of behavioral finance,this study takes the"Financial Tea"collapse event of Guangzhou Fangcun Changshi Tea Company as an example,and applies behavioral finance theory to analyze the problems in the"Ponzi scheme".The conclusion is drawn:firstly,anchoring effect;secondly,bounded rationality herding behavior;thirdly,overconfidence tendency towards excessive trading;fourthly,casino fund effect under psychological account.Preventive measures include:firstly,at the government level,improving the mechanism for handling non government cases and strengthening investment risk publicity;Secondly,at the social and market levels,promote the construction of social credit and guide enterprises to operate with integrity;Thirdly,at the investor level,enhance financial literacy.
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