Research on Behavior Bias and the Correlation among Bias of Chinese Security Regulators

There is fewer literature study on behavior bias of China's securities regulators, less study on the correlation among bias. This article with the way of situational survey demonstrated that security regulators surely shows prior hypothesis bias, immediate gratification bias and the recallability bias. It has found that the common factor is the behavior bias when selecting information, and there is a close relationship with overconfidence. Based on the above statement and quantitative analysis of questionnaire data, it found the rate of overconfidence of regulators is higher than other managers, and there is correlation among the three bias, which is high positive correlation between prior hypothesis bias and immediate gratification bias and medium positive correlation between prior hypothesis bias, the recallability bias and immediate gratification bias. It shows the effects of systems to regulator and public concern about high performance under stressful conditions is dominated by subjective preferences and less respect for the objective conditions of behavior characteristics. This paper analyses and suggests path of regulatory missteps caused by overconfidence.