中国机构投资者羊群行为实证分析

An Empirical Analysis on Herding Behavior of Chinese Institutional Investors

羊群行为作为机构投资者的有限理性行为,对证券市场的健康发展产生着重要影响。在国外证券市场上,机构投资者存在显著的羊群行为,中国证券市场上的机构投资者是否也存在羊群行为?通过对我国机构投资者———投资基金在股票交易中的羊群效应行为进行系统研究,发现羊群行为在投资基金间表现显著。

Herding behavior puts an important influence to the healthy development of security market, as a kind of institutional investors＇ limited rational behavior, institutional investors have remarkable herding behavior in the overseas security market, but does institutional investors have the herding behavior in China security market？ In this paper, the authors conducted the system research to our country＇s institutional investors - investment funds＇ herding behavior in the stock transaction, the result indicates that herding behavior displays remarkably between the investment funds.