中国机构投资者羊群行为实证分析

An Empirical Analysis on the Herding Behavior of Chinese Institutional Investors

羊群行为作为机构投资者有限理性行为,对证券市场的健康发展有着重要影响。在国外证券市场上机构投资者存在显著的羊群行为,而中国证券市场上的机构投资者是否也存在羊群行为呢?对中国机构投资者——投资基金在股票交易中的羊群效应行为进行了系统研究,结果发现羊群行为在投资基金之间表现显著。

As a kind of institutional investors＇limited rational behavior, herding behavior has important influences on the healthy development of the security market. Institutional investors have remarkable herding behavior in the overseas security market. Whether institutional investors in Chinese security market have the same behaviors？ In this paper, to Chinese institutional investors - systematic researches on herding behavior of them are conducted by the authors, and the results indicate that herding behavior displays remarkably between the investment funds.