基于行为金融理论的机构投资者羊群行为分析

Analysis of herding behavior of the institutional investors based on the behavioral finance theory

中国股票市场不完善,经常出现剧烈波动,投资者相互模仿的行为非常普遍,股市上跟风跟庄此起彼伏,齐涨齐跌的现象比比皆是。这种现象在行为金融理论中称为"羊群行为"。运用行为金融理论,对其羊群行为特征进行解释和分析,并提出相应对策建议,以促进中国基金业及股市的稳定健康发展。

Chinese stock market is not perfect, often volatile, investors mimic each other＇s behavior is very common, stock markets follow on one after another, snap up the alignment drop phenomenon abound. This phenomenon in the theory of behavioral finance known as ＂herd behavior＂. Using the theory of behavioral finance, on its interpretation and analysis of the characteristics of herd behavior, and to make appropriate proposals to promote the stable and healthy development of China＇s Fund induslry and the stock market.