上海证券市场追风行为影响因素研究

Research on the Influencing Factors of Herd Behavior in the Shanghai Stock Market

作为西方金融理论与证券市场研究的一个新热点 ,追风行为在我国近年不成熟的、过度投机的证券市场中更是尤为多见 .本研究采用编制的《证券投资者决策影响因素调查表》 ,根据简单随机抽样方法现场调查上海市的实际证券投资者 ,对回收的有效问卷的数据进行统计处理 ,得出影响投资者追风决策的主要影响因素 ,并对其涵义进行了探讨与分析 .

Herd behavior is quite popular in stock markets,especially in domestic immature stock markets with the characteristic of over-speculation.Since 1980s,herd behavior is now emerging as a new hot topic of the financial theories,it also has become an important aspect of Behavioral Finance-a new subject in financial researches.With the questionnaire'The Investigation for the Influencing Factors of the Stock Investors in Shanghai Stock Market',200 random selected investors is investigated in Shanghai.6 main factors influencing the herd behavior of those were gotten by the statistic method of Factor Analysis in this research.