我国开放式基金投资从众行为的分析

摘  要

从众行为是证券市场中的常见现象，在中国这样的新兴市场更是普遍存在。近年来由于国内理财理念的迅速普及以及投资标的日新月异的发展，并且大多数人缺乏时间以及信息资讯来源，开放式证券投资基金已经越来越成为公众的投资选择。作为新兴的资本市场投资力量，开放式证券投资基金已经以它的规模性和专业性越来越大的影响到资本市场的稳定和中小投资者的利益。针对开放式基金从众行为的研究显然具有重大的意义。我国的开放式基金到底是否存在从众行为，从众行为的严重程度以及产生从众行为的原因和政策建议是本文阐述的重点内容。
本为以开放式证券投资基金为主要研究对象。全文分为三部分：理论综述、实证分析和原因分析。首先是对从众行为理论进行综述，包括从众行为的定义、特征、影响等，并对常见实证研究方法分别阐述，同时指出其优缺点。然后针对我国开放式基金是否存在从众行为进行抽样调查分析。最后剖析使得开放式基金存在从众行为的原因，提出一定的政策建议。
本文使用的是施东辉从众行为测度模型，对40只2012年样本基金第一季度从众行为度进行实证分析。结果是我国开放式基金中依然存在强烈的从众行为。
关键词：开放式基金；从众行为
ABSTRACT

Herd Behavior is a common phenomena of securities market, which widely exists in some developing markets like China. Recently with the rapid dissemination of domestic financing theory and the freshing development of Investment Objective, as well as the majority’s lack of information resources and time, opening security investment fund is becoming what most people are interested in. As the new investment enforce of capital market, opening security investment has influenced the stability and benefits of some investestor by its dimension and profession. It has significant meaning to study opening security investment and Herd Behavior. Does opening fund exist in China? How serious is the Herd Behavior? The reason why Herd Behavior exists and the policy suggestions of it. Those are the main problems I have to discuss in this article.
This article is about opening security investment fund. It can be divided into three parts: general discussion of theory, analyze of practical experiments and causes. First of all is the general summarize of Herd Behavior, including the definition, features and influence of it. Besides, it also elaborate the common practical study separately, and point out it’s advantages and disadvantages. Secondly, it did the spot check to discuss whether or not opening fund exists in China. Finally, it analyzed the reason why there is Herd Behavior exist in opening fund, and proposed some policy suggestions.
This article uses Herd Behavior estimate mode of Mr. Shi Dong Hui, analyed the herd behavior of 40 sample funds from season one. It turned out that there is a strong Herd Behavior exists in domestic opening fund.
 
Keywords：opening fund;  herd behavior

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