我国股票市场羊群行为成因及其抑制

传统的金融学研究大多是以有效市场假说为前提的，但是后来大量的实证研究充分的证明了股票市场中确实存在非理性的行为，于是新的研究热点集中在了行为金融学领域，而对羊群行为的研究就是其中之一。羊群行为是指市场参与主体在信息不确定的情况下，其行为受到其他参与者的影响，模仿他人抑或过度依赖舆论而不考虑自己的信息的行为。本文主要是从理论上对羊群行为的产生原因进行了种种探索性研究，着重对我国证券市场羊群行为的自身独特原因进行了剖析并给出抑制措施。

关键字：股票市场；羊群行为；成因和抑制措施
The Causes and Controling Strategies of Herding Behavior in China’s Stock Market

Abstract

The traditional finance studies are mostly based on the efficient market hypothesis premise, while later many empirical studies proved sufficiently that there do exist irrational behavior in the stock market.After that,new research begin to focus on the field of behavioral finance, and the research of herd behavior is one of them.       Herd behavior refers to a behavior that the market participants when under uncertain information, their behavior are influenced by other participants, and imitate others or excessively depend on public opinion without regard to their own information . This article is mainly  discussed about the causing of herd behavior theorically,and focus on the herd behavior of securities market in China considering its own unique reasons .and at last gives the restraining measures.

Key words:stock market;herding behavior;causing and controling strategies

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