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羊群效应是行为金融学中用来描述金融市场中投资者从众行为的术语,源自于生物学中对动物聚群行为的研究。在证券市场诸多异象之中,当属“羊群效应”最为明显、典型。由于诸多原因,我国证券市场“羊群效应”更为严重。本文试对“羊群效应”的产生做简单介绍,从不同角度结合我国特殊国情对产生这一现象进行解释,并提出一些简单的对策。
The herding effect is a term used in behavioral finance to describe the behavior of investors in financial markets. It comes from the study of animal agglomeration in biology. Among the many anomalies in the stock market, the “herding effect” is the most obvious and typical. Due to many reasons, the stock market “herding effect ” is even more serious in our country. In this paper, I give a brief introduction to the production of “herd effect”, interpret the phenomenon from different perspectives in combination with China’s special national conditions and put forward some simple countermeasures.