中国证券市场机构投资者的羊群行为研究

“羊群行为”是金融市场上一个令人困惑的现象，长期以来，投资者的羊群行为一直被认为是导致股票市场剧烈波动和引发市场系统风险的一个重要原因。以往对美国金融市场的研究表明，机构投资者在进行投资时存在典型的羊群效应，而研究表明我国证券市场中机构投资者的羊群行为更加典型。对这个问题作一个文献综述，并在此基础上进一步作理论研究和政策分析。

Research on institution investor's herd behavior in Chinese securities market

Herd behavior is a bewildering phenomenon in the finance market.Investor's herd behavior was considered to be an important factor that continuously causes the stock market fiercely fluctuate and induce the system risk.The researches that people have already done on American financial market indicate that institution investors show typical herd effect,while Chinese institution investors' herd behavior is more typical.This article gives a summary of the researches.And based on the summary we make a theoretical research on Chinese financial market.