| 基于我国证券市场羊群行为的宏观与微观策略 |
| |
| 引用本文： | 唐莉,张宗成.基于我国证券市场羊群行为的宏观与微观策略[J].当代经济科学,2006,28(3):77-84. |
| |
| 作者姓名： | 唐莉 张宗成 |
| |
| 作者单位： | 1. 西安交通大学,经济与金融学院,陕西,西安,710061
2. 华中科技大学,经济学院,湖北,武汉,430074 |
| |
| 摘 要： | 证券市场的羊群行为是指投资者在证券投资中模仿其他投资者决策,在股票价格波动中追涨杀跌的行为.导致我国证券市场羊群行为的原因包括宏观和微观两个层面.为此,本文从宏观和微观两个层面提出抑制羊群行为的相应策略,即培育市场理性与培育理性投资主体两项对策.具体包括:完善信息披露制度;改善证券市场供求关系;完善合理的交易制度;规范证券公司"信息串联"行为;培育理性投资者等.以此来实现改善上市公司的信息披露质量,促进证券市场效率,以减轻羊群行为之害.
|
| 关 键 词： | 证券市场 羊群行为 信息披露 理性投资者 机构投资者 |
| 文章编号： | 1002-2848-2006（03）-0077-08 |
| 收稿时间： | 2005-11-24 |
| 修稿时间： | 2005年11月24 |
Toward Macro and Micro Strategies Based on Herd Behavior of Securities Market in China |
| |
| TANG Li,ZHANG Zong-cheng.Toward Macro and Micro Strategies Based on Herd Behavior of Securities Market in China[J].Modern Economic Science,2006,28(3):77-84. |
| |
| Authors: | TANG Li ZHANG Zong-cheng |
| |
| Abstract: | Herd behavior of the securities market means that investors follow others in decision-making.There are two levels of causes of herd behavior in China securities market,macro and micro.This article proposes two strategies to restrain herd behaviors: cultivating rational market and rational investors.Detailed measures include improvement of information disclosure,amelioration of demand and supply,improving information cascade and cultivating rational market and rational investors to meliorate information disclosure,promote market efficiency,and lighten the danger of herd behavior. |
| |
| Keywords: | Securities market Herd behavior Information disclosure Rational investors Institutional investors |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
|
