我国股市模仿投资行为的理论分析

行为金融理论是证券市场的最新理论,它运用社会学、心理学和经济学原理来研究股市的实际投资行为。本文运用行为金融理论对我国股市模仿投资行为进行了分析,认为我国股票市场是一个新兴股市,不论是机构投资者还是个人投资者都存在不同程度的模仿投资行为,在模仿投资行为形成过程中,信息传递机制起着重要作用,使我国股票价格经常出现异常波动甚至产生股市泡沫。文章提出,为遏制模仿投资行为,必须改善股票市场结构,完善市场机制,大力培养和发展机构投资者;加快股市相关制度创新,完善有关证券市场的法律法规;开展投资者教育,把理性投资者培养成市场主导力量;加大投资工具创新力度,增加投资品种。

Theoretical Research on lmitating investment Behavior in China''''s Securities Market

The authors apply behavior financial theory to the research of imitating investment in Chinese stock market, and point out that the information transmission mechanism plays an important function in imitating investment,which causes the price of stocks fluctuate drastically and even leads to the "stock bobble".Then the authors suggest that in order to put down the imitating investment,measures should be taken to better the structure of the stock market,to develop institutional investors,to speed up the innovation of institutions and perfect the system of laws and decrees regulating the stock market, to educate investors, and to encourage the innovation of investment tools.