关于非理性投资的研究论文

In recent years, on the non-rational investment behavior and the behavior of the crowd as a financial study of a hot topic, and the past two years, China's stock market triggered a further big ups and downs of the industry on the crowd of deep-level thinking. Scholars at home and abroad flock to conduct a great deal of research, but existing literature rarely flock of classified research. In order to more aptly describe the behavior of investors and more accurate understanding of the operation of the stock market, the paper will be divided into the crowd of true and false flock of sheep, from both theoretical and empirical research conducted. Theory, that this is really the crowd of private investors to give up personal information to others to imitate the acts clearly and act to follow, it is driven by psychological factors dynamic concept, the transaction is in the process of the sheep; pseudo - Herd behavior is that investors face problems similar to the decision-making, as have similar sets of information and to take similar actions, it is driven by the economic fundamentals of the static concept, in trading before the formation of the crowd behaviour. Empirical studies, the paper of China's stock market to the Shanghai and Shenzhen exchanges for study, select a sample during the past 10 years. First of all, on China's stock market sheep conduct empirical tests, China's stock market found that there was a significant crowd, and more significantly decreased during the period; Second, the use of the authenticity of the crowd of tests on the empirical study of China's stock market , The conclusion indicates that China's stock market there are significant really flock behavior and a certain degree of pseudo-sheep, really flock of sheep of more than pseudo-serious and more long-duration; Finally, our investors will be the authenticity of the sheep Group characteristics and performance of the stock market, compared to visually show China's stock market investors flock authenticity of the dynamic characteristics and found that the authenticity of the crowd behaviour and the strengthening of weakened and the market should be relatively short-term Change, and two Down in the period are even more serious degree. In this paper, in theory, from the level of information to be used, whether the economic fundamentals-driven static and dynamic three comprehensive perspective on the authenticity of the crowd behaviour was defined in the empirical aspects of the authenticity of the crowd behavior of the test method, Basic idea is the first stock capital gains rate for the decomposition of the company based on yield and market value of the trading in the market yield of two parts, and then combine HS flock of test model was tested in the authenticity of the sheep stock market Groups of ways.