关于我国投资者从众行为的实证研究

由于广大投资者的行为决策与心理因素密切相关，因而深入分析从众行为对于投资决策的影响．对于推动我国证券市场健康发展以及促使投资者形成理性投资决策具有重要的现实意义。本研究发现：我国投资者从众行为的特征差异可以从信息权威性、关系亲密性、环境一致性、团组压力性、知识充分性、情绪稳定性、专注耐心性、信息敏感性这八个因素进行分析；投资者可分为“从众追风型”、“环境适应型”以及“独立稳定型”三类。

An Empirical Study on the Herd Behavior of Chinese Securities Investors

Because the herd behavior of Chinese security investors has mush to do with the economic efficiency of the securities market, a research on herd behavior characteristics and group classification by statistical analysis will be of great practical importance to the promotion of the sound development of Chinese securities market. By empirical research, the anther has discovered that the characteristic differences of securities investors can be analysed in terms of eight elements and investing groups can be divided into three types.