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中国管理科学

中国管理科学 ›› 2008, Vol. 16 ›› Issue (5): 134-140.

• 论文 • 上一篇    下一篇

基于调查与实验的个体投资者羊群行为研究

谢晔1,2, 文凤华3, 杨晓光2,4   

  1. 1. 北京城市学院经济管理学院, 北京100083;
    2. 中国科学院研究生院管理学院, 北京100080;
    3. 长沙理工大学经济学院, 湖南长沙410076;
    4. 中国科学院数学与系统科学研究院, 北京100080
  • 收稿日期:2008-01-30 修回日期:2008-09-26 出版日期:2008-10-31 发布日期:2008-10-31
  • 作者简介:谢晔(1977- ),男(汉族),江西南昌人,北京城市学院经济管理学院讲师,研究方向:行为金融.
  • 基金资助:

    国家自然科学基金资助项目(70425004,70221001,70701035)

Studies on Individual Investor’s Herd Behavior by Questionnaires and Experiments

XIE Ye1,2, WEN Feng-hua3, YANG Xiao-guang2,4   

  1. 1. School of Economics and Management, Beijing City University, Beijing 100083, China;
    2. Management School, Graduate University of CAS, Beijing 100080, China;
    3. School of Economics, University of Science and Technology of Changsha, Changsha, Hunan 410076, China;
    4. Academy of Mathematics and Systems Science, CAS, Beijing 100080, China
  • Received:2008-01-30 Revised:2008-09-26 Online:2008-10-31 Published:2008-10-31

PDF (PC)

1792

被引次数

30

摘要： 本研究使用调查法和实验法从微观角度研究个体投资者的心理和行为特征,重点研究投资者的羊群行为。研究发现,个体投资者的羊群行为因为个性特征和个人背景而异:自我效能感高、长线投资者的羊群行为表现较弱,羊群行为在投资经验上差异显著,在做出购买决策时比做出卖出决策时羊群行为表现更为明显,而且购买时的羊群行为、敢为性和独立性可以预测投资者的投资绩效。通过实验没有发现信息因素、自我效能感因素对羊群行为存在显著的主效应,但信息因素、自我效能感因素对投资者的投资绩效存在显著的主效应。

关键词: 羊群行为, 行为金融, 投资者调查, 行为实验

Abstract: The paper studies the individual investors' psychological and behavioral features from microcosmic points of view by questionnaires and experiments,emphasizing on the herd behavior. The results show that the degree of individual investors herd behavior is different due to investors personality characters and personal backgrounds:high self-efficacy and long-term investors have less herd behavior;the difference of herd behavior is significant among the investors with different investment experiences;and there are more herd behavior when investors purchase stocks than when they sell stocks. Moreover,the herd behavfor in purchasing,adventurousness and independent personality have some predicting powers for the investors'performance. Through the experiment we do not find significant evidence that information factor and self-efficacy factor influence the investors'herd behavior,but the two factors influence the investors' performance significantly.

Key words: herd behavior, behavioral finance, investor questionnaire, behavior experiment

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