摘要
在中国的股票市场中,中小投资者虽是弱势群体,但其数量却占了股市投资者总数的大部分,其投资行为将直接决定着大盘走势和股票市场的波动情况。文章借鉴传染病模型,建立金融市场上中小投资者羊群行为的多阶段模型,就金融市场信息的不对称性与投资者的认知水平等影响金融市场上中小投资者羊群行为的阶段行为特征进行了深入分析,并有针对性地提出相关建议。
In Chinese stock markets, although small and medium-sized investors are vulnerable groups, but the number of small and medium-sized investors is the majority of the total number of stock market investors, their investment behaviors will directly determine the general trend and fluctuation of the stock market. This paper reference Infectious disease model, and establish the small and medium-sized investors＇ multi-stage herding behavior model in financial market, and deeply analyze the different stage behavior characteristics of the small and medium-sized investors＇ herding behavior based on the impact of asymmetric information in financial markets and the level of investor awareness, and put forward relevant recommendations.
出处
《生态经济》
北大核心
2010年第5期38-43,123,共7页
Ecological Economy
基金
第42批中国博士后科学基金"外部性约束
认知偏差与中国农户贷款困境研究"(20070420480)
2009年江苏省软科学研究计划基金"江苏企业自主创新中的投资行为偏差及其风险研究"(SBR20090331)
2009年江苏省社会科学基金"中小企业融资困难研究"(09EYB010)
关键词
中小投资者
信息
认知水平
羊群行为
微分方程模型
small and medium-sized investors
information
cognitive level
herd behavior
differential equation model
