摘要
羊群效应不利于市场发现其公允的价格,导致市场异常波动,影响市场良性稳定发展。本文基于羊群效应测度模型,对2013—2015年的上证180指数及构成上证180指数样本股进行实证检验,发现我国股票市场在下跌时期,出现羊群效应。针对该现象,我们建议:监管机构应规范信息披露制度,增加市场透明度,降低信息获得成本,减少信息不对称;与此同时,通过开展投资教育等方式,教育投资者进行理性投资,提高投资者专业素质;当市场出现非理性崩盘时,政府也应适当救市,以保持股票市场良性稳定发展。
Herding effect is not conducive to fair market price discovery and may lead to abnormal market fluctuations,hindering the market healthy and stability. This paper adopts the methodologies of Christie and Huang（1995）（CH）and Chang et al.（2000）（CCK）to detect whether herding effect of different levels exists in the China stock market based on the daily closing prices of the China individual stocks that comprise the Shanghai Stock Exchange 180 Index. The results suggest that herding effect can be found in down market. For this phenomenon,we suggest that：Firstly,regulators should standardize the information disclosure requirements,increase market transparency and reduce information acquisition costs,and then reduce information asymmetry;Secondly,the government also should help investors to make rational investment decisions by providing investment education,and to improve investors′ professional investment qualities;Finally,government should provide some bailouts,when there is irrational market collapsed,to maintain the market healthy and stability.
出处
《南开经济研究》
CSSCI
北大核心
2016年第1期144-152,F0003,共10页
Nankai Economic Studies
