欠发达金融市场中羊群效应的理性模型  

Rational Models of Herd Behavior in Developing Financial Markets

作　　者：胡宇波[1] 张定胜[1] 

机构地区：[1]中央财经大学中国经济与管理研究院,北京100081

出　　处：《中北大学学报（社会科学版）》2011年第1期36-40,共5页Journal of North University of China：Social Science Edition

摘　　要：理论研究表明,发达金融市场的多维价格机制能够有效地防止羊群效应发生。本文基于欠发达市场的实际情况,建立了两个理性模型。最终证明当存在大量投机者且不能做空,或资本市场价格对资产价值存在正反馈时,市场价格机制的作用会被抵消,羊群效应随即发生,形成资产泡沫。The herd behavior literature proved that the multi-dimensional price mechanism of developed financial markets could effectively prevent the occurrence of herd behavior. Based on the actual situation of developing markets, this paper built two rational models. Finally, the paper proves that the effects of price mechanism are invalid, herd behavior occurs, and asset bubbles are formed if there are a lot of speculators who cannot short sale or there is a positive feedback from the market price to asset value.

关 键 词：羊群效应 欠发达金融市场 投机者 做空 价值反馈 

分 类 号：F830[经济管理—金融学]