机构投资者的羊群行为能降低投资风险吗?——来自中国上市公司的证据  

Does Herd Behavior of Institutional Investor Reduce Investment Risk? Evidence from Listed Company in China

作　　者：申尊焕[1] 龙建成[1] 

机构地区：[1]西安电子科技大学,陕西西安710071

出　　处：《财贸研究》2012年第2期108-114,共7页Finance and Trade Research

基　　金：教育部人文社会科学研究项目"机构投资者治理的理论分析与实证检验"(09XJA790008)

摘　　要：机构投资者的羊群行为对投资风险影响的实证分析结果表明: 机构投资者存在羊群行为,卖出羊群行为的程度大于买入羊群行为的程度,而且卖出羊群行为加大了投资风险、降低了投资回报率; 买入羊群行为减少了投资风险、提高了投资回报率。因此,加大监管机构投资者卖出羊群行为有利于降低投资风险,并促进证券市场稳定发展。Empirical study of relationship between herd behavior of institutional investors and investment risks shows that degree of herd behavior of institutional investor in the process of selling shares is stronger than the process of buying shares.Herd behavior of institutional investor in the process of selling share not only enhances investment risk,but also reduces return ratio of investment.The herd behavior of institutional investors in the process of buying shares not only reduces investment risk,but also increases return ratio.Therefore,stronger regulation on the herd behavior of institutional investors in the process of selling share is helpful to reduce the variation of stock price and stabilize the security market in china.

关 键 词：机构投资者 羊群行为 投资风险 投资回报率 

分 类 号：F832[经济管理—金融学] F224