互联网金融产品的复杂度、佣金水平与市场的羊群效应  

Complexity, Commission and Market Herd Behavior of the Internet Financial Products

作　　者：周耿[1] 范从来[1] 

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《当代财经》2016年第3期43-53,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金资助项目(71002028);中央高校基本科研业务费专项资金资助项目(010414380001)

摘　　要：通过500.com互联网金融平台大数据来探讨互联网金融市场产品的羊群效应及其调节机制,可以发现金融产品的复杂度对羊群效应的强弱存在影响,而这种影响的方向受到佣金水平的调节:当金融产品佣金水平较低时,产品越复杂,羊群效应越强;相反,当金融产品佣金水平较高时,产品越复杂,羊群效应越弱。This paper makes use of the big data from the Internet financial platform of 500.com to explore the herd behavior and the adjusting mechanism of the Internet financial market products.The findings indicate that the complexity of financial products can influence the degree of the herd behavior, and the direction of the influence is subject to the adjustment of the commission; when the commission of the financial products is lower, the more complex the products, the stronger the herd behavior will be; on the contrary, when the commission is higher, the more complex the products, the weaker the herd behavior will be.

关 键 词：互联网金融 产品复杂度 佣金水平 羊群效应 

分 类 号：F830.9[经济管理—金融学]