基于复杂网络的私有信息共享对机构投资者羊群行为的影响  

The Impact of Private Information Sharing on Herd Behavior of Institutional Investors Based on Network

作　　者：刘新争[1] 高闯[2] LIU Xinzheng;GAO Chuang(Henan Normal University,Xinxiang,Henan,China;Capital University of Economics and Business,Beijing,China)

机构地区：[1]河南师范大学商学院,河南省新乡市453007 [2]首都经济贸易大学工商管理学院

出　　处：《管理学报》2022年第4期506-515,共10页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(18VSJ084)。

摘　　要：以2003~2019年中国A股上市公司为样本,从复杂网络视角探讨私有信息共享对机构投资者羊群行为的影响。研究发现:网络中的私有信息共享容易引发机构投资者羊群行为,尤其是买方羊群行为,这一作用在市场震荡期更明显;当公开信息质量更低、机构投资者信息收集能力更强时,私有信息共享对机构投资者羊群行为的影响更显著。进一步研究发现,私有信息共享所引发的机构投资者羊群行为提高了股价同步性,属于真羊群行为,信息共享并不能促进更多的私有信息融入股价。Using the data of A-share listed companies from 2003~2019, this study analyzes the influence of private information sharing on institutional investors’ herding behavior from the perspective of the network. The study finds that private information sharing in the network can lead to institutional investors’ herding behavior, especially the buyer’s herding behavior. This effect is more obvious in the period of market turbulence. When the quality of public information is lower and the information collection ability of institutional investors is stronger, the impact of private information sharing on institutional investors’ herding behavior is more significant. Further research shows that the herding behavior caused by private information sharing improves the stock price synchronization, which belongs to real herding behavior. Competition plays a significant mediating role, and private information sharing cannot promote more private information into the stock price.

关 键 词：机构投资者网络 私有信息共享 羊群行为 

分 类 号：C93[经济管理—管理学]