羊群效应理论及其对中国股市的现实意义  

Herding Theories and Its Realistic Significance to Chinese Stock Market

作　　者：吴福龙[1] 曾勇[1] 唐小我[1] 

机构地区：[1]电子科技大学管理学院,四川成都610054

出　　处：《预测》2003年第2期62-68,共7页Forecasting

基　　金：国家杰出青年科学基金资助项目(79725002)

摘　　要：从支付外部性、委托代理模型、信息学习模型以及实证性羊群效应四个方面回顾了国内外羊群效应文献,发现,国外对羊群效应的研究比较全面,得出了许多有用的结论。由于数据缺乏或者数据的难获取性,国内研究羊群效应的相关文献还较少,涉及的行为主体的类型比较单一,提出了将来研究的几个可能方向以及羊群效应理论对中国股市的现实意义。The paper makes a full review of most of the herding papers existed from four aspects: payoff externality, principalagent model, information cascades model and empirical herding. It finds that learners abroad have studied the herding phenomenon carefully and thoroughly and reached many practical and instructive results. Because of the lack of data and difficulty to access the data needed, the domestic learners made less study of the herding and the herding actors. Finally, it suggests some directions for further study in the future and points out that the herding theories are of realistic significance to Chinese stock market.

关 键 词：羊群效应 支付外部性 委托代理 信息学习 实证性羊群效应模型 

分 类 号：F830.91[经济管理—金融学]