金融市场中羊群行为的成因及控制对策研究

金融市场的羊群行为是一种非理性的行为，对于的投资的效用和整个市场的稳定都产生消极的作用。研究羊群行为成因可使得我们对症下药，找到相应的控制方法。本研究了促使羊群行为产生的因素，包括：通过人群沟通产生的传染、信息的不确定性、信息成本高以有对于声誉和报酬的考虑。最后，本从投资和市场监管部门的角度研究了控制羊群行为的对策。

Research on the Causes and Control Methods of the Herd Behavior in Financial Markets

The herd behavior is one of the irrational behaviors in financial market. It has negative effects on the utilities of the investors and the stablity of the whole market. The research into the causes of the herd behavior can teach us how to control the negative impact of the herd behavior. This paper investigates systematically the causes of the herd behavior that include the contagion by the communication of the group, the uncertainty of the information, the high cost of the information inquiry and the demand for reputation and repayment. Finally, this paper focuses on the controlling methods of the herd behavior both on the behalf of the investors and the supervisor.