中国科学院心理研究所机构知识库

资本市场中投资者的羊群行为是资本市场上的一种典型现象,它是指在不确定情境中,投资者在相同时间段内模仿他人进行投资决策的行为。通过比较羊群行为与从众行为发现,两者存在本质区别。目前,大量研究从社会影响、认知机制以及进化机制三个方面深入分析羊群行为的形成原因。此外,研究还发现,情境的不确定性、市场环境、群体内部一致性程度、个体的情绪与动机对投资者的羊群行为都会产生一定的影响。在总结相关研究后发现,羊群行为具有其自身独特的信息加工模式。未来关于羊群行为的研究应该从探索专家羊群行为的信息加工方式,提高研究的外部效度,探索认知神经机制,进行跨文化研究和探讨羊群行为与人格之间的关系等五个方面展开。

The herd behavior acted by investors is a typical phenomenon in capital market.It refers to the behavior that a decision-maker follows others＇ investment decision at the same time under the uncertain situation.By comparing,it has been found that the herd behavior is different from the conformity in essence.A great number of researches have been done to explore the reasons of herd behavior from three aspects which are social influence,cognitive mechanism of investors and evolution mechanism.In addition,some factors like uncertainty,investment environment,degree of group consistence,and individual emotion and motivation may influence the herd behavior as well.According to the prior research,herd behavior has its own unique information processing model.Moreover,future research on herd behavior should focus on the following five aspects,which are tracing the information processing model of professionals,improving the external validity of research,exploring the neural cognitive mechanism,carrying out cross-cultural research and seeking the relationship between the herd behavior and personality.