【作者】 王立民； 翟胜男； 季林凯；

【Author】 Wang Limin~1,Zhai Shengnan~2,Ji Linkai~3 (Dongling School of Economics and Management,University of Science & Technology Beijing, Beijing 100083)

【机构】 北京科技大学东凌经济管理学院金融系；

【摘要】 本文基于行为金融实验的方法,借助北京科技大学独立开发的大学生模拟股票交易平台和股票交易数据统计与分析系统,通过组织4组学生被试进行了9次模拟交易实验,用价格持续上涨或者下跌时股民的持股量的变化,从而来验证在股票市场中的羊群效应的存在。本文对比了各次模拟交易中股价变化趋势与股民持股量的关系,发现股价持续上涨或下跌时,大部分股民的行为一致;股价上涨时,多数股民持股量会减小;股价下跌时,多数股民持股量会增加,进而证明了市场中存在明显的羊群效应。更多还原

【Abstract】 Based on the experiment of behavioral finance,with the system of the simulation exchange and analysis of stock trading data,which independently developed by the Financial Engineering Laboratory of University of Science & Technology Beijing.We carried out 9 simulated trading experiments among four groups of students,and using the change of stock amount during the rise and fall period of prices to verify the existence of herding behavior in the stock market.This article compares the relationship between the price trend and investors stock amount of various simulated trading,finds that when the price continued to rise or fall,the behavior of the majority is the similar;when the stock price rise,most investors’ float fell;and when the stock price fall,most investors’ float increased,and then proves that there exists obvious herding behavior in the market.更多还原