CAJ | 학술논문

股市中羊群效应是股市投资者盲目跟风的非理性行为。严重的羊群行为会造成市场的“暴涨暴跌”现象。本文基于羊群效应测度模型，对2006—2014年的股市数据进行实证检验，研究发现沪深300股指期货的推出弱化了股市的羊群行为，对股市的平稳运行有很大的促进作用。相对于主板市场，股指期货的推出对中小板市场羊群行为的抑制作用较小。这一发现为股指期货的“稳定器”功能提供新的证据。
고시중양군효응시고시투자자맹목근풍적비이성행위。엄중적양군행위회조성시장적“폭창폭질”현상。본문기우양군효응측도모형，대2006—2014년적고시수거진행실증검험，연구발현호심300고지기화적추출약화료고시적양군행위，대고시적평은운행유흔대적촉진작용。상대우주판시장，고지기화적추출대중소판시장양군행위적억제작용교소。저일발현위고지기화적“은정기”공능제공신적증거。
Herd behavior is irrational for investors who blindly follow the trend of the stock market.Serious herding behavior may cause “spike”phenomenon in the stock market.Based on the measure model of Herding,this paper makes empirical testing on Chinese stock market from 2006 to 2014.It is found that CSI 300 stock index futures can weaken the herd behavior of the stock market and promote Chinese stock market operating smoothly.Compared to the main board market,stock index futures have less inhibitory effect on herd behavior of the small and medium-sized board,which provides new evidence for the “stabilizer”function of stock index futures.