财贸研究
財貿研究
재무연구
Finance and Trade Research
2012年
2期
108~114
,共null页
机构投资者 羊群行为 投资风险 投资回报率
機構投資者 羊群行為 投資風險 投資迴報率
궤구투자자 양군행위 투자풍험 투자회보솔
institutional investor; herd behavior; investment risk; return ratio of investment;
机构投资者的羊群行为对投资风险影响的实证分析结果表明： 机构投资者存在羊群行为,卖出羊群行为的程度大于买入羊群行为的程度,而且卖出羊群行为加大了投资风险、降低了投资回报率; 买入羊群行为减少了投资风险、提高了投资回报率。因此,加大监管机构投资者卖出羊群行为有利于降低投资风险,并促进证券市场稳定发展。
機構投資者的羊群行為對投資風險影響的實證分析結果錶明： 機構投資者存在羊群行為,賣齣羊群行為的程度大于買入羊群行為的程度,而且賣齣羊群行為加大瞭投資風險、降低瞭投資迴報率; 買入羊群行為減少瞭投資風險、提高瞭投資迴報率。因此,加大鑑管機構投資者賣齣羊群行為有利于降低投資風險,併促進證券市場穩定髮展。
궤구투자자적양군행위대투자풍험영향적실증분석결과표명： 궤구투자자존재양군행위,매출양군행위적정도대우매입양군행위적정도,이차매출양군행위가대료투자풍험、강저료투자회보솔; 매입양군행위감소료투자풍험、제고료투자회보솔。인차,가대감관궤구투자자매출양군행위유리우강저투자풍험,병촉진증권시장은정발전。
Empirical study of relationship between herd behavior of institutional investors and investment risks shows that degree of herd behavior of institutional investor in the process of selling shares is stronger than the process of buying shares.Herd behavior of institutional investor in the process of selling share not only enhances investment risk,but also reduces return ratio of investment.The herd behavior of institutional investors in the process of buying shares not only reduces investment risk,but also increases return ratio.Therefore,stronger regulation on the herd behavior of institutional investors in the process of selling share is helpful to reduce the variation of stock price and stabilize the security market in china.
