本文分析了短期行为的两种类型:搜集短期信息行为和短期交易行为。前者主要由最终资产不确定性以及委托-代理关系中信号传递引起,并导致了搜集短期信息的羊群行为;后者主要由短期价格变动以及最终资产价值不确定性引起:短期价格变化幅度越大,最终资产价值风险越大,短期交易行为越显著。最终对这两种短期行为提出了具有建设性的对策。 This article analyzes two types of short-term behavior: collecting short-term information and short-term trading behavior. The former is mainly caused by the uncertainty of the final asset and signal transmission in the principal-agent relationship and leads to the herd behavior of collecting short-term information. The latter is mainly caused by the short-term price change and the uncertainty of the final asset value: the short-term price change range Large, the greater the value of the final asset risk, the more significant short-term trading behavior. Finally, these two short-term behavior proposed a constructive response.