从行为金融的角度研究保险公司的投资行为,通过LSV模型对我国A股市场保险公司的羊群行为度进行检验,发现保险公司的羊群效应不显著。并且通过季度、年度检验,得到的结果是一致的。最后将股票按流通市值分为三类来检验,发现保险公司对股票的流通规模没有表现出偏好,对不同规模股票的羊群效应均不显著。 From the perspective of behavioral finance, this paper studies the investment behavior of insurance companies, and tests the herding behavior of insurance companies in China’s A-share market through LSV model. It finds that the herding effect of insurers is insignificant. And through the quarterly, annual test, the results obtained are the same. Finally, the stock is divided into three categories according to the circulating market value to test. It is found that the insurance company has no preference for the circulation scale of the stock, and the herding effect is not significant for the stock of different sizes.