进入21世纪以来,股票市场几经动荡,究其原因,往往是在投资者中蔓延的非理性羊群效应——各类投资者忽略私有信息,仅仅根据市场上的“权威信息”进行投资决策的行为。羊群行为使得投资者在股价上升时盲目追涨,在股价下降时盲目杀跌。因此,遏制非理性羊群效既是投资者素质提升的重要表现,也是我国股票市场日趋成熟的客观要求。羊群效应的基本特点包括危害性大、带动性强且不易制止。其主要是由于从众心理、舆论煽动、投资者素质不足和监管不力导致的。对应原因,可以从投资者、上市公司、监管部门三个角度分别提出建议,即投资者应保持理性投资、提升投资素养,上市公司应加强信息公开,国家应加快监管体系建设、加强对投资者教育、打击操纵股市分子、适当时候救市。 Since the beginning of the 21st century, the stock market has experienced several turmoil. The reason is often the irrational sheep herd that has spread among investors. All kinds of investors ignore private information and make investments solely on the basis of “authoritative information” in the market Decision-making behavior. Herding practices have led investors to chase blindly as their share price rises and blindly plummet as their share price declines. Therefore, to curb irrational herd efficiency is not only an important manifestation of improving the quality of investors, but also an objective requirement that our country’s stock market matures. The basic characteristics of the herd effect include great harm, strong motivation and difficult to stop. It is mainly due to the public psychology, public opinion incitement, lack of quality of investors and regulatory ineffective. Corresponding reasons, investors, listed companies, regulators from three perspectives were proposed separately, that investors should maintain a rational investment, improve investment quality, listed companies should strengthen information disclosure, the state should speed up the regulatory system, strengthen the investor Education, cracking down on manipulation of stock market players, rescue the market when appropriate.