在介绍金融市场中的羊群效应和投资性资本收益分布的厚尾特性的基础上 ,运用概率论中的随机图理论 ,构造出一个随机性羊群效应模型。该模型能较好地刻画投资主体之间的微观联系机制 ,并很好地解释股票收益的厚尾特性。 Based on the introduction of the fat-tail characteristic of the herding effect and the distribution of return on investment capital in financial markets, a stochastic sheep herd effect model is constructed by using the stochastic graph theory in probability theory. The model can better depict the micro-relational mechanism between investors and explain the thick-tail property of stock returns well.