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以行为金融理论为基础,根据信息精度的羊群行为模型,运用实验经济学的研究方法,对期货市场中羊群行为产生的内在机理及羊群行为和投资者收益之间的关系进行了研究。我们发现信息精度对投资者在投资决策中的羊群行为有重要影响。实验表明,投资者拥有的私有信息的信息精度越低,则投资者产生羊群行为的可能性越大;发生羊群行为的投资者收益比未发生羊群行为的投资者收益低。研究结果对我国期货市场的信息披露制度和投资者教育有一定的指导意义。
Based on behavioral finance theory, based on the herd behavior model of information accuracy and using the experimental economics research methods, the author studies the internal mechanism of herding behavior and the relationship between herding behavior and investor’s return in the futures market . We find that the accuracy of information has an important influence on the herd behavior of investors in investment decision-making. Experiments show that the lower the information accuracy of the private information owned by investors, the more likely investors are to generate the herd behavior; and the return to the investors who engage in the herding behavior is lower than that of the investor who does not experience the herding behavior. The research results have certain guiding significance to the information disclosure system and investor education in China’s futures market.