UC知道论文摘要翻译，高手请进，谢谢！
来源：百度知道 编辑：UC知道 时间：2024/06/21 14:56:03
理论方面，本文认为真羊群行为是指投资者放弃个人私有信息对他人行为明显的模仿和跟从行为，它是由心理因素驱动的动态概念，是在交易过程中出现的羊群行为；伪羊群行为是指投资者面临相似决策问题，由于拥有相似的信息集而采取相似的行为，它是由经济基本面因素驱动的静态概念，是在交易之前就形成的羊群行为。实证研究中，本文以我国股票市场沪深两市为研究对象，选取近十年作为样本期间。首先，对我国股票市场羊群行为进行实证检验，发现我国股票市场存在显著的羊群行为，且下跌期间更为显著；其次，利用提出的真伪羊群行为检验方法对我国股票市场进行实证研究，结论表明我国股票市场存在着显著的真羊群行为和一定程度的伪羊群行为，真羊群行为比伪羊群行为更严重并且持续时间更久；最后，将我国投资者的真伪羊群行为特征与股票市场表现相比较，直观地显现了我国股票市场投资者真伪羊群行为的动态特征，发现真伪羊群行为的增强和减弱与市场的阶段性涨跌相对应，且两者在下跌期间程度均更为严重。
本文在理论上从信息被利用程度、是否经济基本面驱动以及动态静态三个角度综合对真伪羊群行为进行了界定；在实证方面提出了对真伪羊群行为进行检验的方法，其基本思想是首先将股票资产收益率分解为公司行为带来的基础价值收益率和市场行为带来的市场交易收益率两部分，然后结合HS羊群行为检验模型建立了检验股票市场中真伪羊群行为的方法。
不要那种在线翻译得到的，谢谢！
In recent years, on the non-rational investment behavior and the behavior of the crowd as a financial study of a hot topic, and the past two years, China's stock market triggered a further big ups and downs of the industry on the crowd of deep-level thinking. Scholars at home and abroad flock to conduct a great deal of research, but existing literature rarely flock of classified research. In order to more aptly describe the behavior of investors and more accurate understanding of the operation of the stock market, the paper will be divided into the crowd of true and false flock of sheep, from both theoretical and empirical research conducted.
Theory, that this is really the crowd of private investors to give up personal information to others to imitate the acts clearly and act to follow, it is driven by psychological factors dynamic concept, the transaction is in the process of the sheep; pseudo - Herd behavior is that investors face problems similar to the decision-making