The Micro Mechanism And Experimental Research On Of Imitating Investment Behavior Formed In Our Stock Market

Through expecting economy perspective and stock price, the investors make investment decision. In the course of investment, a critical problem which draws our attention to is the internal mechanism of investors' behavior choices and how investors' behavior formed.In the investment fields, as increasing anormal phenomena come to forth in modern financial market and the research highly valued on the human behavior ,the traditional finance theory based on rational concept faces the serious challenge. According to this, behavior finance theory focusing on investment activity which applied the combination of sociology ,psychology and economics principle to research investment behavior, was generated.Imitating Investment Behavior (mainly expressed as herd behavior )is an important behavior,and the research on imitating investment behavior was developed lately in China. Because the middle and small fund investors are lack of fund, information and knowledge, they are determined to take short term investment aiming to gain capital price differences. Because of the unbalanced information situation, they are apt to acquire useful information through public exchange information. Thus, Simulating Investment Behavior is resulted. Simultaneously, the Imitating investment behavior as pursuit risen up and abandon got down, is inevitably promote the stock price to extremes----exceeding reaction of stock price, and produced stock market foam at last. Therefore, The research on the internal mechanism that Imitating investment behavior is produced in Chinese stock market, has undoubtedly important meaning for the steady and healthy development of stock market.The writer developed the discussion as following. First, with imitating economics and psychology method, by studying RBC of economic fluctuation, the writer analyzed imitating investment behaviors, furthermore, analyzed the investing psychology effecting on stock market .Second, with behavior finance theory, by studying the clue to phases as information transferring ,the writer analyzed how stock price is affected by information, and discussed how stock market information transmitting mechanism affects imitating behavior and what is the economic origin to generate imitating behavior . Third, by mathematics statistics experimental approach, the writer analyzed herdbehavior index, through using actual data of 1999 to 2002 in China, and derived actually existed herd behavior in our stock fund market .Finally, the writer applied evolutionary games theory, set up evolution games model and copied variable equation, verified the dynamic balanced result in our stock market, there is a specified percentage of rational and irrational investors...