A Research On Herd Behavior Of Securities Investment Funds In China

Herding behavior is a common phenomenon in the stock marker, it is a kind of special irrational behavior, and we define it is a kind of behavior in a situation that the environment of the information is uncertain, the behavior is influenced by other investors, imitating others and making policy, or depending on the public opinion excessively (namely the idea of the overwhelming majority in the market), without considering one's own information. As a emerging stock market, securities investment fund has achieved comparatively development in China these years. Therefore, researching on investment funds'herding behavior have great theoretical and practical significance.The paper give research on the herding behavior of securities investment funds of China, the text is divided into six chapters. The first chapter puts forward the problem and points out the theoretical and realistic significance of research on herding behavior of securities investment funds in the stock market of China. In addition to, it introduces the structure and main content of this paper. The second chapter is about the review of herding behavior theory. After presenting the conception and classification of herding behavior, it casts back the theoretical research results. The third chapter discuss securities investment funds'existence and the fluctuation of the stock price in China stock market. The fourth chapter is analysis on the factors of the external impact to the herding behavior of securities investment funds based on emerging markets'normal character and the particularity character of the stock market in China. The fifth chapter put forward some suggestions for the stock investment fund on reducing herd behavior. The six chapter is about the retrospect and prospect of the whole paper.