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Research On Herding Effects Of China'S Growth Enterprise Market

Posted on:2020-06-21Degree:MasterType:Thesis
Country:ChinaCandidate:X L DongFull Text:PDF
GTID:2439330575987322Subject:Finance
Abstract/Summary:PDF Full Text Request
This paper mainly studies the herding effect in the Chinese GEM market.The herding effect is a phenomenon in which traditional financial theory fails.Traditional financial theory holds that investors are rational,but with the emergence of a series of financial visions,many scholars have begun to break through the traditional financial theory,from the perspective of investors' psychological,emotional and other behavioral factors,behavioral finance came into being.Behavioral financiers have found that investors are not only affected by their own psychological,personality and emotional factors,but also by various investors and markets.The herding effect is behavior.One of the common financial visions explained by finance.Judging from the actual situation of the development of China's securities market,due to the short development time and the rapid development speed,the rules and regulations are not complete,there are many visions and problems,and the herding effect is more common among them.many problems.The herding effect is a series of chain effects caused by the follow-up behavior of the followers,that is,the herd behavior,which will have a certain impact on the stability of the securities market.From the reality of the securities market,many phenomena that cause market volatility,such as abnormal stock price fluctuations,noise trading,and selling stocks,can be explained by the herd effect,especially when these visions are large.The financial crisis and the trigger for asset bubbles.At the same time,with the country's emphasis on innovation and entrepreneurship and the promotion of high technology,it is particularly important as a GEM market positioned to serve high-tech enterprises.Therefore,this paper takes the GEM market as the research object to study the herd effect of its existence.Firstly,based on the research background,this paper analyzes the relevant theories in the study of herding effect,summarizes the theoretical research results of the herding effect,and expounds the theoretical basis of the herding effect applicable to this paper.Definitions and characteristics are also described,and the causes of the herd effect are also analyzed from multiple perspectives.Then,using the CSAD model to construct the herd effect indicator,the empirical test was carried out using the data of the whole and different stages of the GEM in the period from January 1,2016 to July 31,2018,and found in the GEM market.There is a significant herding effect in the whole and different stages,and the herd effect in the falling stage is more obvious than the rising stage and the overall herd effect of the market;at the same time,the herding effect of the main board market at the same time The test was carried out and the herd effect of the GEM market and the main board market was compared from different perspectives.It was found that the herd effect of the GEM market was significantly stronger than that of the main board market,and in terms of time,in 2016,both The herd effect is more severe,weaker in 2017,and relatively intense in the first seven months of 2018.Finally,the corresponding research conclusions are drawn,and based on this,the relevant countermeasures and suggestions are put forward from the perspectives of investors and regulatory authorities.
Keywords/Search Tags:Herd effects, GEM market, CSAD measure, Behavioral finance
PDF Full Text Request
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