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中國股票市場機構投資人之從眾行為與原因 = The characteri...

國立高雄大學金融管理學系碩士班

中國股票市場機構投資人之從眾行為與原因 = The characteristic of mutual fund herding in China stock market

Record Type:	Language materials, printed : monographic
Paralel Title:	The characteristic of mutual fund herding in China stock market
Author:	楊朝安,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2012[民101]
Description:	47面圖，表格 : 30公分;
Subject:	從眾行為
Subject:	China stocks
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/61735464345828902869
Notes:	參考書目：面39-41
Summary:	本研究主要以季資料探討中國股票市場的機構投資人是否存在從眾行為，並進一步檢驗其是否存在回饋交易以及機構投資人的從眾與股票報酬之間的關係，最後再探討牛市與熊市時，機構投資人的從眾與股報酬之間的關係是否有顯著的不同。結果發現中國機構投資人確實存在顯著的從眾行為，並且共同基金需求與前一季共同基金需求呈負相關，且中國的共同基金特別偏好買進前一季報酬較差的股票，而這些被買進的股票下一季報酬會與機構投資人從眾買進的程度呈正向關係，然而在牛市時機構投資人從眾買進的程度卻是與下一季股票報酬呈負向關係。因此本研究認為在熊市與正常情況下，中國股市機構投資人的從眾有助於反應價值攸關的資訊，但在牛市時則容易使股價不穩定且偏離基本面。而本研究也提供欲投資中國股市的投資人一個參考依據。 This study employs the quarter data to study the herd behavior of China institutional investors, and the relationship among feedback trading, mutual fund herding, and stock returns. The results show that the China institutional investors have significant herding activities. Furthermore, the mutual fund demand is negatively correlated with the previous demand and the institutional investors prefer to buy poor stock return at the previous quarter. The future stock return is positively relevant to the institutional herding. The empirical evidence suggests that the China institutional investors have informational herding. However, in a bull market, the herding of institutional investors is negatively related with stock returns of the next quarter. This study suggests that the herd behavior of Chinese institutional investors in the bear and normal market conditions reflects the information of stock value, while the herding in a bull market makes the stock price deviate from the fundamental value.

中國股票市場機構投資人之從眾行為與原因 = The characteristic of mutual fund herding in China stock market
楊, 朝安

中國股票市場機構投資人之從眾行為與原因 = The characteristic of mutual fund herding in China stock market / 楊朝安撰 - [高雄市] : 撰者, 2012[民101]. - 47面 ; 圖，表格 ; 30公分.
參考書目：面39-41.
從眾行為China stocks

中國股票市場機構投資人之從眾行為與原因 = The characteristic of mutual fund herding in China stock market
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