摘要
股票市场中的羊群效应与投资者保护是金融领域的重要研究课题，本文旨在探讨羊群行为对市场效率及投资者利益的影响，并提出针对性的保护机制。基于中国A股市场的实证数据，本文采用行为金融学理论框架，结合事件研究法和面板数据分析方法，系统考察了羊群效应的表现形式、驱动因素及其对市场波动性的作用机制。研究发现，羊群效应在市场非理性波动期间尤为显著，且中小投资者的行为更容易受到情绪传染的影响，从而加剧市场失衡。此外，信息披露质量与监管强度对羊群效应具有显著的抑制作用。本文创新性地引入了投资者情绪指数作为中介变量，揭示了情绪传导在羊群行为形成中的关键作用，并通过构建多层次保护体系，为政策制定者提供了具体建议。主要贡献在于：一是深化了对羊群效应微观机理的理解；二是提出了以情绪管理为核心的投资者保护策略；三是为完善金融市场监管制度提供了实证支持。这些成果不仅有助于提升市场透明度，还为维护投资者权益提供了理论依据和实践指导。
关键词：羊群效应；投资者保护；情绪传导；市场波动性；信息披露质量
Abstract
The herding effect in the stock market and investor protection are important research topics in the field of finance, and this paper aims to explore the impact of herding behavior on market efficiency and investor interests while proposing targeted protection mechanisms. Based on empirical data from China's A-share market, this study employs a behavioral finance theoretical fr amework, integrating event study methodology with panel data analysis to systematically examine the manifestations, driving factors, and influence mechanisms of the herding effect on market volatility. The findings indicate that the herding effect is particularly pronounced during periods of market irrational fluctuations, and the behavior of retail investors is more susceptible to emotional contagion, thereby exacerbating market imbalances. Furthermore, the quality of information disclosure and the intensity of regulation play significant roles in mitigating the herding effect. This paper innovatively introduces an investor sentiment index as a mediating variable, revealing the critical role of emotional transmission in the formation of herding behavior. By constructing a multi-level protection system, specific recommendations are provided for policymakers. The main contributions include: first, enhancing the understanding of the micro-mechanisms underlying the herding effect; second, proposing investor protection strategies centered on sentiment management; and third, providing empirical support for improving financial market regulatory systems. These outcomes not only contribute to increasing market transparency but also offer theoretical foundations and practical guidance for safeguarding investor rights.
Keywords：Herding Behavior; Investor Protection; Sentiment Transmission; Market Volatility; Information Disclosure Quality
目 录
摘要 I
Abstract II
一、绪论 1
(一) 股票市场羊群效应的研究背景 1
(二) 羊群效应与投资者保护的意义分析 1
(三) 国内外研究现状综述 1
(四) 本文研究方法与结构安排 2
二、羊群效应的理论基础与形成机制 2
(一) 羊群效应的概念界定与特征分析 2
(二) 羊群效应的经济学理论基础 3
(三) 羊群效应在股票市场的形成机制 3
三、羊群效应对投资者行为的影响分析 4
(一) 投资者决策中的从众心理表现 4
(二) 羊群效应导致的非理性投资行为 4
(三) 羊群效应对市场效率的影响评估 5
四、投资者保护机制的设计与优化路径 5
(一) 当前投资者保护机制的不足分析 6
(二) 针对羊群效应的监管政策建议 6
(三) 提升投资者理性的教育与引导策略 7
结 论 8
参考文献 9
