股票市场不完全信息交易与羊群效应变化趋势的实证分析

摘要

本文基于广义虚拟经济的视角，使用CSAD曲度与换手率指标，建立模型探讨不完全信息交易与羊群效应变化趋势之间的关系。结论表明：当股票换手率提高，市场上不完全信息交易增加，导致了噪声信息的叠加与扩散，加剧了市场上的羊群效应。%Based on the generalized virtual economy ,this paper uses the curvature of CSAD and turnover rate as indicators, and establishes empirical model to analyze their correlation to further detect the rela-tionship between the incomplete information transaction and the developing tendency of herd behavior. Conclusion shows that when turnover rate rises, incomplete information transaction accumulates which lead to the accumulation of the noise information and ifnally herd behavior.