股权众筹中的领投机制与羊群行为分析

摘要

通过构建一个基于信息交互的多主体仿真模型验证说明了,在股权众筹投资中,领投人的积极投资态度或决策信息较高的可信度都可能会加剧大众投资者的从众投资趋势,导致更为严重的羊群行为.为了促进股权众筹的健康发展,监管部门和众筹平台应采取一系列措施,以控制领投人的道德风险,降低羊群行为发生的严重性,避免羊群行为的次优结果.%In this paper, we construct a Multi-agent simulation model based on information interaction to illustrate that, in the equity-crowdfunding investment, the positive attitude or high credible investment decision information of the lead-investor, may aggravate the herd investment tendency of public investors. In order to promote the healthy development of equity-crowdfunding, regulators and crowdfunding platform should take a combined of measures to control lead-investor's moral hazard, reduce the severity of herd behavior, and avoid its suboptimal results.