中国互联网金融中的羊群效应分析

发布时间：2018-04-14 12:27

本文选题：互联网金融 + 羊群效应　；参考：《吉林大学》2017年硕士论文

【摘要】：羊群效应作为行为金融学中的重要研究课题,以往对其的研究主要围绕在证券市场上,随着互联网金融的日益兴起,将羊群效应与互联网金融有机结合起来,具有一定的研究意义。本文旨在探究在中国国情背景下,互联网金融平台中羊群效应的表征、成因,以及在互联网金融领域中为何及如何降低羊群效应。首先,本文探讨在网络借贷平台、众筹平台以及互联网消费金融中羊群效应的表现。其次,分析中国互联网金融对羊群效应的两大成因——信息不对称以及情绪传染的影响,互联网金融对信息不对称的影响具有两面性,一方面,凭借其技术优势,如搜索引擎、大数据等的运用可以有效的降低信息不对称,但基于中国国情的考量,征信体制的不完善,导致我国处于信息孤岛的尴尬境地,此时技术优势并不能有效的降低信息不对称;另一方面,由于互联网金融具有的虚拟性、隐蔽性、不确定性,会增强信息不对称。并且,互联网金融的跨时空性可以加快情绪传染的步伐。然后,从定性以及信息流模型的角度,探讨信息不对称是如何影响羊群效应的,并采用matlab仿真出信息不对称影响羊群效应的直观图表,得出分析成本与羊群效应正向变化,交互收益与羊群效应反向变动的结论。继而,从定性和兴趣传染模型、均匀网络上的SIRS模型的角度探讨情绪传染是如何影响羊群效应的。综上所述,本文认为互联网金融会加剧羊群效应。接下来,分析并提出降低羊群效应的对策——规范信息披露制度、健全监管体系、完善征信体系、培养交易者获取信息的能力等。
[Abstract]:As an important research topic in behavioral finance, herding effect is mainly focused on the securities market in the past. With the rising of Internet finance, the herding effect and Internet finance are combined organically.Has certain research significance.The purpose of this paper is to explore the characteristics and causes of herding in Internet financial platforms under the background of China's national conditions, and why and how to reduce herding in the field of Internet finance.First, this paper discusses the herding behavior in online lending platform, crowdfunding platform and Internet consumer finance.Secondly, the paper analyzes the influence of information asymmetry and emotional contagion on herding effect of Chinese Internet finance. On the one hand, Internet finance has dual influence on information asymmetry. On the one hand, with its technological advantages, such as search engine, Internet finance has two sides.Big data and so on can effectively reduce the information asymmetry, but based on the consideration of China's national conditions, the credit system is not perfect, resulting in our country in the embarrassing situation of information island, at this time the technical advantage can not effectively reduce the information asymmetry;On the other hand, because of the fictitious, hidden and uncertain nature of Internet finance, information asymmetry will be enhanced.Moreover, the cross-temporal nature of internet finance can speed up the pace of emotional contagion.Then, from the perspective of qualitative and information flow model, this paper discusses how information asymmetry affects herding effect, and simulates the intuitive chart of information asymmetry affecting herding effect by using matlab, and obtains the positive change of analysis cost and herding effect.The conclusion that interactive income and herding effect change in the opposite direction.Then, from the perspective of qualitative and interest transmission model and SIRS model on uniform network, this paper discusses how emotional contagion affects herding effect.To sum up, this paper believes that Internet finance will intensify herding effect.Then, the paper analyzes and puts forward some countermeasures to reduce herding effect, such as standardizing information disclosure system, perfecting supervision system, perfecting credit information system, and cultivating traders' ability to obtain information.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.6;F832

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