중국 증권투자펀드 시장의 투자자 군집행동에 관한 연구

The purpose of this paper is to present strategic countermeasures to reduce herd behavior by analyzing the causes of herd behavior in the Chinese stock market. First of all, small and medium-sized investors, who account for a large portion of China’s securities investment funds, need to have the right investment idea by strengthening securities investment education for them because their knowledge of fund investment is very poor and irrational. Second, the Chinese government should encourage fund managers to make long-term investments by establishing a comprehensive and standardized evaluation system for them. Third, fund managers should be systematically guaranteed to make various portfolio investments away from stock and bond-oriented investments by expanding the scope of fund investment in China. Fourth, since the Chinese stock market does not have many blue-chip stocks, fund managers intensively invest in similar stocks, resulting in herd behavior. Therefore, the quantity of blue-chip stocks should be increased. Finally, since asymmetric information can cause herd behavior, it is necessary to establish a reasonable information disclosure mechanism to increase market transparency and induce rationality of investment.