| 我国A股房地产板块羊群效应研究 |
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| 引用本文：和占琼,彭嘉茜,柴正猛.我国A股房地产板块羊群效应研究[J].经济数学,2019,(2):49-56 |
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| 中文摘要:借助CSAD模型、马尔科夫转换模型和GARCH模型的研究结果表明我国A股房地产板块存在明显的羊群效应且存在如下特点：非对称性，扩张期较衰退期更为显著；规模差异性，大盘股较中小盘股更为显著；房地产调控政策影响的非对称性，紧缩政策较之宽松政策会诱发更加明显的羊群效应；产业链传染性，上下游行业中的羊群效应产生影响.非系统性风险和系统性风险都对A股房地产板块羊群效应产生了促进影响，且系统性风险的影响较大. |
| 中文关键词:金融学 羊群效应 马尔科夫转换模型 |
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| Research on Herding Behavior of A-share Real Estate Sector in China |
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| Abstract:Empirical research using the CSAD model，the Markov-switching model and GARCH model show that the A-share real estate sector in China has obvious herding effects and has the following characteristics: asymmetry, the expansion period is more significant than the recession period; scale difference, the large-sized stock is more significant than small and medium-sized stocks; the asymmetry of real estate policies, herding effect is contagious among industrial chain, the herding effects in the upstream and downstream industries imitate that of real estate sector; Both non-systematic risks and systemic risks have had an impact on the herding effect of the A-share real estate sector, and systemic risk has a greater impact. |
| keywords:finance herding behavior Markov-switching model |
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