作为中国股市的主流资金,证券投资基金最近几年偏离了它预期的“稳定市场中坚力量”的功能定位反而表现出超出现代金融理论所能解释的非理性。运用行为金融理论,对其羊群行为特征进行解释和分析,并试图提出相应对策和建议,以促进中国基金业及股市的稳定健康发展。 As the mainstream capital in China’s stock market, the function of securities investment funds deviating from its expected “stable market nucleus” in recent years has instead shown irrationality beyond what modern financial theories can explain. By using behavioral finance theory, this paper explains and analyzes herd behavior characteristics and tries to put forward corresponding countermeasures and suggestions to promote the stable and healthy development of China’s fund industry and stock market.