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“羊群效应”作为非接触传染机制的一种,在本次金融危机中是否加速了金融危机的传播。本文第一部分从金融危机的定义及次贷危机的情况开始写起,并对非接触传染机制和羊群效应做简单的介绍。第二部分是对羊群效应的模型分析,本文以CCK模型为例,用CASD即收益率的横截面绝对偏离度来和市场组合的收益率之间是否存在线性关系。第三部分,是对基于CCK模型实证分析的文献综述。第四部分是针对我国股票市场上存在“羊群效应”的事实而加速了金融危机的传染机制,提出相应的建议,并可以在以后的金融危机中更好的应对和避免其他国家的危机对我国的危害。
As a non-contagious mechanism, “herding effect” has accelerated the spread of the financial crisis in this financial crisis. The first part of this article starts with the definition of the financial crisis and the subprime mortgage crisis. It also introduces the non-contact transmission mechanism and the herding effect briefly. The second part is the model analysis of the herding effect. In this paper, we take CCK model as an example, and use CASD, that is, the absolute deviation of the cross-section of returns from the market portfolio, and whether there is a linear relationship between returns and market returns. The third part is a literature review based on the empirical analysis of CCK model. The fourth part is aimed at accelerating the contagion mechanism of the financial crisis in response to the fact that there is a “herd effect” on the stock market of our country, putting forward corresponding suggestions and better coping with and avoiding other financial crises in the future The danger of crisis to our country.