以行为金融理论和复杂网络理论为基础，针对投资者投资行为的策略性模仿特征，基于投资者间的网络关联结构，构建网络协调博弈策略下的股市羊群行为演化模型，运用理论分析和模拟仿真的方法，对股市羊群行为的演化过程进行系统性分析。研究结果表明：网络协调博弈策略下的股市羊群行为演化存在均衡状态，并受网络结构特征和投资行为风险占优度影响；投资者选择投资行为的比例与相关行为策略风险占优度之间呈阶梯状的非严格递减；若某种投资行为风险占优，且网络连通度越大、异质性越强，则越有利于投资者选择相应的投资行为。所建立的模型及分析结论在一定程度上阐述了网络视角下影响股市投资者投资行为变化的关键要素，解释了股市羊群行为演变的内在性规律，为金融管理部门制定宏观政策起到了一定理论支撑。
Taking into account the characteristics of investors' strategic imitation, herding behavior evolution model in stock market is developed based on the strategy of network coordination game and the assumption of the investors' limited rationality.By mean-field analysis and extensive simulations, the evolution of investors' trading behavior in various typical networks under different risk dominance degree of investment behavior is investigated.Our results indicate that the evolution of investors' behavior is affected by the network structure of stock market and the effect of risk dominance degree of investment behavior; the stability of equilibrium states of investors' behavior dynamics is directly related with the risk dominance degree of some behavior; connectivity and heterogeneity of the network plays an important role in the evolution of the investment behavior in stock market.
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