中文摘要：

复杂金融市场的波动性与投资者行为间的内在耦合关联性,一直为学术界和实践部门所关注,系统研究金融市场中羊群行为的演变特征,对于增强金融市场的监管能力,促进金融市场持续稳定具有重要作用。有限理性的股市投资者制定投资决策,易于采取与关联投资者反向投资的一种互补性策略。以投资者间的关联网络为基础,利用反协调博弈刻画投资者的差异化投资策略,构建股市羊群行为网络演化模型。研究发现：差异化投资策略下的股市羊群行为的均衡状态必然存在;演化均衡态受投资者关联网络结构和投资行为风险占优度影响;特定投资行为的选择比例与其风险占优度水平呈阶梯状的非严格递增;若某投资行为风险占优,则网络连通度越小、异质性越弱,投资者越易于做出相应选择。

英文摘要：

The volatility of the complex financial markets and the inherent coupling between the investors＇ behavior has been concerned by the academic and practical departments. Studying on the evolution of herding behavior in financial markets systemically is important to enhance the supervision ability and promote the stablility of financial markets. Compared to the interconnected investors, some investors are prone to select a complementary strategy of reverse investment to make decision. Evolution model of herding behavior in stock market is developed based on investors＇ differential investment strategy by applying the method of anti-coordination game and the assumption of the investors＇ limited rationality. Some critical conclusions are draw as follows. We find that the dynamical evolution of investors＇ collective behavior is affected by the network structure of the stock market and the effect of risk dominance degree of certain behavior; the stability of equilibrium of trading behavior evolvement dynamics is directly related with the risk dominance degree of some behavior; connectivity and heterogeneity of the network plays an important role in the dynamical evolution of the behavior in stock market.