针对目前中国证券市场中普遍存在着个人投资者对机构投资者的羊群行为这一特殊现象 ,建立了一个头羊 -从羊模型 .通过一定的参数假设和计算 ,定量地指出这种羊群行为增加了资产价格的波动 ,并且在大多数情况下头羊的收益大于从羊的收益 .但是随着头羊数量的增加和头羊收到的信息中的噪声增加 ,头羊 -从羊的收益之差减少 .最后从模型结论引申出稳定市场、改善市场结构、增加信息效率的建议 Aiming at the peculiar phenomenon of herd behavior of individual investors to institutional investors in China’s securities market at present, a head-and-goat model is established, which is quantitatively pointed out by certain parameter assumptions and calculations Increases asset price volatility, and in most cases head farms earn more than goats, but as the number of head sheep increases and the noise heard in the head sheep increases, the difference between the head and sheep returns decreases. Finally, from the model conclusion, it is suggested to stabilize the market, improve the market structure and increase the efficiency of information