近年來，基金投資蓬勃發展，不少人會選擇購買基金，由專業經理人幫忙投資。在這龐大的市場中如何選擇投資標的，基金經理人難免也會跟隨市場的趨勢，或是明星分析師的推薦，進而產生從眾行為。在低價股的選擇中，市場提供的公開訊息較少，分析師推薦一般而言也較少，對基金的選股造成一定困難。
本文研究中國2016年至2021年開放型基金，利用LSV模型測量基金的從眾行為，並聚焦於低價股投資以及分析師關注程度對從眾行為的影響。實證結果表明，基金在低價股從眾行為相較於高價股較輕微。進一步分析顯示，若低價股受到較多分析師的關注，基金的從眾程度較高。

In recent years, the development of funds has been expanding, and more and more investors choose to invest in mutual funds and rely on the profession of fund managers. With the vast number of listed securities, most mutual fund managers inevitably follow market trends or recommendations from star analysts, resulting in herding behavior. Public information and analysts following on penny stocks are relatively insufficient; therefore, stock picking in penny stocks is generally challenging for mutual funds.
This study samples China’s open-end funds from 2016 to 2021, uses the LSV model to measure the market’s herding behavior, and examines whether mutual funds herd in penny stocks investments and whether analysts’ attention could impact mutual funds’ behavior. The empirical results show that mutual funds herd less in penny stocks investing. Further, funds’ herding is significant for penny stocks with more security analysts following.

第一章 緒論 7
第一節 研究背景 7
第二節 研究動機 8
第三節 研究目的與貢獻 10
第四節 研究架構與流程 11
第二章 文獻與建立假說 13
第一節 從眾行為相關文獻 13
第二節 低價股相關文獻 15
第三節 分析師對股市的影響 16
第四節 建立假說 17
第三章 研究方法與迴歸 21
第一節 研究資料 21
第二節 研究方法 21
第三節 模型建立 23
第四章 實證結果 27
第一節 從眾指標計算 27
第二節 迴歸模型分析 28
4.2.1.開放式基金（綜合型、積極型、指數型） 28
4.2.2開放式基金（綜合型、積極型） 29
4.2.3.開放式基金（綜合型） 30
第三節 穩健性分析 31
4.3.1.開放式基金穩健性分析（綜合型、積極型、指數型） 32
4.3.2.開放式基金穩健性分析（綜合型、積極型） 32
4.3.3.開放式基金穩健性分析（綜合型） 33
第五章 結論 35

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