Abstract
Herd behavior was previously applied to explain the phenomenon of investors' following decision during investment decision making process. This paper proposed that there exist herd behavior in venture capitalists' selecting industrial program through detecting Chinese venture capital market. Then we studied the mechanism of venture capitalist' herd behavior generating and the effects on their payoff by developing a venture capitalist's game model. At last, we empirically proved that venture capitalists' herd behavior could give a proper explanation to irrational prosperity in high-tech security market. This may provide an important theoretical instruction and policy inspiration to the steady development of our venture capital market.
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