本研究目的在於探討台灣股票市場上外資、投信、自營商及非三大法人四類投資人的從眾行為與回饋交易行為。本文利用2009年2月至2012年1月台灣股票市場全體投資人的日交易資料，計算由Lakonishok et al. (1992)所建立的從眾指標－Dratio，以此指標做為向量自我迴歸模型與Granger因果關係檢定中的變數，來研究各類投資人自身及其與其他類投資人間的從眾行為和回饋交易行為。其中將研究期間依台灣景氣狀況分成擴張期與收縮期兩段，藉以探討各類投資人在景氣狀況不同下，是否會使其具有更高或更低程度的從眾行為與回饋交易行為的改變。
實證結果發現，非三大法人、外資、投信與自營商四類投資人整體而言有跟隨其同類別交易者的從眾行為，各類別投資人彼此間的從眾行為只有投信這類投資人有較明顯跟隨外資投資策略的情形，且僅有投信具有顯著之正向回饋交易行為，而台灣景氣狀況的不同確實會影響投資人的從眾行為與回饋交易行為。

This study estimated herding behavior and feedback trading among four types of investors: foreign investors, security investment trust companies, dealers and non-institutional investors. We adopted Taiwan Stock Exchange daily data from February, 2009 to January, 2012 to calculate D ratio, the index from Lakonishok et al. (1992). We used this index as a variable in vector autoregression model and Granger causality test to estimate herding behavior and feedback trading behavior. Moreover, we separated the data as expansion period and contraction period to estimated whether herding behavior and feedback trading behavior are changed under different economic conditions.
The empirical results demonstrated that all of the investors exist herding behavior, following the investors in same category. The security investment trust companies exist the remarkable herding behavior with foreign investors. Meanwhile, only the security investment trust companies have remarkable positive feedback trading behavior. Furthermore, different economic conditions indeed affect the behavior of investors which leads to the change of herding behavior and feedback trading behavior.

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