Management psychology believes that herd behavior is influenced by many factors, such as individual's understanding of things, situational factors and individual characteristics. People's conformity behavior has two levels: superficial conformity and inner acceptance; Conformity on the surface, but refusal in the heart; On the surface, it is not conformity, but it is accepted in the heart; There are four kinds of situations: the surface does not conform to the crowd and the heart refuses.
For example, in the venture capital market, the psychological deviation of herding behavior often appears among all kinds of investors. It is an important form of investor's psychological model and an irrational behavior under the emotions of "group pressure" or "social influence". The herding behavior of investors has an important influence on the price of risky assets.