股权分置改革中的内幕交易研究  

Empirical Study on the Insider-Trading and Market in the Reform of Equity Division

作　　者：李世刚[1] 

机构地区：[1]北京师范大学经济与工商管理学院,北京市100875

出　　处：《海南金融》2008年第7期34-38,60,共6页Hainan Finance

摘　　要：本文采用我国全面股权分置改革的第一批上市公司为样本,利用事件研究方法,对事件日之前的累积超常收益CAR进行分析,结果表明:股改预期带来的股价提前反应是累积超常收益显著异于零的原因;没有足够的证据支持股改中存在内幕交易。Choosing the first batches of companies involved in sample, this paper analyzes the cumulative abnormal returns the reform of division in ownership structure of shares as the before the event day using event study. The result indicate that prediction is the reason why CAR is significantly different from zero, and we don not have enough evidence to support that there is a serious insider trading in the course of reform.

关 键 词：股权分置改革 事件研究 内幕交易 预期 研究 

分 类 号：F832.5[经济管理—金融学]