基于公司治理视角的中国股票市场非法内幕交易研究  

Research on Illegal Insider Trading in China's Stock Market from the View Of Corporate Governance

作　　者：唐齐鸣[1] 张云[1] 

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《金融研究》2009年第6期144-160,共17页Journal of Financial Research

基　　金：国家自然科学基金项目"公司治理与内幕交易行为及监管创新研究"(批准号:70573034)的研究成果

摘　　要：本文立足于公司治理视角,对我国股票市场上的非法内幕交易行为进行了研究。实证结果表明,公司治理不善是内幕交易发生的根本原因之一。主要结论为以下三个方面:第一,内幕交易能够获取超额收益,造成交易量的波动,加剧企业层面的信息不对称,对企业和投资者产生重大影响;第二,公司治理较好的公司,内幕交易发生的概率较低,交易量的波动和信息不对称的程度有所缓解;第三,不同交易主体的内幕交易存在差异,公司治理对内幕交易程度的影响有所不同;第四,目前的外部法制环境还不能阻止内幕交易的发生,改善企业层面的公司治理才是防范内幕交易发生的根本。This paper investigates the illegal insider trading activities in China＇s stock market from the view of corporate governance. The empirical results reveal that poor corporate governance is the essential reason for insider trading. Three basic conclusions can be reached： first, insider trading activities bring high abnormal re- turns, cause the fluctuation of shares of transactions and increase information asymmetry of the firm and have a bad effect on the company and investors. Second, well - government companies have a low probability of insider trading, which mitigate the fluctuation of shares of transactions and information asymmetry. Third, different kinds of insiders display different insider trading eharacteristies and routes that corporate governance affecting insider trading. Fourth, present external governance legal system cannot prevent insider trading activities; the fundamental measure is to improve the corporate governance in the firm level.

关 键 词：公司治理 内幕交易 信息不对称 公司治理指数 

分 类 号：F832.51[经济管理—金融学] F830.91