上市公司内部人交易披露延迟及其经济后果研究——来自上海股票市场的经验证据  

On Delays in Insider Trading Disclosure of Listed Companies and Its Economic Consequences:Evidence from Shanghai Stock Market

作　　者：曾庆生[1] 

机构地区：[1]上海财经大学会计与财务研究院,上海200433

出　　处：《财经研究》2011年第2期72-82,共11页Journal of Finance and Economics

基　　金：国家自然科学基金资助项目(70702009);上海市哲学社会科学规划课题(2007EJB008);全国优秀博士学位论文作者专项基金(2007B75);教育部重点研究基地重大项目(06JJD630016)资助

摘　　要：文章研究了我国上市公司内部人交易信息披露延迟的现状及其影响因素,以及披露延迟对内部人交易市场反应的影响。研究发现,整体而言,内部人交易存在披露延迟;交易披露延迟时间的长短与交易方向、交易是否处于信息敏感期、公司流通股比例、交易规模有关;在信息披露延迟严重的买入样本组,内部人职务对披露延迟产生了影响。市场给予内部人卖出股票负面评价而对买入股票的反应不显著;内部人交易的市场反应不受信息披露延迟影响。This paper studies the influencing factors of delays in insider trading disclosure of listed companies in China and the effects of disclosure delay on market reaction to insider trading. The results are shown as follows：first, on the whole, there exist delays in insider trading disclosure which are related to trade direction, information sensitive period, the rate of tradable equity and transaction size; secondly, in the buying sample with serious disclosure delay, insiders＇ positions affect disclosure delay; thirdly, the market gives negative reaction to insider selling, but has no reaction to insider buying; and disclosure delay has no effects on market reaction to insider trading.

关 键 词：内部人交易 信息披露延迟 市场反应 公司治理 敏感期 

分 类 号：F230[经济管理—会计学] F832.5[经济管理—国民经济]