中国沪深股市内幕交易者隐蔽交易行为的实证研究  

Empirical Study on Stealth Trading Behaviors of Insider Traders in China's Stock Market

作　　者：刘国[1,2] 冯俊文[1] 

机构地区：[1]南京理工大学经济管理学院,南京210094 [2]山东财经大学会计学院,济南250014

出　　处：《技术经济》2015年第4期89-94,共6页Journal of Technology Economics

摘　　要：在前人研究的基础上,实证研究了中国沪深股市内幕交易者的隐蔽交易行为及其影响因素。实证结果显示:沪深股市中的内幕交易者具有隐蔽交易行为;合法获取内幕信息者的交易时距显著长于非法获取内幕信息者的交易时距;内幕交易者的交易时距与交易规模以及买入日到信息公布日的时长显著相关。最后根据研究结论提出若干政策建议。This paper empirically studies the stealth trading behaviors of insider traders in China＇s stock market.The empirical results show as follows：there are stealth trading behaviors of insider traders in China＇s stock market;stealth trading behaviors are different with different types of insider traders,the insider traders owning legitimate access to insider information have longer transaction duration than the illegal ones;transaction duration is positive correlation with trading-time allowed and the amount of transaction.Finally,it puts forward some policy suggestions.

关 键 词：内幕交易者 隐蔽交易 交易时距 

分 类 号：F832.51[经济管理—金融学]