内部人交易信息延迟披露的影响因素与股票市场反应  

The Economic Motivation and Stock Market Reaction of Insider Trading Information Disclosure Delay

作　　者：张顺明[1] 杨丰 

机构地区：[1]新疆财经大学金融学院 [2]中国工商银行北京市石景山支行

出　　处：《投资研究》2015年第7期109-120,共12页Review of Investment Studies

基　　金：国家自然科学基金(批准号:71273271);中国人民大学重大基础研究计划(批准号:14XNL001)

摘　　要：在我国,上市公司内部人交易延迟披露交易信息的现象普遍存在。文章通过对沪市A股上市公司内部人延迟披露交易信息为研究对象,通过实证研究,寻找导致这一现象的影响因素。并在此基础上进一步分析延迟披露交易信息对股价波动的影响。研究表明,买入交易、小额交易、中等规模的公司更容易发生延迟披露的情况。此外,内部人交易是否延迟披露股票交易信息均不会影响股票市场对内部人交易股票的反应。In China, the delays of insider trading disclosure of listed companies are widely existed. The paper selected the sample of insider trading of A-share listed companies of Shanghai Stock Exchange as research object, trying to find out the influencing factors of this phenomenon from three aspects. The paper finds out that buying trading, small size trading are more prone to delays of trading information disclosure. Medium-size companies, corporations with high degree of equity concentration are also prone to delay disclosure of trading. The empirical results also show weather the disclosure of insider trading information delays or not will not affect the stock market reaction to insider trading.

关 键 词：内部人交易 信息延迟披露 事件研究 股票市场反应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]