中国股票市场内幕交易实证分析  

An Empirical Study on Insider Trading in China Stock Market

作　　者：孙开连[1] 王凯涛[1] 陈金贤[1] 刘宽虎[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《中国软科学》2003年第5期62-64,共3页China Soft Science

基　　金：国家社会科学基金"中国股票市场违规管制效力与对策研究"(01BJY089)阶段性成果

摘　　要：内幕交易是我国股票市场常见的一种现象,但目前尚缺乏充分的经验数据和定量分析来支持这一立论。本文正是基于这一考虑,以资产重组作为内幕信息题材,以大户持股集中度作为反映该内幕信息的敏感指标,通过选取深圳证券市场2000、2001两年有重组题材和无重组题材公司各40家,通过采取24析因分析方法,来验证这一论断。Although conjectured as a common phenomenon in China's stock market, inside-trading has not been confirmed by existing empirical studies.To prove this conjecture,40 listed companies in Shenzhen Stock Exchange that experienced take-over with a control group of other 40 listed companies without such experience are compared.This paper proves that it is the take-over fact (not increased net assets,increased revenue,or the size of stock in circulation) that determines the shareholders concentration which partly (but definitely) proves the above conjecture.

关 键 词：中国 股票市场 内幕交易 实证分析 上市公司 资产重组 大户持股集中度 

分 类 号：F832.5[经济管理—金融学]