市场流动、股价波动与内幕交易监管牵扯

Market Liquidity, Stock Price Volatility and Regulatory Involved Insider Trading

随着市场微观结构理论和均衡理论的发展,从证券市场角度对内幕交易监管的研究有了较大的进展。基于市场理论,就股价准确性、股价波动性和市场流动性这三个方面综述证券市场内幕交易监管的必要性。内幕交易监管论和非监管论者并没有达成一致的意见,但为内幕交易监管提供了更为客观的价值判断基础。

With the development of market microstructure theory and equilibrium theory, more and more insider trading regulation studies appeared. Based on the market theory, we analyze the necessity of insider trading regulation from three aspects as stock price accuracy, stock price fluctuation and market liquidity. People haven＇t reached and agreement on insider trading regulation, but their disputes have provided a more external value judgment foundation.