内部人交易损害了谁的利益

Does insider trading harm investors?——Evidence from China Stock market

内部人交易行为会影响证券市场各交易主体的利益。通过实证研究2008~2009年间我国证券市场的内部人交易情况,结果发现,在中国证券市场上,机构投资者表现出了理性投资的特点,回避了内部人交易严重的公司。而散户投资者出于投机目的却会追逐内部人交易严重的公司,从而造成内部人交易会促进股票流动性的结果。综合分析结果可以得到内部人交易主要损害了散户投资者利益的结论。

What are the market effects of insider trading and how did it affect the interests of investors？ This paper empirically studies the market effects of insider trading on China＇s stock market in 2008-2009.We find that in China insider trading mainly hurts the small investors,as they are the ones who rely heavily on insider information in making transaction decisions,not the larger,institutional investors such as the mutual funds who tend to avoid companies where insider trading is more rampant.Furthermore,the paper finds that excluding the impact of other influencing factors,insider trading does have the effect of promoting a company＇s stock liquidity,and that it mainly hurts outside small investors.