摘要
上市公司内部人交易行为一直是各国监管部门的重点监管对象和理论研究热点。本文利用事件研究法,通过构建数理模型,结合累积超额收益、未预期收益率等指标对我国资本市场上内部人交易与公司收益的关系进行了研究,发现在我国资本市场上存在较为明显的由内部人交易产生的加性效应和互动效应,从而对股市交易和投资者利益产生了冲击。在此基础上,提出防范内部人交易行为可能对资本市场产生负面影响的措施与建议。
The insiders tradings in listed companies are always among the key supervision object and the hot research fo- cus for theoritical study. This paper, by use of event study method and the constucting of mathematical models as well as index such as cumulative abnormal return, studies the links of insiders trading with company earnings within China＇s capital market and finds that there exists the pronounced additive effect and interactive effect caused by insiders tradings, which can brings a- bout impact on stock market trading and inverstors＇ interest. With the analytical basis this paper raises some measures and sug- getions which guard against insider trading to bring negative effect on capital market.
出处
《南京财经大学学报》
2013年第1期37-42,89,共7页
Journal of Nanjing University of Finance and Economics
