管理者交易的市场择时能力及其市场影响:文献评述

Managers’ Ability to Time the Trading Market and its Influence on the Market:Literature Review

管理者可以择时进行获利性交易,而交易动机各不相同。为了提高市场透明度,要求管理者披露其交易行为,然而披露延迟问题影响了股票的定价效率;外部投资者会跟随管理者进行交易,因为市场会认为管理者的交易是公司未来前景的重要信息来源。此外,管理者交易也给市场带来了不同程度的流动性影响。文章在合法的管理者交易的背景下,对管理者交易的市场择时能力、交易动机及其对股票市场的影响进行文献评述,并展望发展趋势。

Administrators can choose when to conduct profitable transactions for different mo- tives. In order to improve market transparency, managers are required to disclose their trading behavior, and any delayed disclosure will affect the pricing efficiency of stock. Outside investors will carry on transactions according to the managers＇ trading behavior because the market thinks that managers＇transactions are an important source of information about company＇s future pros- pects. In addition, managers＇ transactions also have some varying degrees of influence on the market. This paper will discuss the managers＇ ability to time the trading market, transaction mo- tives, their influence on the stock market and the general trends.