公司治理、治理环境对内幕交易的影响

The Empirical Research of the Influence of Corporate Governance and Governance Environment on Insider Trading

脆弱的公司治理滋生了内幕交易的动机。本文从我国上市公司治理角度和市场环境出发，选取2006-2010年期间因内幕交易被证监会处罚的上市公司为样本，对如下两个问题进行了实证检验：（1）内幕交易受到哪些公司治理因素的影响？（2）市场化进程是否会抑制内幕交易的发生？研究结果表明：公司治理是影响内幕交易发生的重要因素，具体的，董事会规模越大的上市公司越可能发生内幕交易，不过企业所面临的外部治理环境没有显著影响内幕交易发生的概率。进一步研究发现，内幕交易发生与否明显影响到投资者的评价，发生内幕交易的公司其估值水平越低。本文的发现为监管部门防范内幕交易提供了有益的帮助。

The fragile corporate governance leads to the motive of insider trading. The paper selects listed companies which were punished by CSRC due to insider trading from 2006 to 2010 as the sample, and conducts the following empirical tests： （1） What corporate governance factors can results in insider trading？ （2） Can marketization process restrain the happening of insider trading？ The results show that corporate governance is an important factor which can influence insider trading. Specially, the bigger the board size of listed company is, the more likely the insider trading happens. However, the exterior governance environment has no obvious influence on the probability of insider trading. Further research indicates that whether insider trading happened can impact investors＇ evaluation, and the valuation of company with insider trading is much lower. This research benefits regulatory department insider trading prevention.