影响证券市场的重大政策决策信息提前泄露的实证分析

Empirical Analysis on Information Leakage That Affects the Crucial Decisions in Stock Market

一国或地区重大政策信息对其股市会产生的影响远远大于上市公司内幕信息所产生的冲击。若未出台的政府重大政策信息提前泄漏并被利用来进行证券市场交易,必然会损害证券市场的公平正义,给证券市场健康发展带来巨大危害。为此,如何规避这一现象,成了当前证券市场监管制度建设中一个不可回避的问题。这一问题的解决对有效实现证券市场固有功能、建立健全证券市场中小投资者保护机制具有十分重要的意义。我国管理当局应加大对重大政策事件的制定、出台或颁布的信息保密的工作力度,做好应有的保密措施,避免信息泄露与利用信息进行交易的行为,进而维持证券市场的公平,最大程度地保护中小投资者利益。

The crucial political information of a region or a state usually brings greater impact on the stock market than the inside information of listed companies does. If the crucial political information leakage is used to do business in stock market,fairness and justice will be marred inevitably,and greatly damage the health development of stock market. Therefore,how to solve this problem is crucial in the present security market regulation construction. Solving this problem is very important to effectively exercising the functions of stock market,and establishing and perfecting a protection mechanism for the medium and small investors. The administering authorities shall strengthen the information privacy in formulating and issuing crucial political information,take secrecy measures effectively,so that information leakage can be avoid,the fairness of stock market can be guaranteed and the interests of the medium and small investors can be protected.