期货市场很少发生内幕交易？——基于投资者特征与内幕交易动机的实证分析

Are There Few Insider Trading Cases in the Futures Market:An Empirical Analysis Based on the Characteristics of Investors and the Motivation of Insider Trading

相比其他违法类型,境内外期货市场披露的内幕交易案件极为少见。排除查处困难的因素,期货投资者自身也可能缺乏从事内幕交易的强烈动机。通过对千余名投资者问卷调查获取的样本数据进行Logit分析发现:一是潜在获利等因素增加了各类投资者从事内幕交易的动机,但整体上仍处于较低水平;二是当投资者面临法律规制的压力时,会显著抑制其从事内幕交易的动机;三是与个人投资者相比,机构投资者的内幕交易动机更强。鉴于期货市场存在抑制内幕交易的自发因素,会削弱投资者内幕交易的动机,可通过增加内幕交易违法成本,加强对个人获取内幕信息的监测监控,抑制内幕交易发生。

Compared with other types of cases of violation,the insider trading cases disclosed in domestic and foreign futures market are extremely rare.Excluding the difficulties of investigating and punishing the insider trading,futures investors themselves may also lack the strong motivation for engaging in insider trading.The Logit analysis of the sample data obtained from questionnaire surveys of more than a thousand investors demonstrates the following findings: first,though potential profit and other factors increases the motivation of various investors to engage in insider trading,overall it is still at a relatively low level;second,when faced with the pressure of laws and regulations,investors are significantly deterred from conducting insider trading;third, compared with individual investors,institutional investors have stronger motivations to engage in insider trading. In light of the fact that futures market contains built-in factors which constrain insider trading and weaken the motivations of investors to engage in insider trading,it is recommended that we should increase the cost of insider trading and intensify the monitoring and surveillance of the individual’s acquiring of inside information to curb the occurrence of insider trading.