机构投资者共同持股与内部人交易收益

Institutional Common Ownership and Insider Trading Gains

本文基于2010-2020年中国A股上市公司数据,实证考察机构投资者共同持股对内部人交易收益的影响及其作用机制。研究发现,机构投资者共同持股可以通过降低企业内部人员信息优势、强化外部监督以及降低股价波动风险对企业内部人交易行为产生治理作用。进一步研究表明,在信息不对称程度较高、投资者关注度较低以及内部人持股比例较高的企业当中,机构投资者共同持股对内部人交易收益的抑制作用更强。

Based on the data of China's A-share listed companies from 2010 to 2020,this paper investigates the impact of institutional common ownership on insider trading gains.The study finds that institutional common ownership can influence insider trading by reducing the information advantage of insiders,intensifying external supervision and reducing the volatility risk of stock price.Further research shows that institutional common ownership can reduce insider trading gains more effectively in firms with higher degree of information asymmetry,less investor attention and higher insider ownership.