证券市场参与者为何泄露内幕信息?——基于犯罪经济学的视角

The Motivation of Divulging Inside Information——Based on the Economics of Crime Research

近年来,随着自媒体等媒介的发展,内幕信息泄露现象愈发严重。本文将内幕信息泄露行为纳入犯罪经济学的分析框架,定量地研究内幕信息泄露的行为动机和选择策略。理论研究表明,法律惩罚、公司治理和个体心理对行为主体选择泄露内幕信息行为具有负向抑制作用;违法泄密给个人带来的心理满足和物质满足程度起正向刺激作用。而分场景的调查问卷则发现,作为一种犯罪成本低、调查取证难、隐蔽性很强的违法行为,法律威慑力对于抑制内幕信息泄露的作用有限,更多地要靠行为主体的自我约束力,毕竟'道德是内心的法律'。

Studying divulging inside information of the listed companies attaches great importance in the research field of the world capital market. Based on the economics of crime research frame and the behavior character of divulging inside information,this paper finds that legal penalties, the degree of corporate governance,the wage level of individual, individual’s psychological identification to disclosure of inside information, the social impact degree of conviction and education level are inversely associated with individuals behavioral tendency to disclose the inside information;on the contrary, psychological satisfaction brought by such behavior is positively associated with individuals behavioral tendency to disclose the inside information. At last, the questionnaire found that self-discipline is the most import factor.