摘要
文章选取1993-2017年被中国证券监管机构查处的内幕交易上市公司为样本,总结了我国股票市场内幕交易特征,并对影响内幕交易的因素进行了实证检验.研究发现:并购重组领域和制造行业是内幕交易发生的"重灾区";内幕交易主体呈现出以内幕知情人为中心逐渐向周边非法定内幕人扩散的特点.1993-2017年期间影响我国内幕交易的主要因素是上市公司治理结构、投资者之间信息不对称以及制度环境,并呈现由公司内部因素逐渐向外部环境因素转变的特征.同时,独立董事会占比、高管薪酬和法制化程度等因素对于内幕交易风险较小的公司来说影响较大;而对于内幕交易风险较大的上市公司来说,信息透明度和股权集中度是主要影响因素,融资融券制度和经济周期等外部因素的影响较为明显,而法制化程度的影响在逐渐减弱.
This paper takes the listed companies with insider trading investigated by China’s securities regulatory agencies from 1993 to 2017 as samples,summarizes the characteristics of insider trading in China’s stock market,and makes an empirical test on the factors affecting insider trading.The research finds that the realm of mergers and acquisitions and the manufacturing industry are the "disaster areas" of insider trading,and the main body of insider trading is characterized by the gradual spread of insider-centered to peripheral illegal insiders.From 1993 to 2017,the main factors affecting insider trading in China are the governance structure of listed companies,information asymmetry among investors and institutional environment,which are gradually changing from internal factors to external factors.At the same time,factors such as the proportion of independent board of directors,executive compensation and legalization degree have a greater impact on companies with less risk of insider trading.For the listed companies with high risk of insider trading,information transparency and ownership concentration are the main influencing factors.The influence of external factors such as margin trading system and economic cycle is more obvious,while the influence of legalization degree is gradually weakening.
作者
董纪昌
雷颜溪
李秀婷
董志
DONG Jichang;LEI Yanxi;LI Xiuting;DONG Zhi(School of Economics and Business,University of Chinese Academy of Sciences,Beijing 100190;School of Innovation and Entrepreneurship,University of Chinese Academy of Sciences,Beijing 100190)
出处
《系统科学与数学》
CSCD
北大核心
2021年第7期1817-1833,共17页
Journal of Systems Science and Mathematical Sciences
基金
国家自然科学基金(71850014,71532013,71573244)
中国科学院青年创新促进会优秀会员(2012314)资助课题
关键词
内幕交易
交易特征
影响因素
不同时期
Insider trading
trading characteristics
influencing factors
different periods
