| 内幕交易的经济学分析 |
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| 引用本文： | 张新,祝红梅.内幕交易的经济学分析[J].经济学(季刊),2003(1):71-96. |
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| 作者姓名： | 张新 祝红梅 |
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| 摘 要： | 该文探讨了中国市场的内幕交易理论,在此基础上提出了4个可检验的假说:(1)内幕交易在中国必定存在;(2)内幕交易在中国比成熟市场更加严重;(3)重大事件中内幕交易的严重程度和管理层付出呈正比关系;(4)内幕交易多围绕利好消息.利用1078个并购重组事件和其他上市公司重大事件为样本,该文运用事件研究法,证实了上述假说.在此基础上,提出了中国内幕交易立法和监管的思路.
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| 关 键 词： | 内幕交易 并购重组 事件研究法 |
THE ECONOMIC ANALYSIS OF INSIDER TRADING |
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| Zhang Xin and Zhu Hongmei.THE ECONOMIC ANALYSIS OF INSIDER TRADING[J].China Economic Quarterly,2003(1):71-96. |
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| Authors: | Zhang Xin and Zhu Hongmei |
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| Abstract: | this paper discusses insider trading theory in chinese stocf marfet and proposes 4testable hypotheses. (1) insider trading exist in china;(2) insider trading are more severe thanmature marfets;(3) there exists a positive correlation between the degree of insider tradingsaround a corporate event and the management's efforts in accomplishing such an event;and (4)insider trading usually occur with good corporate news. our empirical tests, using 1078 m&acases and other significant corporate events, verified |
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