内部控制与内部人亲属卖出股票交易行为的市场反应--来自深市上市公司的经验证据

本文运用事件研究法分析了市场能否对内部人亲属卖出股票交易行为做出显著的反应，并探求内部控制在其中的影响。研究发现：内部人亲属在卖出股票交易中表现出了准确的市场择机能力，市场对此有着显著的负面反应；与内部控制质量高的上市公司相比，内部控制质量低的上市公司的内部人亲属能够更为成功地选择在股价大幅度上升的恰当时点卖出股票，市场对此的反应也更加强烈。

Internal Control and Market Reaction to Insider Relatives Sale Trading Behavior---Empirical Evidence from Shenzhen Listed Companies

By using event study , this paper analyzes whether the market dramtically react to the insider relatives ’trading behaviors, and studies the effect of internal control on them.The findings of the paper are as follows.First, insider relatives time sales successfully , and the market reaction to these sales is significantly negative. Second, for the listed companies with lower internal control quality , insider relatives can more successfully sell the stocks at the right moments when the stock prices increase significantly , and the market reacts more strongly to the sales .