内部人交易与股票市场回报——来自中国市场的证据

本文系统地分析了自2007年6月1日以来，我国上市公司内部人的公开市场交易行为。本文的结论表明，在实施了内部人交易监管法规以来，我国上市公司的内部人依然能够利用私有信息在二级市场上赚取超额收益。当内部人购买或出售公司股票时，股票市场都会出现异常反应。而这些超额收益的大小直接受到公司的股权集中度、企业是否为国有等因素的影响。公司治理结构越差，则内部人赚取的超额收益越多。依据上述结论，笔者提出了相应的政策建议。

INSIDER TRADING AND MARKET RETURN: THE EVIDENCE FROM CHINA

This paper examined the characteristics and market returns of legal insider transaction in China.Although CSRC had implemented new policies to regulate insider transactions since Jun 1st 2007,this paper found that corporate insiders could earn abnormal returns from both purchasing and sealing their firm shares.The abnormal profits were higher when ownership structure was highly concentrated and the largest shareholder was government related.Moreover,the abnormal profits were larger when the quality of corporate governance was poor.This paper provided several policy suggestions to further regulate inside trading in China.