我国股票市场内幕交易的现状、成因及其监管研究

发布时间：2018-01-06 07:33

本文关键词：我国股票市场内幕交易的现状、成因及其监管研究　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文首先界定了内幕交易及其相关概念，并对学者关于禁止内幕交易的争论与分歧做了综述。从内幕交易的行为主体、交易目的、表现形式三方面分析了内幕交易的特征，并分析了内幕交易行为的主要影响即：损害了证券市场的公平性和资源配置效率、增加了证券市场的波动性和不确定性、提高了上市公司的融资成本和经营风险。选取2012年全年上市公司发生并购重组，签订重大合同，债券发行，，非公开发行股份，其他对股票价格有显著影响的重大事件为样本，利用事件研究法实证分析了我国内幕交易现状。实证结论如下：（1）在重大事件信息披露前后日超常收益率、累积超常收益率和交易量都发生了明显的异动，股票市场存在较为严重的内幕交易。（2）通过从事内幕交易仍能获得超出市场平均收益的超额收益。（3）通过对各类事件分别进行实证分析的结果可知，每类事件存在的内幕交易效应都比较严重，并购重组事件累计超常收益率最大，是内幕交易的重灾区，应是内幕交易监管的重中之重。在实证研究了内幕交易现状的基础上，分析和探讨了内幕交易的成因。指出上市公司的公司治理结构存在缺陷、信息披露机制不健全、内幕交易的隐蔽性强并且查证的难度大、内幕交易非法所得额较大然处罚力度相对有限是我国股票市场存在内幕交易的主要原因。最后本文针对内幕交易监管的不足之处提出了完善内幕交易监管的对策建议即：完善上市公司的公司治理结构、完善上市公司的信息披露制度、加强证券中介机构的自律监管、加大执法和处罚力度并提高内幕交易行为被惩罚的概率、不断完善内幕交易相关法律以提高监管的效率。
[Abstract]:This paper first defines insider trading and its related concepts, and summarizes the debate and differences of scholars on the prohibition of insider trading. From the behavior of insider trading, the purpose of trading. This paper analyzes the characteristics of insider trading from three aspects, and analyzes the main influence of insider trading, that is, it damages the fairness of the securities market and the efficiency of resource allocation. It increases the volatility and uncertainty of the securities market, and raises the financing cost and operating risk of listed companies. In 2012, listed companies in the year of M & A restructuring, signed major contracts, bond issuance, non-public issuance of shares, other significant impact on the stock price as a sample. The present situation of insider trading in China is analyzed empirically by event research method. The empirical results are as follows: 1) before and after the disclosure of information on major events, the daily abnormal rate of return, the cumulative abnormal rate of return and the trading volume have changed significantly. There is more serious insider trading in stock market. 2) through insider trading, we can still get excess returns that exceed the average return of the market. 3) through the empirical analysis of various events, we can know. The insider trading effect of each kind of event is serious, and the accumulative abnormal return rate of M & A is the biggest, which is the most serious disaster area of insider trading, and should be the most important of the insider trading supervision. On the basis of empirical research on the status quo of insider trading, this paper analyzes and discusses the causes of insider trading, points out that there are defects in the corporate governance structure of listed companies, and the mechanism of information disclosure is not perfect. The hidden nature of insider trading and the difficulty of investigation, the relatively limited punishment is the main reason for the existence of insider trading in China's stock market. Finally, this paper puts forward some countermeasures to improve the supervision of insider trading, that is, to perfect the corporate governance structure of listed companies and to perfect the information disclosure system of listed companies. We should strengthen the self-regulation of securities intermediaries, increase the law enforcement and punishment and increase the probability of punishment of insider trading, and constantly improve the law on insider trading in order to improve the efficiency of supervision.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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