我国股票市场内幕交易监管效果研究

发布时间：2018-04-08 12:49

本文选题：股票市场　切入点：内幕交易　出处：《湖南大学》2012年硕士论文

【摘要】：我国股票市场自1990年上海和深圳证券交易所成立以来已经走过20多个年头，其中几经牛熊波折，但还是保持着高速的扩张态势。如今沪深两市的总市值已经超越日本，成为全球第二大股票市场，仅次于美国。而伴随着股票市场成长的不仅仅是成就，还有着许多难以根除的诟病，内幕交易就是其中不可忽视的一种。文章主要研究的是我国股票市场对于内幕交易的监管是否起到了遏制内幕交易行为和缩减内幕交易者超额收益的作用，具体来说是利用事件研究法来考察发生了资产重组事件的股票样本在事件期内的累积超额收益率以及相对交易量的平均值是否在公告日之前就发生了异常波动，以此判断内幕交易的存在和严重程度。本文从我国股票市场交易监管的实际情况出发，客观分析了内幕交易的主要理论流派，探讨了相关了研究方法。在此基础上，利用1998年1月到2010年12月沪深股市进行资产重组的上市公司交易数据为样本，从历史角度考察了我国对内幕交易监管的实际效果，论证了内幕交易监管对内幕交易行为的抑制作用；以2000年1月到2008年12月的中美两国股票市场进行资产重组的上市公司交易数据为样本，比较了两国股票市场内幕交易的超额收益及其严重程度。研究结果表明：我国以《证券法》颁布为标志建立的对股票市场内幕交易进行监管的效果是较为显著的，不仅使得内幕交易人的超额收益缩水，，同时起到了平稳市场交易量的作用；但是，与美国相比，我国对内幕交易的监管效果还存在着不小的差距。
[Abstract]:China's stock market since 1990 in Shanghai and the Shenzhen Stock Exchange since its establishment has gone through more than 20 years, after which the CBBC twists and turns, but still maintain a rapid expansion trend. Now the total market value of Shanghai and Shenzhen two has surpassed Japan to become the world's second largest stock market, second only to the United States. With the growth of the stock market is not only there are many achievements, it is difficult to eradicate criticism, insider trading is one that can not be ignored. This paper focuses on the stock market of our country for insider trading regulation is to curb insider trading and reduce insider traders excess returns, specifically to examine the occurrence of assets restructuring events sample of stocks in the event period using the event study method of cumulative abnormal returns and relative trading volume average is before the announcement day is different Often fluctuates in order to judge the existence and severity of insider trading.
This paper from the actual situation of China's stock market trading regulation of objective analysis of insider trading theories, discusses the related research methods. On this basis, the listed company transaction data from January 1998 to December 2010 in Shanghai and Shenzhen stock market in the reorganization of assets as a sample, the actual effect of China's investigation of insider trading regulation from history point of view, demonstrates the inhibitory effect of insider trading regulation on insider trading behavior of listed companies; transaction data from January 2000 to December 2008 the Sino US stock market in the reorganization of assets as a sample, compared to the excess return of stock market insider trading between the two countries and their severity. The results show that: China's Securities Law > < to promulgated establishment on the stock market insider trading regulation effect is obvious, not only makes the insider of excess earnings Shrinkage, at the same time, played a role in the smooth market volume, but compared with the United States, there is still a small gap in our regulatory effect on insider trading.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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