上市公司内部人交易及其规范管理研究
发布时间：2019-06-22 20:41
【摘要】：随着我国资本市场的发展,上市公司内部人交易逐渐活跃起来。但上市公司内部人交易在监管不严的情况下可能转化为内幕交易,违法的内部人交易及内幕交易对上市公司、外部投资者和证券市场都带来不良影响,因此对内部人交易的研究及规范管理迫在眉睫。 本文通过对2006年以来沪深证券交易所公布的上市公司内部人交易数据的研究,首先分析了内部人交易的现状,其次验证了内部人交易的影响因素,最后考察了目前我国内部人交易管理的经验和不足,并在上述结论基础之上提出了对上市公司内部人交易规范管理的有效措施。 本文研究发现上市公司内部人交易的频率、规模、市值均较大,并有逐年上升的趋势,内部人集体交易状况明显,内部人亲属交易行为显著,短线交易、敏感期交易较多并且内部人股份变动后延期公告行为普遍；另外还发现信息权力是上市公司内部人交易获利的基础,超额收益是直接动机,信息披露影响着获利策略选择,内部人职位影响交易内容,完善的公司治理环境,严格的交易监管程度及良好的法律环境能有效防止内部人违法交易行为的发生；最后从上市公司自治,中间性组织监管,国家立法规制及市场参与监管四个方面提出了对上市公司内部人交易规范管理的有效措施。论文主要有以下两个创新点：第一,上市公司内部人本人交易仍然占据内部人交易的主导地位；第二,首次提出了自动锁定违规交易账户法、预交易公告制度及上市公司内部人财产申报制度三个对内部人交易进行规范管理的措施。自动锁定违规交易账户是一种通过及时锁定违规内部人交易账户来防止违规交易行为发生的新方法；预交易公告制度是一种内部人交易的事前申报制度；上市公司内部人财产申报制度是一种通过监督内部人财产来源来控制内部人非法交易的新方法。 概而言之,本文对上市公司内部人交易状况及影响进行了全面的分析,提出了对上市公司内部人交易规范管理的新措施,然而还需要在实践中进行检验。
[Abstract]:With the development of capital market in China, insider trading of listed companies is gradually active. However, insider trading in listed companies may be transformed into insider trading under the condition of lax supervision. Illegal insider trading and insider trading have adverse effects on listed companies, external investors and securities market, so it is urgent to study and standardize the management of insider trading. Based on the study of the insider trading data of listed companies published by Shanghai and Shenzhen Stock Exchange since 2006, this paper first analyzes the present situation of insider trading, then verifies the influencing factors of insider trading, and finally investigates the experience and shortcomings of insider transaction management in China, and on the basis of the above conclusions, puts forward some effective measures for the standardized management of insider trading in listed companies. In this paper, it is found that the frequency, scale and market value of insider transactions in listed companies are large, and there is an upward trend year by year. The situation of insider collective trading is obvious, the behavior of insider relatives trading is significant, short-term trading, sensitive period transactions are more, and the postponement announcement behavior after insider share changes is common. In addition, it is found that information power is the basis of insider trading profit of listed companies, excess income is direct motivation, information disclosure affects the choice of profit strategy, insider position affects transaction content, perfect corporate governance environment, strict transaction supervision and good legal environment can effectively prevent the occurrence of insider illegal trading behavior. Finally, the effective measures for the standardized management of insider transactions of listed companies are put forward from four aspects: autonomy of listed companies, intermediate organizational supervision, national legislative regulation and market participation supervision. The paper mainly has the following two innovations: first, the insider transaction of the listed company still occupies the dominant position of the insider transaction; second, for the first time, it puts forward three measures to standardize the management of the insider transaction: the automatic locking illegal trading account method, the pre-transaction announcement system and the insider property declaration system of the listed company. Automatic locking of illegal trading account is a new method to prevent illegal trading by locking illegal insider trading account in time; pre-transaction announcement system is a kind of prior declaration system of insider transaction; and insider property declaration system of listed company is a new method to control insider illegal transaction by supervising the source of insider property. Generally speaking, this paper makes a comprehensive analysis of the situation and influence of insider transactions of listed companies, and puts forward some new measures for the standardized management of insider transactions of listed companies, however, it still needs to be tested in practice.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
本文编号：2504939
[Abstract]:With the development of capital market in China, insider trading of listed companies is gradually active. However, insider trading in listed companies may be transformed into insider trading under the condition of lax supervision. Illegal insider trading and insider trading have adverse effects on listed companies, external investors and securities market, so it is urgent to study and standardize the management of insider trading. Based on the study of the insider trading data of listed companies published by Shanghai and Shenzhen Stock Exchange since 2006, this paper first analyzes the present situation of insider trading, then verifies the influencing factors of insider trading, and finally investigates the experience and shortcomings of insider transaction management in China, and on the basis of the above conclusions, puts forward some effective measures for the standardized management of insider trading in listed companies. In this paper, it is found that the frequency, scale and market value of insider transactions in listed companies are large, and there is an upward trend year by year. The situation of insider collective trading is obvious, the behavior of insider relatives trading is significant, short-term trading, sensitive period transactions are more, and the postponement announcement behavior after insider share changes is common. In addition, it is found that information power is the basis of insider trading profit of listed companies, excess income is direct motivation, information disclosure affects the choice of profit strategy, insider position affects transaction content, perfect corporate governance environment, strict transaction supervision and good legal environment can effectively prevent the occurrence of insider illegal trading behavior. Finally, the effective measures for the standardized management of insider transactions of listed companies are put forward from four aspects: autonomy of listed companies, intermediate organizational supervision, national legislative regulation and market participation supervision. The paper mainly has the following two innovations: first, the insider transaction of the listed company still occupies the dominant position of the insider transaction; second, for the first time, it puts forward three measures to standardize the management of the insider transaction: the automatic locking illegal trading account method, the pre-transaction announcement system and the insider property declaration system of the listed company. Automatic locking of illegal trading account is a new method to prevent illegal trading by locking illegal insider trading account in time; pre-transaction announcement system is a kind of prior declaration system of insider transaction; and insider property declaration system of listed company is a new method to control insider illegal transaction by supervising the source of insider property. Generally speaking, this paper makes a comprehensive analysis of the situation and influence of insider transactions of listed companies, and puts forward some new measures for the standardized management of insider transactions of listed companies, however, it still needs to be tested in practice.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224
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