我国证券市场内幕交易的实证研究

发布时间：2018-12-24 10:43

【摘要】：内幕交易作为欺诈交易行为的一种,利用未公开信息进行证券交易,使普通投资者蒙受损失,损害了证券市场的公平交易环境,阻碍了证券市场的长远健康发展。我国对于内幕交易一直以来持反对、打击的态度。1993年颁布的《股票发行与交易管理暂行条例》就将内幕交易列为“原则性禁止”项目;之后,1998年正式颁布的《证券法》首次将内幕交易列入了禁止性交易的范畴。严格防止,严密监控,严厉打击内幕交易行为,对于保护一般投资者合法权益,促进我国证券市场平稳、健康发展,有着至关重要的意义。首先,本文从理论角度介绍了内幕交易的相关理论,包括内幕交易的定义及与其密切相关的内幕信息的认定、内幕交易的成因分析、内幕交易的危害等内容,同时介绍了我国目前对于内幕交易的监管,以及识别内幕交易、判断内幕交易程度的统计方法。然后,本文统计了 2016年证监会通报处罚的内幕交易案例,在对其进行描述性分析的基础上,对其较2013年之前所呈现出的一些新的特点进行了分析说明。包括内幕交易主体的身份来源变化、内幕信息的传递路径变化等。接着,本文利用2016年上海证券市场A股中发生并购重组的上市公司作为样本,剔除并购重组不成功、数据不全的公司,利用事件分析法对该类上市公司的平均超额收益率AR值和累计超额收益率CAR值进行计算和分析,计算公告效应和内幕交易效应,通过实证方法说明我国证券市场内幕交易行为的现状。最后,本文的政策建议部分,主要从对内幕交易的认定、处罚、举证和监管,以及对上市公司信息披露的要求,对投资者的宣传教育等角度,提出了部分建议。第一,对内幕交易应明确其认定规则,加大处罚力度,完善举证制度,建立举报激励机制。第二,在对内幕交易案件的责任追查上,应增加对泄露内幕信息的人士的追责和处罚。第三,证券市场应对上市公司的信息披露质量作更为严格的要求,同时对入市的投资者进行相关法律法规的宣传教育,加强事前预测研究。在各方共同努力下,才能对内幕交易行为进行有效的预防和限制。
[Abstract]:As a kind of fraudulent trading, insider trading makes the ordinary investors suffer losses, damages the fair trading environment of the securities market and hinders the long-term and healthy development of the securities market. China has been opposed to insider trading all along. The interim regulations on the Administration of Stock issuance and Trading promulgated in 1993 listed insider trading as a "prohibition of principle" project; After that, the Securities Act, which was promulgated in 1998, listed insider trading as a prohibition for the first time. It is of great significance to strictly prevent, closely monitor and crack down on insider trading, to protect the legitimate rights and interests of retail investors and to promote the stable and healthy development of China's securities market. First of all, this paper introduces the relevant theories of insider trading from a theoretical point of view, including the definition of insider trading and the identification of insider information closely related to it, the cause analysis of insider trading, the harm of insider trading, and so on. At the same time, it introduces the supervision of insider trading in our country, and the statistical method of identifying insider trading and judging the degree of insider trading. Then, this paper statistics the insider trading cases reported by the CSRC in 2016, and on the basis of the descriptive analysis, analyzes and explains some new characteristics of the insider trading cases compared with those before 2013. It includes the change of identity source of insider trading subject, the change of transmission path of insider information and so on. Then, this paper uses the listed companies of A shares in Shanghai Stock Market in 2016 as a sample to exclude those companies with unsuccessful mergers and acquisitions and incomplete data. This paper calculates and analyzes the average excess return (AR) and cumulative excess return (CAR) of this kind of listed companies by means of event analysis, and calculates the announcement effect and insider trading effect. The present situation of insider trading in China's securities market is illustrated by empirical method. Finally, the policy recommendations of this paper, mainly from the insider trading identification, punishment, proof and supervision, as well as the requirements of information disclosure of listed companies, the publicity and education of investors and other angles, put forward some suggestions. First, we should define the rules of insider trading, strengthen punishment, perfect the system of proof, and establish the mechanism of reporting incentives. Second, the responsibility of insider trading cases should be investigated by increasing the liability and punishment of those who divulge insider information. Third, the securities market should make more strict requirements for the quality of information disclosure of listed companies, and at the same time, carry out publicity and education on the relevant laws and regulations of investors entering the market, and strengthen the research of pre-forecast. With the joint efforts of all parties, insider trading can be effectively prevented and restricted.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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