内部控制质量与内幕交易相关性实证研究

发布时间：2018-01-13 14:17

本文关键词：内部控制质量与内幕交易相关性实证研究　出处：《南京理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：内幕交易的存在会严重扰乱证券市场的有序运作,损害投资者利益,这几年我国证券市场上内幕交易多发引起了监管部门的高度重视,急需寻找一种能够抑制内幕交易行为的机制。随着内部控制在公司治理领域的作用的日益突显,其与内幕交易的研究也越来越有意义。本文对内幕交易的研究是从广义内幕交易概念入手,研究上市公司内幕信息知情者的买卖股票交易中是否存在利用内幕信息交易的现象,将内幕信息知情者分为两类：董事、监事及高级管理人员作为第一类内幕信息知情者；持股5%以上的股东作为第二类内幕信息知情者。本文对第一类内幕信息知情者内幕交易的研究以2008-2012年沪市A股上市公司为对象,对第二类内幕信息知情者内幕交易以2008-2012年深市A股上市公司为对象,采用理论和实证研究的方法分别研究两类内幕信息知情者在卖出股票时内幕交易的存在性,以及内部控制质量对内幕交易的影响。本文使用累计相对换手率作为内幕交易存在性的代理变量,实证结果显示累计相对换手率显著区别于零,表明两类内幕信息知情者在卖出本公司股票时普遍存在内幕交易。同时,通过多元回归分析检验内部控制质量与内幕交易之间的相关性,结果显示,第一类内幕信息知情者内幕交易与内部控制质量显著负相关,即公司内部控制质量的提高能够有效抑制第一类内幕信息知情者的内幕交易行为。第二类内幕信息知情者内幕交易与内部控制负相关,但是统计上不显著,可能是因为我国股权集中模式下,大股东够避重就轻对于内部控制系统具有选择性偏好,能够选择重在约束高管而对大股东影响最小化的内部控制。最后,本文根据研究结果从公司内部控制建设角度和监管部门提出了抑制内幕控制的相关政策建议。
[Abstract]:The existence of insider trading will seriously disturb the orderly operation of the securities market and damage the interests of investors. There is an urgent need to find a mechanism to suppress insider trading. With the increasing role of internal control in the field of corporate governance. The study of insider trading is more and more meaningful. The study of insider trading in this paper begins with the concept of generalized insider trading. This paper studies whether there exists the phenomenon of insider information trading in stock trading of insider information insiders of listed companies, and classifies insider information insiders into two categories: directors. Supervisors and senior managers as the first class insider information informants; Shareholders holding more than 5% shares as the second kind of insider information insider. The first kind of insider information insider insider trading research in 2008-2012 Shanghai A-share listed companies as the object. Insider trading of the second kind of insider information is aimed at the A-share listed companies in Shenzhen Stock Market from 2008 to 2012. This paper studies the existence of insider trading of two types of insider information insiders when they sell stocks by the methods of theoretical and empirical research. In this paper, the cumulative relative turnover rate is used as the proxy variable of the existence of insider trading. The empirical results show that the cumulative relative turnover rate is significantly different from zero. The results show that insider trading is common in the two types of insider information informants when they sell their shares. At the same time, the correlation between internal control quality and insider trading is tested by multiple regression analysis, and the results show that. The first kind of insider information insider trading and internal control quality significantly negative correlation. That is, the improvement of the quality of internal control can effectively suppress the insider trading behavior of the insider information insiders of the first type. The second type insider information insider trading is negatively correlated with internal control, but statistically not significant. It may be that under the mode of centralization of equity in China, large shareholders have a selective preference for internal control system, and can choose internal control which focuses on restricting senior executives and minimizing the impact on large shareholders. Finally. According to the research results, this paper puts forward some policy suggestions to restrain insider control from the angle of internal control construction and supervision department.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.51

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