我国防范内幕交易的信息披露研究

发布时间：2018-05-12 01:23

本文选题：内幕交易 + 信息披露　；参考：《湘潭大学》2013年硕士论文

【摘要】：内幕交易成为我国近年来处罚最多的违规事件，面对越来越多的内幕交易的发现与查处，证券市场的规范问题越来越受到关注。内幕交易未能有效防止的原因很大部分归于信息披露的问题，构建一个专门针对内幕交易的信息披露体系，对减少内幕交易的发生，让公司管理者更好的履行自己作为市场参与者的职责，为政策制定机构提供建议具有重要意义。本文从市场公平性角度，对政府监管机构、中介机构和上市公司三个资本市场参与者提出体系构建。Kyle模型证明信息披露是有效防止内幕交易的措施，笔者针对内幕交易构建了内幕交易信息披露指数（IDII），从信息的真实性、及时性、完整性、准确性四个方面对各上市公司进行评价，用于内幕交易的预警，并从证监会处罚的案例中对比未处罚的相似公司，得出信息披露指数的预警线。财务报告也存在一定的局限性，将一次性披露改为持续性披露，同时加强预测性信息的管理，对现有信息披露具有重要作用。内部人采取内部人交易披露模式，即内部人可以进行交易，但必须设立禁售期和交易的“窗口”期，只有提前报告了的内部人，，才能提交拟进行交易的计划表，同时在监管部门公布后一段期间后，按计划进行交易，并对交易后的结果提交监管机构。这样让内部人所获得的内幕信息丧失信息优势。让中介机构在资本市场发挥重要作用，必须确保独立性的问题。笔者认为改革中介机构的聘用制度，上市公司财务报表审计按被审单位资产总额与销售收入孰高分档累进计费,同时可以选择按时收费，二者择其一。集中建立审计基金和独董基金，由中介机构从基金中支取劳动报酬，业务的获取采用投标的形式，由专家进行综合评分后确定服务机构，彻底断绝经济威胁。同时，为防止道德风险，加强心理激励是必须的。对中介机构、上市公司和执业人员建立相应的诚信档案和信用评级制度，让三方利益取向相同，维护资本市场的公平。
[Abstract]:Insider trading has become the most punishable illegal event in China in recent years. In the face of more and more discovery and investigation of insider trading, more and more attention has been paid to the regulation of securities market. Most of the reasons why insider trading has not been effectively prevented are due to the problem of information disclosure. The establishment of a system of information disclosure specifically aimed at insider trading will reduce the occurrence of insider trading. It is important for company managers to better perform their duties as market participants and advise policy-making agencies. From the perspective of market fairness, this paper puts forward a system.Kyle model to the three capital market participants of government regulators, intermediaries and listed companies to prove that information disclosure is an effective measure to prevent insider trading. The author constructs an information disclosure index (IDIIG) for insider trading, and evaluates the listed companies from four aspects of information authenticity, timeliness, completeness and accuracy, which can be used as an early warning for insider trading. The warning line of information disclosure index is obtained by comparing the similar companies with no punishment in the case of CSRC. Financial report also has some limitations. It is important for existing information disclosure to change one-time disclosure to continuous disclosure and to strengthen the management of predictive information at the same time. The insider adopts the insider transaction disclosure model, that is, the insider can conduct a transaction, but must set up a "window" period for the transaction. Only the insiders who have reported in advance can submit the plan for the transaction. At the same time, after the release of the regulatory period, the planned transactions, and the results of the deal submitted to regulators. This makes the insider information gained by the loss of information advantage. For intermediaries to play an important role in capital markets, independence must be ensured. The author thinks that reforming the employment system of intermediary organizations, the audit of financial statements of listed companies is based on the progressive charging of assets and sales income of the units under review, and at the same time, they can choose to charge on time, and choose one of them. The audit fund and the sole Dong fund should be set up in a centralized way, and the intermediary organization would draw the labor reward from the fund, and the business would be obtained in the form of bidding, and the service organization should be determined by the experts after the comprehensive evaluation, and the economic threat would be completely cut off. At the same time, in order to prevent moral hazard, it is necessary to strengthen psychological motivation. To establish the corresponding credit file and credit rating system for intermediary organizations, listed companies and practitioners, so that the interests of the three parties will be the same and the equity of the capital market will be maintained.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F830.42;F832.51

【参考文献】