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内部人交易一直都是外部投资者和证券监管机构关注的焦点。本文以2007-2012年沪深A股上市公司为样本来研究驱动中国上市公司内部人交易的原因。实证结果发现:内部人是逆向投资者,内部人买入比例与公司账面市值比正相关,而与公司前期股票收益率负相关。内部人是惯性投资者,内部人买入比例与公司当期股票收益率正相关。内部人拥有优势信息,内部人买入比例与公司当期资产收益率正相关。逆向因素对内部人交易的解释能力最强,其次是惯性因素,再次是信息因素。
Insider trading has always been the focus of outside investors and securities regulators. This article uses the 2007-2012 Shanghai and Shenzhen A-share listed companies as a sample to study the reasons that drive the insider trading of Chinese listed companies. Empirical results show that: the insider is a reverse investor, the insider buying ratio is positively correlated with the company’s book value, and negatively with the company’s previous stock return. Insiders are inertia investors, insider buying ratio and the company’s current stock return is positively correlated. Insiders have the advantage of information, the proportion of insiders to buy the company’s current return on assets is positively correlated. The reverse factor has the highest ability to explain the insider trading, followed by the inertia factor and again the information factor.