论文部分内容阅读
内部人交易行为会影响证券市场各交易主体的利益。通过实证研究2008~2009年间我国证券市场的内部人交易情况,结果发现,在中国证券市场上,机构投资者表现出了理性投资的特点,回避了内部人交易严重的公司。而散户投资者出于投机目的却会追逐内部人交易严重的公司,从而造成内部人交易会促进股票流动性的结果。综合分析结果可以得到内部人交易主要损害了散户投资者利益的结论。
The insider trading behavior will affect the interests of all trading entities in the securities market. Through empirical research on the insider trading in China’s securities market from 2008 to 2009, we find that in the Chinese stock market, institutional investors have shown the characteristics of rational investment and avoided the insider trading companies. For speculative purposes, however, retail investors chase companies that trade insiders heavily, resulting in the insider trading as a result of stock liquidity. The results of the comprehensive analysis can be concluded that the insider trading mainly damages the interests of retail investors.