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全流通背景下大股东交易问题日益成为关注的焦点。以2007年至2010年A股市场大股东交易作为研究对象,验证了不同类型大股东交易利用信息优势程度及其对市场效率的影响。研究表明控股股东具有明显信息优势,其交易行为具有信息传递功能,可以缓解与外部投资者之间的信息不对称,同时控股股东的逆向投资也一定程度上能够提高股票市场定价功能;而非控股股东信息优势不明显,其交易行为更多地受市场波动性影响,对市场稳定性的冲击较大。
The issue of major shareholders’ transaction in the circulation background has increasingly become the focus of attention. Taking the major shareholders’ transaction in A-share market from 2007 to 2010 as the research object, this paper verifies the advantages of different types of major shareholder’s transaction utilization information and its impact on market efficiency. The research shows that the controlling shareholder has obvious information superiority, the transaction behavior has the function of information transmission, which can alleviate the information asymmetry with the external investors. At the same time, the reverse investment of the controlling shareholder can also improve the stock market pricing function to a certain degree. The advantage of shareholder information is not obvious, and its trading behavior is more affected by market volatility, which has a greater impact on market stability.