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本文选取2004-2014年沪深两市主板中发布并购公告的目标公司为样本,结合我国内幕交易的实际情况,深入剖析了机构投资者持股、媒体监督和证券分析师关注等公司外部治理因素对内幕交易程度的影响。实证结果显示网络媒体较好的发挥了外部监督、抑制内幕交易的作用,证券分析师和机构投资者更多利用了自身信息优势,助长了内幕交易行为。最后对于提高证券市场治理环境提出相应的对策建议。
This article selects the target companies which announced the M & A announcements in the main boards of Shanghai and Shenzhen from 2004 to 2014 as a sample. Based on the actual situation of the insider trading in our country, this article deeply analyzes the external governance factors of the institutional investors, the media supervision and the securities analysts’ concerns. Impact on insider trading. The empirical results show that the online media play a better role of external oversight and curb insider trading, and securities analysts and institutional investors make more use of their own information advantages and encourage insider trading behavior. Finally, it puts forward some countermeasures and suggestions for improving the governance environment of securities market.