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  本文關鍵詞：我國股票市場內幕交易的現狀、成因及其監(jiān)管研究　出處：《遼寧大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 內幕交易 事件研究法 法經濟學 最優(yōu)監(jiān)管

【摘要】：本文首先界定了內幕交易及其相關概念，并對學者關于禁止內幕交易的爭論與分歧做了綜述。從內幕交易的行為主體、交易目的、表現形式三方面分析了內幕交易的特征，并分析了內幕交易行為的主要影響即：損害了證券市場的公平性和資源配置效率、增加了證券市場的波動性和不確定性、提高了上市公司的融資成本和經營風險。 選取2012年全年上市公司發(fā)生并購重組，簽訂重大合同，債券發(fā)行，，非公開發(fā)行股份，其他對股票價格有顯著影響的重大事件為樣本，利用事件研究法實證分析了我國內幕交易現狀。 實證結論如下：（1）在重大事件信息披露前后日超常收益率、累積超常收益率和交易量都發(fā)生了明顯的異動，股票市場存在較為嚴重的內幕交易。（2）通過從事內幕交易仍能獲得超出市場平均收益的超額收益。（3）通過對各類事件分別進行實證分析的結果可知，每類事件存在的內幕交易效應都比較嚴重，并購重組事件累計超常收益率最大，是內幕交易的重災區(qū)，應是內幕交易監(jiān)管的重中之重。 在實證研究了內幕交易現狀的基礎上，分析和探討了內幕交易的成因。指出上市公司的公司治理結構存在缺陷、信息披露機制不健全、內幕交易的隱蔽性強并且查證的難度大、內幕交易非法所得額較大然處罰力度相對有限是我國股票市場存在內幕交易的主要原因。 最后本文針對內幕交易監(jiān)管的不足之處提出了完善內幕交易監(jiān)管的對策建議即：完善上市公司的公司治理結構、完善上市公司的信息披露制度、加強證券中介機構的自律監(jiān)管、加大執(zhí)法和處罰力度并提高內幕交易行為被懲罰的概率、不斷完善內幕交易相關法律以提高監(jiān)管的效率。
[Abstract]:This paper first defines insider trading and its related concepts, and summarizes the debate and differences of scholars on the prohibition of insider trading. From the behavior of insider trading, the purpose of trading. This paper analyzes the characteristics of insider trading from three aspects, and analyzes the main influence of insider trading, that is, it damages the fairness of the securities market and the efficiency of resource allocation. It increases the volatility and uncertainty of the securities market, and raises the financing cost and operating risk of listed companies. In 2012, listed companies in the year of M & A restructuring, signed major contracts, bond issuance, non-public issuance of shares, other significant impact on the stock price as a sample. The present situation of insider trading in China is analyzed empirically by event research method. The empirical results are as follows: 1) before and after the disclosure of information on major events, the daily abnormal rate of return, the cumulative abnormal rate of return and the trading volume have changed significantly. There is more serious insider trading in stock market. 2) through insider trading, we can still get excess returns that exceed the average return of the market. 3) through the empirical analysis of various events, we can know. The insider trading effect of each kind of event is serious, and the accumulative abnormal return rate of M & A is the biggest, which is the most serious disaster area of insider trading, and should be the most important of the insider trading supervision. On the basis of empirical research on the status quo of insider trading, this paper analyzes and discusses the causes of insider trading, points out that there are defects in the corporate governance structure of listed companies, and the mechanism of information disclosure is not perfect. The hidden nature of insider trading and the difficulty of investigation, the relatively limited punishment is the main reason for the existence of insider trading in China's stock market. Finally, this paper puts forward some countermeasures to improve the supervision of insider trading, that is, to perfect the corporate governance structure of listed companies and to perfect the information disclosure system of listed companies. We should strengthen the self-regulation of securities intermediaries, increase the law enforcement and punishment and increase the probability of punishment of insider trading, and constantly improve the law on insider trading in order to improve the efficiency of supervision.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1386907