發(fā)布時(shí)間：2018-12-24 10:43

【摘要】：內(nèi)幕交易作為欺詐交易行為的一種,利用未公開信息進(jìn)行證券交易,使普通投資者蒙受損失,損害了證券市場的公平交易環(huán)境,阻礙了證券市場的長遠(yuǎn)健康發(fā)展。我國對于內(nèi)幕交易一直以來持反對、打擊的態(tài)度。1993年頒布的《股票發(fā)行與交易管理暫行條例》就將內(nèi)幕交易列為“原則性禁止”項(xiàng)目;之后,1998年正式頒布的《證券法》首次將內(nèi)幕交易列入了禁止性交易的范疇。嚴(yán)格防止,嚴(yán)密監(jiān)控,嚴(yán)厲打擊內(nèi)幕交易行為,對于保護(hù)一般投資者合法權(quán)益,促進(jìn)我國證券市場平穩(wěn)、健康發(fā)展,有著至關(guān)重要的意義。首先,本文從理論角度介紹了內(nèi)幕交易的相關(guān)理論,包括內(nèi)幕交易的定義及與其密切相關(guān)的內(nèi)幕信息的認(rèn)定、內(nèi)幕交易的成因分析、內(nèi)幕交易的危害等內(nèi)容,同時(shí)介紹了我國目前對于內(nèi)幕交易的監(jiān)管,以及識別內(nèi)幕交易、判斷內(nèi)幕交易程度的統(tǒng)計(jì)方法。然后,本文統(tǒng)計(jì)了 2016年證監(jiān)會(huì)通報(bào)處罰的內(nèi)幕交易案例,在對其進(jìn)行描述性分析的基礎(chǔ)上,對其較2013年之前所呈現(xiàn)出的一些新的特點(diǎn)進(jìn)行了分析說明。包括內(nèi)幕交易主體的身份來源變化、內(nèi)幕信息的傳遞路徑變化等。接著,本文利用2016年上海證券市場A股中發(fā)生并購重組的上市公司作為樣本,剔除并購重組不成功、數(shù)據(jù)不全的公司,利用事件分析法對該類上市公司的平均超額收益率AR值和累計(jì)超額收益率CAR值進(jìn)行計(jì)算和分析,計(jì)算公告效應(yīng)和內(nèi)幕交易效應(yīng),通過實(shí)證方法說明我國證券市場內(nèi)幕交易行為的現(xiàn)狀。最后,本文的政策建議部分,主要從對內(nèi)幕交易的認(rèn)定、處罰、舉證和監(jiān)管,以及對上市公司信息披露的要求,對投資者的宣傳教育等角度,提出了部分建議。第一,對內(nèi)幕交易應(yīng)明確其認(rèn)定規(guī)則,加大處罰力度,完善舉證制度,建立舉報(bào)激勵(lì)機(jī)制。第二,在對內(nèi)幕交易案件的責(zé)任追查上,應(yīng)增加對泄露內(nèi)幕信息的人士的追責(zé)和處罰。第三,證券市場應(yīng)對上市公司的信息披露質(zhì)量作更為嚴(yán)格的要求,同時(shí)對入市的投資者進(jìn)行相關(guān)法律法規(guī)的宣傳教育,加強(qiáng)事前預(yù)測研究。在各方共同努力下,才能對內(nèi)幕交易行為進(jìn)行有效的預(yù)防和限制。
[Abstract]:As a kind of fraudulent trading, insider trading makes the ordinary investors suffer losses, damages the fair trading environment of the securities market and hinders the long-term and healthy development of the securities market. China has been opposed to insider trading all along. The interim regulations on the Administration of Stock issuance and Trading promulgated in 1993 listed insider trading as a "prohibition of principle" project; After that, the Securities Act, which was promulgated in 1998, listed insider trading as a prohibition for the first time. It is of great significance to strictly prevent, closely monitor and crack down on insider trading, to protect the legitimate rights and interests of retail investors and to promote the stable and healthy development of China's securities market. First of all, this paper introduces the relevant theories of insider trading from a theoretical point of view, including the definition of insider trading and the identification of insider information closely related to it, the cause analysis of insider trading, the harm of insider trading, and so on. At the same time, it introduces the supervision of insider trading in our country, and the statistical method of identifying insider trading and judging the degree of insider trading. Then, this paper statistics the insider trading cases reported by the CSRC in 2016, and on the basis of the descriptive analysis, analyzes and explains some new characteristics of the insider trading cases compared with those before 2013. It includes the change of identity source of insider trading subject, the change of transmission path of insider information and so on. Then, this paper uses the listed companies of A shares in Shanghai Stock Market in 2016 as a sample to exclude those companies with unsuccessful mergers and acquisitions and incomplete data. This paper calculates and analyzes the average excess return (AR) and cumulative excess return (CAR) of this kind of listed companies by means of event analysis, and calculates the announcement effect and insider trading effect. The present situation of insider trading in China's securities market is illustrated by empirical method. Finally, the policy recommendations of this paper, mainly from the insider trading identification, punishment, proof and supervision, as well as the requirements of information disclosure of listed companies, the publicity and education of investors and other angles, put forward some suggestions. First, we should define the rules of insider trading, strengthen punishment, perfect the system of proof, and establish the mechanism of reporting incentives. Second, the responsibility of insider trading cases should be investigated by increasing the liability and punishment of those who divulge insider information. Third, the securities market should make more strict requirements for the quality of information disclosure of listed companies, and at the same time, carry out publicity and education on the relevant laws and regulations of investors entering the market, and strengthen the research of pre-forecast. With the joint efforts of all parties, insider trading can be effectively prevented and restricted.
【學(xué)位授予單位】：華中師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：2390522