摘要
2007年中国资本市场进入了全流通时代,全流通下内幕交易可能会比股权分置时更加严重,如何有效防范大股东和机构投资者利用信息优势、资金优势、控制权优势进行内幕交易,是全流通下内幕交易监管防范面临的主要挑战。本文从内幕交易的行为动机及其影响因素展开研究,借鉴Becker(1968)"犯罪经济学"的研究框架及行为金融学的相关理论,选取了相应影响因素的度量指标,架构了内幕交易行为动机模型。然后基于问卷调查的模拟数据,运用结构方程模型对影响内幕交易行为动机模型中各个变量之间的逻辑关系和内在影响机制进行了实证研究,得出富有价值的研究结论,并据此给出相应的政策建议。
After the reform of the shareholder structure was mainly completed, the Chinese Stock Market will be an entirely circulated capital market. At the same time insider trading may be more rampant than before. It＇s a great challenge to monitor and control the big shareholder＇s and institution investor＇s insider trading, who can take advantage of information, capital and control right under the entire circulation. Therefore, it is critical for us to study the motivation of insider trading and the corresponding effective indexes. Based on the economics of crime research frame and the theories of behavioral finance, in this paper we firstly construct the structural equation model to study the motivation to insider trading, selecting the corresponding indexes, investigating the relationships among these indexes via questionnaire and other methods, and then finally educe some valuable conclusions. According to the conclusions, we make some important suggestions on how to monitor and control the insider trading under the entire circulation.
出处
《经济研究》
CSSCI
北大核心
2008年第10期65-79,92,共16页
Economic Research Journal
基金
教育部"新世纪优秀人才支持计划"
教育部科技重点项目(105080)
国家自然科学基金项目(70671053
70701016
10726072)
国家社会科学基金项目(07CJL014)
教育部创新基地"南京大学经济转型与发展研究中心"子课题"行为金融及复杂经济系统演化"支持
关键词
内幕交易
行为动机
犯罪经济学
结构方程模型
Insider Trading
Behavioral Motivation
Economics of Crime
Structural Equation Model
作者简介
电子信箱：xdli@nju．edu．cn，ssrxyz@163．com；
电子信箱：lubin．cuhk@gmail．com；
电子信箱：xlzha@cuhk．edu．hk。
