摘要
内幕交易破坏了证券市场的正常秩序,影响了正常股价,这不仅使得大多数股民在一个非公平的市场环境下进行交易,而且使得中小股民的利益受到损失。对证监会查处的涉及内幕交易的四只股票在未发生内幕交易时期的股价和发生内幕交易时期的股价进行实证分析后发现:在发生内幕交易期间,实际股价明显偏离正常预测股价,差异率的绝对值也呈明显上升趋势,而未发生内幕交易时期的实际股价基本符合正常预测股价走势,差异率的绝对值也呈随机游走状态,这说明内幕交易对股价有着很大的影响。
Insider trading damages the normal order of the securities market and affects the normal share price.It makes most of investors trade in an unfair marketing environment and small and medium-sized investors lose their interests.This paper selects four stocks which have been published by CSRC for the insider trading and separately studies the price of them in the period of insider trading and normal period.After contrasting the share price in different periods,this paper finds that during the insider trading period,the actual share price significantly deviated from the normal forecast price,and the absolute value of the difference in rates is also showing a rising trend;in the normal period,the actual share price was in line with the forecast stock price,and the absolute value of the difference in rates was random.This indicates that insider trading has a great impact on the stock price.
出处
《南京审计学院学报》
2013年第3期64-71,共8页
journal of nanjing audit university
关键词
内幕交易监管
证券市场
股权分置改革
异常股价
公司股票价格
股票交易
supervision on insider trading
securities market
split share reform
abnormal stock price
stock price
stock exchange
