摘要
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 paper selected the samples of Chinese A-sharing companies that have made some acquisitions from 2004 to 2014, combined with the actual working status of insider trading in our country, make a study on influence to insider trading by corporate externalgovernance based on some external governance factors such as institutional investors, media supervisionand securities analysts.The results show that network media play the role of the external supervision and decrease insider trading, securities analysts and institutional investors use the information advantage, increase insider trading. Finally, put forward suggestions to improve the environment of securities market management.
出处
《浙江金融》
2017年第1期51-57,共7页
Zhejiang Finance
基金
2016年武汉东湖学院校青年基金项目
关键词
外部治理
内幕交易
并购
External Governance
Insider Trading
Merger
