CAJ | 학술논문

本文从上市公司股权集中度的视角研究证券市场内幕交易行为,通过对信息的产权分析,提出了倒U型的内幕交易曲线。实证研究也发现,随着股权集中度的逐渐增加,上市公司内幕交易的严重程度也会相应增加。然而,当股权高度集中时,第一大股东制衡机制将发挥作用,内幕交易严重程度会有所减轻。内幕交易严重程度与股权集中度总体上呈现出倒U型曲线关系。这个结果也为内幕交易监管确定了重点的监管范围,能有效提高监管效率并节省监管成本。
본문종상시공사고권집중도적시각연구증권시장내막교역행위,통과대신식적산권분석,제출료도U형적내막교역곡선。실증연구야발현,수착고권집중도적축점증가,상시공사내막교역적엄중정도야회상응증가。연이,당고권고도집중시,제일대고동제형궤제장발휘작용,내막교역엄중정도회유소감경。내막교역엄중정도여고권집중도총체상정현출도U형곡선관계。저개결과야위내막교역감관학정료중점적감관범위,능유효제고감관효솔병절성감관성본。
Ownership concentration of listed companies is closely related to insider trading.Using information property right theory,we advance a theoretic hypothesis of inverse U-shaped insider trading curve.Empirical study also shows that when the ownership concentration increased,the insider trading increased.But a high ownership concentration will help reduce insider trading.The largest stockholder will protect the insider information and prevent insider trading.The result can improve the efficiency and save costs of regulation.