CAJ | 학술논문

本文运用事件分析法构建了基于“窗口期”的内幕交易研究模型，以中国A股市场2008—2012年度重大资产重组事件为样本研究了资产重组、股价波动和内幕交易的关系。本文不仅验证了重大资产重组中显著存在着内幕交易行为，更重要的是对优化监管资源配置提出了具有鲜明针对性的政策建议。文章发现，加强关联交易和非国有控股上市公司资产重组监管有助于遏制内幕信息散布，同时也验证了2008年加强重大资产重组信息管理的政策取得了明显的效果。本文的创新框架丰富了现有内幕交易文献，具有较强的政策导向性。
본문운용사건분석법구건료기우“창구기”적내막교역연구모형，이중국A고시장2008—2012년도중대자산중조사건위양본연구료자산중조、고개파동화내막교역적관계。본문불부험증료중대자산중조중현저존재착내막교역행위，경중요적시대우화감관자원배치제출료구유선명침대성적정책건의。문장발현，가강관련교역화비국유공고상시공사자산중조감관유조우알제내막신식산포，동시야험증료2008년가강중대자산중조신식관리적정책취득료명현적효과。본문적창신광가봉부료현유내막교역문헌，구유교강적정책도향성。
Using Event Study Methodology and building a new insider trading research model based on the ＂window period＂, this paper investigates the relationships among assets restructuring, stock price volatility and insider trading by covering all major assets restructuring events from 2008 to 2012 in China＇s A-share markets. Besides verification of the existence of significant insider trading in major assets restructuring, more importantly, this paper puts forward targeted policy suggestions in allocation of regulatory resources especially. It shows that strict supervision on related-party transactions and assets restructuring of non-state-controlled listed companies can help to curb spread of insider information. The innovative framework with a strong policyoriented enriches the existing literature on insider trading.