CAJ | 학술논문

在前人研究的基础上,实证研究了中国沪深股市内幕交易者的隐蔽交易行为及其影响因素。实证结果显示：沪深股市中的内幕交易者具有隐蔽交易行为;合法获取内幕信息者的交易时距显著长于非法获取内幕信息者的交易时距;内幕交易者的交易时距与交易规模以及买入日到信息公布日的时长显著相关。最后根据研究结论提出若干政策建议。
재전인연구적기출상,실증연구료중국호심고시내막교역자적은폐교역행위급기영향인소。실증결과현시：호심고시중적내막교역자구유은폐교역행위;합법획취내막신식자적교역시거현저장우비법획취내막신식자적교역시거;내막교역자적교역시거여교역규모이급매입일도신식공포일적시장현저상관。최후근거연구결론제출약간정책건의。
This paper empirically studies the stealth trading behaviors of insider traders in China＇s stock market.The empirical results show as follows：there are stealth trading behaviors of insider traders in China＇s stock market;stealth trading behaviors are different with different types of insider traders,the insider traders owning legitimate access to insider information have longer transaction duration than the illegal ones;transaction duration is positive correlation with trading-time allowed and the amount of transaction.Finally,it puts forward some policy suggestions.