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系统地分析了2006年至2011年我国A股市场上市公司的内部人在二级市场的交易行为及其收益预测.结论表明:尽管在我国证券市场中存在针对内部人交易的法律法规,但总体上内部人在交易中仍然表现出良好的时机把握能力.不论是买入还是卖出,均能获得显著的超额收益.内部人交易超额收益的大小受到公司所有权性质、内部人类型等因素的影响.一方面,较于董事、监事等内部人,高管获利能力普遍较强,而其中董事长和总经理的获利能力最强;另一方面,由于我国特殊的公司所有权性质与晋升机制,使得国有上市公司的董事长和总经理利用内部人交易获利的动机小于非国有企业;规模越大的国有上市公司,其董事长和总经理通过内部人交易获取超额收益的程度也越小.
This paper systematically analyzes the transaction behavior of the listed companies in the A-share market in China from the year of 2006 to 2011 and their earnings forecasts.The conclusion shows that although there are laws and regulations for insider trading in China’s securities market, The insiders still showed good timing and ability to handle the transaction.Either buy or sell, can get significant excess returns.The size of the insider trading excess returns by the nature of the company ownership, internal human factors and other factors On the one hand, compared with the insiders such as directors and supervisors, the profitability of senior executives is generally stronger, and the profitability of the chairman and the general manager is strongest among them; on the other hand, due to the special nature of our company ownership and promotion mechanism , Making the profit motivation of the chairman and general manager of state-owned listed companies using insider trading smaller than that of non-state-owned enterprises. The bigger the size of listed state-owned companies, the smaller the chairman and the general manager of the state-owned listed companies obtain excess returns through insider trading .