作者单位信息
1.上海财经大学浙江学院 会计与财务研究中心, 浙江 金华 321013
2.上海财经大学 会计与财务研究院, 上海 200433
3.上海财经大学 商学院, 上海 200433
上海财经大学学报
2023 年 第 25 卷第
05 期
, 页码：16 - 31
DOI:
10.16538/j.cnki.jsufe.2023.05.002
出版日期：2023年10月1日
摘要
内幕交易一直是学术界和实务界关注的焦点。文章手工收集整理出2007—2017年期间内幕交易案件的299起内幕交易数据，从社会关系的角度研究内幕信息在社会关系中传递的净后果和具体的传递机制。研究发现了社会关系传递信息的直接经验证据，并且这些信息通过内幕交易参与者的交易行为传递到资本市场中，表现为对上市公司股票收益率的影响，尤其是当公司在分析师预测准确程度更低时、内幕交易者通过亲密程度更高的社会关系获取信息时，内幕交易行为对资本市场的影响更加显著。进一步分析表明，内幕交易更可能发生在对社会关系依赖程度更紧密的地区，即市场化水平较低的地区。相对而言，在更加亲密的社会关系中，内幕信息传递速度更快，而且信息接收者更加信任所获取的内幕信息，投资策略更加激进，表现为首次交易占其总交易量的比重更高。文章丰富了社会关系与信息传递的理论文献，同时为提高内幕交易的监管效率提供了一定的经验依据。
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