Insider trading is not only a question of law,is more an economic proposition.The legal research contents include the subject of insider trading,insider information,insider trading imputation.Economists study of insider trading is based on the existence of information asymmetry,using different economic theories,so it is difficult to reach agreement.Two study areas has been difficult to establish effective communication because of the great differences between law and economics research,and different opinions on the field of economics research,then economics research conclusions is often lack of realistic value.This paper systematically constructs the law and economics analysis framework of insider trading,and tries to analyses all of financial market microstructure research content related insider trading with the system model.This paper establish a bridge between insider trading of economics research and law research,and the main contents are as following:(1)This paper defines the concept of insider trading,insider trading regulation,and the summary of previous research achievements.This paper carries on the system analysis of insider trading regulation behavior from the law and economics analysis framework,especially using the cost benefit analysis,and then find the reasons of insider trading regulation dilemma.In this paper prospects of the control techniques to improve the effect of insider trading regulation are studied.This paper propose the concept of insider trading indirect regulation,namely through the use of optimization of market regulations,the construction of market micro structure reasonably,to realize the insider trading regulation by guiding the traders' behavior.This paper constructs a unified framework of indirect regulation with the information structure and Bias inference based,puts the effects of market micro structure as of parameters to research model on related problems of insider trading and its regulation,then constructs assessment framework of the insider trading regulation in Chinese securities market.(2)This paper makes theoretical and empirical study on insider trader behavior and small and medium-sized investors behavior based on the analysis framework.This paper analyze the insider traders hidden transaction behavior and makes empirical study using the administrative penalty decision of China's Securities Regulatory Commission as an empirical study data.The empirical results confirmed that insider traders exists in Chinese stock market,and hidden transaction behavior is correlated with information certainty,transaction duration and the amount of the transaction.This paper put forward the related suggestion of supervision on the basis of the above study.This paper study anarchically and empirical insider manipulation behavior in Chinese stock market.The empirical results show that the majority of insider traders aren't willing to choose make noise to hide the transactions motive,and the noise trading strategy would bring the excess proceeds.Information accuracy insider traders prefer to make noise.This dissertation put forward the related suggestion of supervision on the basis of the study.In this paper,"irrational" behavior is analyzed in Chinese stock market,and a questionnaire survey is conducted on the medium and small investors to find out the reason and environmental factors.This paper put forward the related suggestion of policy advice and investment advice on the basis of the above study.(3)In this paper,a special study on insider trading in M&A is conducted,This paper put forward the related suggestion of supervision on the basis of the above study. |