The Empirical Study On Series Phenomena Based On Value Creation And Insider Trading

The use of system economics theory, the capital asset pricing theory, the transfer of control theory, the transfer of control of the system of background events, and based on the perspective of creating value and insider trading, We made empirical studies for the series phenomena of our securities market.First of all, let the transfer control of the incident and series's background of system as a starting point, we analyzed the control power transplanting system of mergers and acquisitions among the transfer of the incident, capital market efficiency, "state retreats" and the big background industrial internationalization, enterprise financing channels and financing needs of contradictions, "shell" resources and the options values of "shell" resources financing, Facility Control circumvent way — "to buy shell for listing" , and listed companies special treatment policy for two consecutive years of losses — "ST" , etc al, series generating had an in-depth analysis of the background .We found class generating has its special economic background and the background system. Then, we defined samples and researching methods, this study used the incident researching methods; Once again, select specific interval events, and we made empirical research for insider trading and value creation respectively.