The Characteristic Of Insider Trading In China Securities Market And Regulatory Analysis

Insider trading is a deal of securities behavior in order to avoid losing or gain,who master the importance information that is not opened.The behavior is harm to medium and small shareholders'interes,and which disturb the normal order of securities market,and make the function of securities market not to bring into play.Insider trading twist market price'responses to real value and demolish securities market'scheme function of capital in market function;which affect the capital market circumstance'construct and weaken capacity of securities market'attract in international competition capacity;which weaken the confidence of market and increase the market fluctuate,the securities market collapse in the worst instance even.So,all government take up with prevention of insider trading.The text study the phenomena of the insider trading from different view with the stock samples that have insider trading between 1993 and 2007.First,we look back the demestice and overseas development of regulatory and literatures of insider trading;Second,we construct the insider trading decision-making behavior model and frame the insider trading motive index system,and which are base structural equation modeling,and which use for reference that are professor Becker'crime economics research idea who are gain the Nobel prize and the behavior financial'theory,and which are based on based baye estimation to test the relation between the observable indicators and the latent variable,follow ,we analysis the characteristic of knower and not by Grossman-Stiglitz primacy theorem,and insider trading characteristic are demonstrated analyitically by event study method;then,we analyze the game between the guardian and the guarantee;at last, countermeasure are give out to aim at insider trading in China securities market that are appliance value and praxis content。...