The Research On Listed Company Insider Trading And Standard Management

Insider trading is a new phenomenon after China’s reform of non-tradable shares, to accompany with the implementation of new company law and the card coupons law. Usually, insider trading is not necessarily insider trading, but because the company insiders have access to information advantage, often know unpublished important internal information, and very easy to use the information to profit, and then bring adverse effects to the listed company, outside investors and card coupons market. Therefore, to standardize the management of the trade insiders is imminent.Based on the research of listed company insider trading data what shanghai and shenzhen stock exchange announced,analyzes the present situation of insider trading, verify the insider trading influence factors, investigate the current management experience and inadequacy, finally on the basis of above conclusions, put forward effective measures of standard management of insider trading.This study found that insider frequency, scale, market capitalization are more larger, and have a rising trend year by year, internal collective trading situation obviously, internal relatives trading behavior significantly, short-term trading, trading more in sensitive period and delay announcement behaviors are generally. It is also found that the information power is profit foundation of insider trading, excess return is the direct motivation, information disclosure affects the strategy choice, internal positions affect trading details, perfect the corporate governance environment, strict market supervision level and good legal environment can effectively prevent the occurrence of insider trading, Finally from the listed company autonomy, intermediate organization supervision, national legislation and market participation, put forward effective measures of standard management of insider trading. The paper mainly the following two innovative points:the first listed company insider trading occupy the dominant position; second first proposed the automatic locking violation trading accounts, the prior transaction announcement system and property declaration system three insider trading standard management measures. Automatic locking violation trading account is a timely locking illegal insider trading account to prevent illegal transactions occurring new method; the prior transaction announcement system is a kind of insider trading prior report system; property declaration system is a method of superving internal property in order to control the illegal behavior.In a word, this article make a comprehensive analysis on insider trading situation, put forward effective measures of standard management of insider trading, however although the new measures give great help to regulate the management in theory, but the measure of effectiveness should be tested in practice...