Empirical Research On Corporate Governance Of Insider Trading

Based on listed companies in China in the insider trading and were punished theCSRC39companies as the black sample, at the same time the match with blacksamples belong to an industry, time to market, major incidents happened in the sameyear also and not be ST treated39white sample, a total of78companies as theresearch sample, this paper base on the perspective of corporate governance of ourcountry stock market insider trading behavior carries on the empirical research. In theliterature of the past, a separate analysis of insider trading and corporate governanceliterature is more, but study of the relationship between literature is less, from theperspective of corporate governance research literature is almost no insider tradingbehavior, so the research of this article is very meaningful. Through the empiricalanalysis, the results show that corporate governance is one of the important factoraffecting the insider trading behavior. The main conclusions are from several aspects:first, poor corporate governance, insider trading more likely to occur; Second, thetransparency of listed companies is a good company, the less likely the occurrence ofinsider trading. Third, the external legal environment, the better, so the smaller thepossibility of occurrence of insider trading will be. In this paper, paper structure is asfollows:Chapter1,introduction. This paper introduces the research background in thebeginning, the research significance, research methods and thesis structure andresearch content.Chapter2, theoretical foundation and literature review. This chapter first ofcorporate governance, the excess yields and the degree of information asymmetry onconcept definition, and then to the current domestic and foreign research literaturereview of corporate governance and insider trading to comb, and review.Chapter3,A typical case analysis of insider trading. Everbright securities willrefer to this chapter2013oolong refers to the event as an example, this paperintroduces the background content of it, and then an in-depth analysis, through case can clearly found that the corporate governance and the relationship between insidertrading information.Chapter4,Insider trading agent variables related to corporate governance. Thischapter, the author introduces the insider trading agent variable cumulative excessyields CAR with C2, asymmetric information and explains why can use thecumulative excess yields and asymmetric information can be used as proxy variablesof insider trading. And then introduced in this paper, the corporate governance andother control variables.Chapter5,Based on the empirical test of insider trading of corporate governance.Before this chapter to expound theory as the foundation, set up the model, theempirical analysis of the influence of corporate governance on insider trading, andempirically by changing the proxy variables.Chapter6,, conclusion and suggestion. Through summarizing the conclusion ofthis article after the chapter on empirical research, analysis of the final result of thereason, then put forward some measures to improve and perfect the opinion, andfinally points out the research limitations and further research direction.