| The policy on securities margin trading was officially launched in March 2010,which is of great significance to the improvement of the financial system.At the same time,the introduction of securities margin trading allows insider traders to either long stocks and short stocks to obtain excess returns,and the mode of operation for insider trading has thus changed from one-way to two-way.There has been no empirical research on the relationship between securities margin trading.In addition,in the process of incremental expansion of securities margin trading,the policies for selected stocks are constantly adjusted,and the impact of policy changes on multiple expansions on insider trading needs further verification by empirical research.In view of the absence of empirical research and the narrow scope of current research,based on previous research,this paper explores for the first time the differences in the influence of hierarchical markets and different company insider structures on insider trading after the start-up of securities margin trading.It also analyzes the impact of changes in incremental expansion policies on insider trading.The research results of this paper provide data reference for the policy-making departments of securities margin trading,and it is of great significance to the stable development and healthy operation of the financial and trading mechanism.This paper puts forward research hypotheses on the basis of summarizing the research status at home and abroad and expounding the relevant theoretical analysis of insider trading and securities margin trading,and then selects relevant variables and designs regression models.This article selects the quarterly reports of listed companies in China's A-stock market from 2010 to 2017 as samples.This article uses the event research method to calculate the cumulative abnormal turnover rate of the quarterly report published on the 3rd window period,and uses it as an indicator to measure insider trading.And choose DID dual difference model to make empirical research.The following conclusions are drawn: the start-up of securities margin trading has significantly increased the insider trading behavior of the underlying listed company's shares;the introduction of securities margin trading has aggravated the influence of equity concentration on insider trading;the start-up of securities margin trading has the highest impact on GEM insider trading,followed by SMEs,and the minimal impact of insider trading on the motherboard.In the process of gradual expansion of securities margin trading,the relaxation of the selected stock standards will increase the occurrence of insider trading.Finally,this paper puts forward some effective suggestions for suppressing insider trading from the perspectives of the supervisory layer to study the innovative regulatory ideas for managing insider trading and the listed companies' strict control of inside information leakage. |
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