Will Insider Trading In Asset Restructuring Reduce Stock Price Synchronization?

As the pace of China's economic development continues to accelerate,the securities market plays a more obvious role in the development of the national economy.How to maintain a healthy and stable development of the securities market is an important issue.As an effective means of promoting resource allocation in the capital market,asset reorganization has been widely used by investors in recent years.Effective resource integration can accelerate the renewal speed of different quality investment objects in the market.The emergence of new investment opportunities will bring investors income,but it may also cause stock price fluctuations,asset restructuring events may provide conditions for insider trading,and the risks that may exist in the securities market increase.Previous studies by scholars on insider trading events mostly stayed behind in the post-event research on large-scale empirical and conceptual theory,lacking predictions and prior research on insider trading.Therefore,this article selects companies from different industries as the research cases from the insider trading incidents that have been publicly punished by the China Securities Regulatory Commission in 2018.Drawing on the research results of previous scholars,Calculate the RSQ to measure the synchronization of the average stock price during the insider trading process and the disclosure of insider information in two different periods.The size of the stock price synchronism,which leads to the conclusion that the listed company will reduce the stock price synchronization in the process of asset restructuring,hopes to make up for the shortcomings of most of the previous studies limited to the empirical field.This paper creates a new perspective on the research of insider trading.The method of case study will provide a new means for identifying whether there is insider trading in China's securities market.With this method,government agencies can take the initiative in dealing with insider trading events and guarantee Investors,especially small and medium-sized investors,improve the efficiency of market operations and ultimately achieve the goal which of promoting national economic development.