暨南学报(哲学社会科学版)

作者：王生年, 曾婉慧

单位：石河子大学经济与管理学院。

关键词：内部人交易,股票错误定价,信息透明度,投资者情绪

基金：国家自然科学基金项目“分析师关注与资产定价效率——基于会计异象的视角”(71862029)。

内部人交易既可以向市场传递公司内在价值和业绩前景信息,也可以凭借其信息优势获取超额收益。本文以2007—2020年A股上市公司为样本,实证检验了内部人交易与股票错误定价的关系。研究发现,内部人交易的信息效应能够有效缓解资本市场上的股票错误定价,且这种作用在股价高估组和内部人卖出组表现更为显著。路径检验发现,内部人交易通过提升信息透明度和改善投资者情绪两条途径缓解了股票错误定价程度。进一步研究发现,董事会成员和有政府履历的内部人交易具有更强的信息效应,而存在股权质押与多个大股东则削弱了内部人交易对股票错误定价的缓解作用。研究结果表明,内部人交易传递的私有信息有利于改善市场定价效率,对内部人交易加强监管的同时,提高内部人交易信息披露,有利于提升我国资本市场定价效率。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家自然科学基金项目“分析师关注与资产定价效率——基于会计异象的视角”(71862029)。"],"article":{"keywordList_cn":["股票错误定价","内部人交易","投资者情绪","信息透明度"],"juan":"44","zhaiyao_cn":"内部人交易既可以向市场传递公司内在价值和业绩前景信息,也可以凭借其信息优势获取超额收益。本文以2007—2020年A股上市公司为样本,实证检验了内部人交易与股票错误定价的关系。研究发现,内部人交易的信息效应能够有效缓解资本市场上的股票错误定价,且这种作用在股价高估组和内部人卖出组表现更为显著。路径检验发现,内部人交易通过提升信息透明度和改善投资者情绪两条途径缓解了股票错误定价程度。进一步研究发现,董事会成员和有政府履历的内部人交易具有更强的信息效应,而存在股权质押与多个大股东则削弱了内部人交易对股票错误定价的缓解作用。研究结果表明,内部人交易传递的私有信息有利于改善市场定价效率,对内部人交易加强监管的同时,提高内部人交易信息披露,有利于提升我国资本市场定价效率。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6544","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6544","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20220799","qi":"11","id":6544,"nian":2022,"bianHao":"2022-11-105","zuoZheEn_L":"WANG Shengnian, ZENG Wanhui","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2022","shouCiFaBuRiQi":"2023-01-11","qiShiYe":"105","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2022/V44/I11","lanMu_cn":"经济·管理","pdfSize":"743","zuoZhe_CN":"王生年, 曾婉慧","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6544","title_cn":"内部人交易与股票错误定价:信息传递还是估值套利？","doi":"10.11778/j.jnxb.20220799","jieShuYe":"122","keywordList_en":["information transparency","insider trading","investor sentiment","mispricing of stocks"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6544","zhaiyao_en":"Insider trading can not only transmit the information of the company's intrinsic value and performance prospect to the market, but also obtain excess returns by virtue of its information advantage. Taking a-share listed companies from 2007 to 2020 as samples, this paper empirically examines the relationship between insider trading and stock mispricing. The results show that the information effect of insider trading can effectively alleviate stock mispricing in the capital market, and this effect is more significant in the group of stock price overvaluation and the group of insider selling. The path test shows that insider trading alleviates stock mispricing by enhancing information transparency and improving investor sentiment. Further research shows that insider trading with board members and government experience has stronger information effect, while stock pledge and multiple major shareholders weaken the moderating effect of insider trading on stock mispricing. The results show that the private information delivered by insider trading is conducive to not only improving the pricing efficiency of the market and strengthening the supervision of insider trading, but also improving the pricing efficiency of China's capital market with the disclosure of insider trading information.","bibtexUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=BibTeX&id=6544","abstractUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/10.11778/j.jnxb.20220799","zuoZheCn_L":"王生年, 曾婉慧","juanUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2022","lanMu_en":"","qiUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2022/V44/I11","zuoZhe_EN":"WANG Shengnian, ZENG Wanhui","risUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=Ris&id=6544","title_en":"Insider Trading and Stock Mispricing: Private Information or Valuation Arbitrage","hasPdf":"true"},"authorNotes_cn":["王生年、曾婉慧,石河子大学经济与管理学院。"]};if(window.metaData && (!window.metaData.authorNotesCommon_cn && !window.metaData.authorNotesCorresp_cn && window.metaData.authorNotes_cn)){window.metaData.authorNotesCommon_cn = window.metaData.authorNotes_cn;}if(window.metaData && (!window.metaData.authorNotesCommon_en && !window.metaData.authorNotesCorresp_en && window.metaData.authorNotes_en)){window.metaData.authorNotesCommon_en = window.metaData.authorNotes_en;}var _nlmdtdXml = $("#article_nlmdtdXml").val();var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');window.metaData.magDir = magDir;new mag_vue({ el: '#metaVue', //dataUrl: mag_currentQikanUrl() + '/EN/article/getRichHtmlJson.do?articleId='+$("#articleId").val(), data:window.metaData, loading:true, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});var pars = {attachType:'PDF',id:$("#articleId").val(),json:true};jQuery.post($("#mag-common-contextPath").val()+"/CN/article/showArticleFile.do?" + new Date().getTime(), pars, function(data){var json=null;if(data.match(/^\[json\].*/g)){json=eval("("+data.replace(/^\[json\]/g,"")+")");}if(json && json.status == 1){//有权限}else{//无权限$("#no-access-div").show();}});mag_ajax({url:mag_currentQikanUrl() + '/CN/article/getRichHtmlJson.do',data:{articleId:$("#articleId").val(),token:'6c54d738e208413f8c7f91b3d982c46b',referer:document.referrer},dataType:"json",async:"false",success:function(json){if(json.richHtmlJson && json.richHtmlJson.article){if(json.trans){var _nlmdtdXmlCN = $("#article_nlmdtdXmlCN").val();var magDirCN = _nlmdtdXmlCN.replace(/\/[^\/]+$/,'');json.richHtmlJson.magDir=magDirCN;}else{json.richHtmlJson.magDir=magDir;}new mag_vue({ el: '#bodyVue', data:json.richHtmlJson, doTextFun:function(text){ return doDataJsonText(text); }, doAfterFun:function(selector,jsonData){doMagVueAfter(selector,jsonData);}});}}});//altmetricif($.trim($("#article_doi").val())!=''){$.ajax({url:'https://api.altmetric.com/v1/doi/'+$.trim($("#article_doi").val())+'?callback=altmetric_callback',//url:'https://api.altmetric.com/v1/doi/10.1007/s13238-016-0264-7?callback=altmetric_callback',dataType:'jsonp'});}mag_rich_menu(jQuery);$(function(){ $('#autoMenu').autoMenu();})$("#autoMenu").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});window.autoMenuFlag=true;$("#relatedArticles").niceScroll({cursorcolor: "#ccc", //滚动条的颜色cursoropacitymax: 0, //滚动条的透明度，从0-1 touchbehavior: false, //使光标拖动滚动像在台式电脑触摸设备 true滚动条拖动不可用 cursorwidth: "6px", //滚动条的宽度 单位默认px cursorborder: "0", // 游标边框css定义 cursorborderradius: "3px", //滚动条两头的圆角 autohidemode: true, //是否隐藏滚动条 true的时候默认不显示滚动条，当鼠标经过的时候显示滚动条 zindex: "auto", //给滚动条设置z-index值 railvalign:'defaul',railpadding: {top: 0,right: -6,left: 0,bottom: 0}, //滚动条的位置});//公式序号 居右jQuery(".mag-xml-disp-formula").each(function() {var _this = jQuery(this);var _label= _this.children("label");if(typeof(_label.html())!="undefined"){_this.children("label").remove();_this.wrap("");_this.parent().parent().append(""+_label.html()+"");}});$('body').click(function(){$('.daochu_div').hide();$('.qipao').hide();})$('.qipao').click(function(event){event.stopPropagation();})/*参考文献显示隐藏*/$('.biaotijiantoush1').click(function(event){if($(this).attr('class')=='glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideUp();$(this).attr('class','glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1');}else if($(this).attr('class')=='glyphicon glyphicon-triangle-bottom biaotijiantoush biaotijiantoush1'){$(this).parents('.mag_main_zhengwen_left_div_ckwx_table_benwenyiny').next('.mag_main_zhengwen_left_div_ckwx_table_ckwx_xiangqing').stop().slideDown();$(this).attr('class','glyphicon glyphicon-triangle-top biaotijiantoush biaotijiantoush1');}event.stopPropagation();});//加载补充材料mag_ajax_update({ele_id:'showArticle_suppls',url:mag_currentQikanUrl() + '/CN/article/showArticleSuppls.do',data:{articleId:$("#articleId").val()}});//加载专题mag_ajax_update({ele_id:'showArticle_subjects',url:mag_currentQikanUrl() + '/CN/subject/showSubjectListByArticle.do',data:{articleId:$("#articleId").val(),forwardJsp:'showArticle'}});//渲染公式mag_mathJax();});function altmetric_callback(json){if(json && json.score){if(json.score - parseInt(json.score) > 0){$("#altmetric-score").html(parseInt(json.score)+1);}else{$("#altmetric-score").html(parseInt(json.score));}$(".main_content_center_right_duoweidu_div").css("width","25%");$("#altmetric-a").show();$("#altmetric-a").attr("href",json.details_url);}}function richClickAuthor(name){var searchSQL = "((("+mag_advSearchValReplace(name)+"[Author]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function richClickKeyword(keyword){var searchSQL = "((("+mag_advSearchValReplace(keyword)+"[Keyword]) AND 2J[Journal]) AND year[Order])";mag_request({url:mag_currentQikanUrl() + '/CN/searchresult',data:{searchSQL:searchSQL}});}function mag_share(){$("#bShare_more_a").click();}function loadRelatedArticles(){if($("#showRelatedArticles") && $("#showRelatedArticles").length>0){//加载过了}else{mag_loading();mag_ajax_update({ele_id:'relatedArticles-content',url:mag_currentQikanUrl() + '/CN/article/relatedArticle.do',data:{id:$("#articleId").val(), forwardJsp:'showArticle'},complete:function(){mag_layer_close();}});}}function showMetrics(){mag_window_location(mag_currentQikanUrl() + '/CN/metrics/'+$("#articleId").val());}function piaofuFn(a,fnId){var content=''+$("#mag-rich-fn-"+fnId).html()+'';piaofu(a,content);}function huoqukuanduimg(){//}function doDataJsonText(text){var str = text;//var _nlmdtdXml = $("#article_nlmdtdXml").val();//var magDir = _nlmdtdXml.replace(/\/[^\/]+$/,'');str = str.replace(/";ss += "";var shuomingTitle = "";var shuomingContent = '';if(fig.titleCn && fig.titleCn!=''){shuomingTitle = fig.titleCn;if(fig.titleContentCn && fig.titleContentCn!=''){shuomingContent += fig.titleContentCn;}}if(shuomingTitle==''){if(fig.titleEn && fig.titleEn!=''){shuomingTitle = fig.titleEn;}if(fig.titleContentEn && fig.titleContentEn!=''){shuomingContent += fig.titleContentEn;}}else{if(fig.titleEn && fig.titleEn!=''){shuomingContent += ""+fig.titleEn+"

来源：2022年第11期

《暨南学报(哲学社会科学版)》期刊编辑部

查看暨南学报(哲学社会科学版)杂志2022年第11期