家族企业、信息泄露及内幕交易可能性

摘要

利用事件研究法，本文实证分析了家族企业在信息泄露和内幕交易可能性等方面与非家族控股类企业的差异性。结果表明：对于利好消息，家族控股类企业在信息公告之前30个窗口期内的累计异常收益率显著高于非家族控股类企业（约高出1．5％），说明家族企业存在着更为明显的信息泄露问题，其发生内幕交易的可能性较非家族控股类企业更为明显；而对于利空消息，两类股权组织结构不同的企业间并未表现出显著差异。%By using the method of case study,this paper empirically studied the difference between family business and non-family business on the disclosure of information and the possibilities of inside-trading.The result shows that for the good news,the cumulative abnormal return of family business was significantly higher than the non-family business (approximately higher 1.5%)in the 30 window periods before the announcement of the information.It illustrates that family business has a more obvious information leakage problem, the possibility of insider trading is much larger than the non-family business.But for the bad news,there is no significant difference be-tween these two different equity structure firms.