我国内部人交易获得超额收益分析

摘要

In General, the company internal than external people earlier and easier access to company information people in effective internal market when trading in shares of the company, external staff has the advantage and get the excess profits. This paper makes study of insider trading of listed company in China and research on the cumulative excess return excess by using empirical methods, the result demonstrates that, there are differences in excess earnings because of different deal scale.%一般来说，公司内部人会比外部人更早、更容易地获得本公司信息。这样，内部人在有效市场中交易本公司股票时，会较外部人员具有优势，并能获得超额收益。以我国上市公司内部人交易为研究对象，利用实证方法对超额收益及累计超额收益进行研究，发现我国股票市场的确存在这种现象。并且发现，由于交易规模的不同，获得的超额收益存在差异。