上市公司发生内幕交易,除人为外,多数原因源于公司治理的黑洞,比如股权过于分散,导致企业缺失“主人”;监事会形同虚设,导致内部监督失控;管理者不懂上市公司规则,以及包括所有权、决策权、执行权和监督权等四权模糊,这些因素最终滋养了内幕交易的温床。 Listed companies insider trading, in addition to people, most of the reasons stemmed from the black hole in corporate governance, such as stake is too fragmented, resulting in the lack of “owner ”; board of supervisors as a result of oversight, resulting in internal oversight out of control; managers do not understand the rules of listed companies, and The four-person ambiguity, including ownership, decision-making, enforcement and oversight, ultimately nurtured a hotbed of insider trading.