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信息披露对内部人交易的影响一直是学术界关注的焦点问题。近年来国外学者逐渐意识到公司治理环境对两者关系具有重要影响。基于我国的实践背景以及国外的研究新进展,本文梳理了国外有关公司治理环境对信息披露与内部人交易关系的调节效果的最新研究文献,首先介绍了信息披露与内部人交易的关系,引入公司治理环境因素,从控股股东和管理层两个方面梳理了相关文献,然后考察了内部人交易信息引起的市场反应,从理论分析和实证研究两个角度来探讨公司治理环境对内部人交易信息引起的市场反应的调节作用,最后展望了我国内部人交易行为的未来研究方向,以期为有效遏制我国内部人交易行为导致的超额收益现象提供有益的启示。
The impact of information disclosure on insider trading has always been the focus of academia. In recent years, foreign scholars have gradually realized that corporate governance environment has an important influence on the relationship between the two. Based on the background of our country and the new research progress abroad, this paper reviews the latest research literature on the regulatory effect of corporate governance environment on the relationship between information disclosure and insider trading. First, it introduces the relationship between information disclosure and insider trading, Governance environment factors, combing the relevant documents from the controlling shareholders and management level, and then examines the market reaction caused by insider trading information, from two aspects of theoretical analysis and empirical research to explore the corporate governance environment caused by the insider trading information Finally, it looks forward to the future research direction of the insider trading behavior in our country, in order to provide useful enlightenment for the phenomenon of effectively controlling the excess return caused by the insider trading in our country.