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既有制度和研究主要从微观角度即公司内部的重大决策出发,分析股价的影响因素,但公司重大决策往往仅对特定股票产生影响。从宏观角度看,政府救市举措对股价的影响则涉及整个股市。《证券法》将公司重大决策规定为内幕信息,但未提及政府救市举措。就目前我国内幕信息采用的标准看,政府救市举措不能完全与未公开性、价格敏感性标准相适应,但是在有效市场的理论背景下,信息公开的主体已不再局限于上市公司,价格敏感性标准也逐渐由客观性转为主观性,因此就《证券法》的发展趋势看,政府救市举措应属于内幕信息。
The existing systems and research mainly analyze the influencing factors of the stock price from the microscopic point of view, namely, the major internal decisions of the company, but the major decisions of the company often only affect the specific stock. From a macro perspective, the impact of the government bailout on the stock price involves the entire stock market. The Securities Law stipulated the major decisions of the company as inside information, but did not mention the government bailout measures. For the current standard of insider information in our country, the measures of government bailout can not be completely compatible with unpublished and price-sensitive standards. However, under the theoretical background of effective markets, the main body of information disclosure is no longer confined to listed companies, and price-sensitive The standard of sexuality has also gradually shifted from objectivity to subjectivity. Therefore, judging from the development trend of the Securities Law, government bailout measures should be classified as insider information.