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内部人交易一直是资本市场研究领域的热点问题,信息优势是内部人交易并获取超常回报的重要动因,此领域的相关文献尤为繁杂,有必要进行系统梳理。本文首先对内部人交易和内幕交易的内涵进行了界定,进而基于信息优势的视角,从内部人择时能力、内部人交易信息含量、内部人对信息质量的解读与信息披露质量对内部人交易的影响四个方面对相关文献进行了系统梳理和述评,并得出了结论以及对未来的研究方向进行了展望。本文有助于探寻内部人交易的研究脉络和发展趋势,为后续研究提供借鉴。
Insider trading has always been a hot issue in the field of capital market research. Information superiority is an important motivation for insider trading and abnormal returns. The relevant literature in this field is particularly complicated and it is necessary to systematically sort it. This article first defines the connotation of insider trading and insider trading, and then from the perspective of information superiority, from insiders’ timing ability, the content of insider trading information, the insider’s interpretation of the quality of information and the quality of information disclosure to insider trading The author systematically reviews and comments on the related literature in four aspects and draws conclusions and prospects for future research. This article will help to explore the research thread and development trend of insider trading and provide reference for follow-up research.