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本文分析了上市公司重大资产重组中存在基金内幕交易的情况。通过FDR方法本文克服了传统分析内幕交易所使用的量价指标的不足,将存在基金内幕交易的情况与其他情况加以区分,成功地识别出哪些上市公司的重大资产重组中存在基金内幕交易。分析结果表明,在10%的显著水平下,超过五分之一的重组存在基金内幕交易;这个情况自2010年以来变得更加严重;制造业等近年来发展较快、资本需求大的行业往往容易出现重组泄密。全文认为虽然不能准确地识别出哪些基金进行了内幕交易,但可以对问题的源头——发生了重组泄密的上市公司进行监管,推动重组保密工作的建设;根据存在基金内幕交易的重组特点,更加有效地利用监管资源。这些都将推动基于重大资产重组的基金内幕交易的有效监管。
This article analyzes the existence of fund insider trading in the major assets reorganization of listed companies. Through the FDR method, this article overcomes the shortcomings of the conventional analysis of the quantity and price index used by the insider trading, distinguishes the existence of the insider trading of the fund from other situations, and successfully identifies the insider trading of the fund in the major assets reorganizations of which listed companies. The analysis shows that under 10% of the significant level, more than one-fifth of the reorganization exists insider trading of funds; this situation has become even more serious since 2010. Manufacturing industries, which have been developing rapidly in recent years, have high capital needs, Prone to reorganization leaks. The full text thinks that although it can not accurately identify which fund conducts insider trading, it can supervise the source of the problem - the listed company that has undergone the reorganization and disclosure, and promote the construction of reorganization and confidentiality work. According to the reorganization feature of insider trading with funds, Effective use of regulatory resources. These will promote the effective supervision of the insider trading of funds based on major asset restructuring.