并购重组中内幕交易为何如此频繁？——基于社会关系视角的经验研究

近年来,中国资本市场内幕信息泄露和内幕交易行为并不少见,对其影响因素的研究逐渐成为热点。从社会资本和社会关系的角度切入,以2007—2016年并购重组中实际发生控制权转移的218家上市公司为样本,对上市公司并购重组中高管的社会关系如何影响内幕交易进行了实证研究。研究发现,上市公司高管的社会关系会对内幕信息泄露程度产生重要影响。高管和政府的社会关系以及高管和金融机构的社会关系均是泄露的途径。上市公司高管在政府以及金融机构的任职经历越丰富,内幕信息泄露行为就越严重。与此同时,在监管机构工作过的人员进入到上市公司担任高管可以起到遏制内幕信息泄露的作用。为了有效防止非法内幕交易,建议监管部门将公司高管在职业生涯中拓展的社会关系作为监管和关注的重点对象。

Why Insider Trading is Rampant in M&A:An Empirical Study from Perspective of Social Relations

In recent years, insider information disclosure and insider trading behavior have not been rarely seen on China''s capital market, and research on their influencing factors has been heated topic. From the perspective of social capital and social relations, taking 218 listed companies as samples that have actually experienced the control transfer during the years from 2007 to 2016, this paper empirically conducts a study on how the social relations of top executives affect insider trading in mergers and acquisitions (M&A) of listed companies. The empirical research shows that the social relations of top executives in listed companies have significant impact on the degree of insider information disclosure. The social relations of top executives with government and financial institutions are both access to information disclosure. The richer the top executives'' experience in the government and financial institutions, the more serious the insider information disclosure behavior. At the same time, the research indicates that the persons who worked in the regulatory agency before entering the listed company as top executives can play a role in containment of insider information disclosure. In order to effectively prevent illegal insider trading, the regulatory authority should regard the social relations of a company''s top executives in their careers as the focus of supervision and concern.