公司治理环境对信息披露与内部人交易关系的调节作用研究述评

52外国经济与管理(第32卷第9期)第32卷第9期Vol32No92010年9月ForeignEconomics&ManagementSep.2010(,510320):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:公司治理环境;信息披露;内部人交易:F270:A:10014950(2010)09005207:20100605:陈建林(1979-),男,广东商学院会计学院讲师,管理学博士(insidertrading)2006,,,,,,,:,,,,,,:(),:公司治理环境对信息披露与内部人交易关系的调节作用研究述评53;;,,(Cheng,2005)[1]Fidrmuc(2005),,[2]Yang(2005)1986~2003,,,,,Elliott(1984),,,;,Ke(2003),,,,,[3],(Rogers,2005),,,;,,,2002;2003,,,,?Huddart(2004):;,,Huddart(2004),,,,[4],,,,,,()1,,1),Maug(2002)Maug(2002),,:,,,,,,54外国经济与管理(第32卷第9期)[5],,,,,,Carlton(1983)Dye(1984),,,,,,(Bhattacharya,2002),2),,Ofek(2000),,Noe(1999)1979~1987,,,Noe,,;,(),,[6],[7],,Cheng(2008),,,,,,,,,,,;,,,,,,Cheng(2008)1995~20024995,,(P1%,)[8],;,2,()Durnev(2007)212189,,,,,,,,,,,Ackerman(2006)4819000,LaPorta(1998),,,公司治理环境对信息披露与内部人交易关系的调节作用研究述评55Sivakumar(1994),,,Huddart(2007),()[7]Rogers(2005)1995~2000645,,,,,,[9],,,,??(),Carlton1983,,,,,,[10],:;Hirechey(1989),,,;,,,JohnLang(1991),,,,,;,,,[11],,(),,:,,,Verrecchia(2001),,:(h)(n)h,56外国经济与管理(第32卷第9期);n,[12]Verrecchia,,,hnhn,Verrecchia(2001),,,,[13],(n),,,,,[14],[15][16],,,(h),,Huddart(2001),,,,,,,,,Cespa(2008):,,;,,:,,,?,:;Bhattacharya(2000),,[17]Wisniewski(2005),,,,,Gurgul(2007),:,;,,,Aktas(2008)2110,,,,FernadesFerreira(2009),,[18]Fidrmuc(2009)15,[19]公司治理环境对信息披露与内部人交易关系的调节作用研究述评57Fidrmuc(2009),,,,036%278%369%,,012%076%083%,,,,[19]CEO,,,Fidrmuc(2009),,:,;,,[19]Fidrmuc(2009),,,(1),,,,,,,,,,,,,,,,1,,,,,,,,,,,,:,,,,,2006!∀,,,,,58外国经济与管理(第32卷第9期),,,,?,,,,:??,,?:[1]Cheng,L,Szeto,R,andLeung,TY.Insidertradingactivitiesbeforethesimultaneousannouncementsofearningsanddividends[J].ReviewofPacificBasinFinancialMarketsandPolicies,2005,8(2):279-307.[2]Fidrmuc,J,Goergen,M,andRenneboog,L.Insidertrading,newsreleasesandownershipconcentration[J].TheJournalofFinance,2005,61(6):2931-2973.[3]Ke,B,Huddart,S,andPetroni,K.Whatinsidersknowaboutfutureearningsandhowtheyuseit:Evidencefrominsidertrades[J].JournalofAccountingandEconomics,2003,35(3):315-346.[4]Huddart,S,Hughes,J,andWilliams,M.Preannouncementofinsiderstrades[EB/OL].SSRNWorkingPaper,2004.[5]Maug,E.Insidertradinglegislationandcorporategovernance[J].EuropeanEconomicReview,2002,46(9):1569-1597.[6]Noe,C.Voluntarydisclosuresandinsidertransactions[J].JournalofAccountingandEconomics,1999,27(3):305-326.[7]Huddart,S,Ke,B,andShi,C.Jeopardy,nonpublicinformation,andinsidertradingaroundSEC10Kand10Qfilings[J].JournalofAccountingandEconomics,2007,43(1):3-36.[8]Cheng,Q,andLo,K.Insidertradingandvoluntarydisclosures[J].JournalofTheoreticalandAppliedFinance,2008,11(2):143-162.[9]Rogers,JL,andStocken,PC.Credibilityofmanagementforecasts[J].TheAccountingReview,2005,80(4):1233-1260.[10]Brochet,F.Informationcontentofinsidertrades:BeforeandaftertheSarbanesOxleyActof2002[EB/OL].SSRNWorkingPaper,2008.[11]John,K,andLang,LHP.Insidertradingarounddividendannouncements:Theoryandevidence[J].TheJournalofFinance,1991,46(4):1361-1389.[12]Verrecchia,R.Essaysondisclosure[J].JournalofAccountingandEconomics,2001,32(1):97-180.[13]Morck,R,Yeung,B,andYu,W.Theinformationcontentofstockmarkets:Whydoemergingmarketshavesynchronousstockpricemovements?[J].JournalofFinancialEconomics,2000,58(1):215-260.[14]Bailey,W,AndrewKarolyi,G,andSalva,C.Theeconomicconsequencesofincreaseddisclosure:Evidencefrominternationalcrosslistings[J].JournalofFinancialEconomics,2006,81(1):175-213.[15]Chung,KH,Elder,J,andKim,JC.Corporategovernanceandliquidity[J].JournalofFinancialandQuantitativeAnalysis,2010,45(2):265-291.[16]Leuz,C,Nanda,D,andWysocki,PD.Earningsmanagementandinvestorprotection:Aninternationalcomparison[J].JournalofFinancialEconomics2003,69(3):505-527.[17]Bhattacharya,U,Daouk,H,JorgensonB,andKehr,CH.Whenaneventisnotanevent:Thecuriouscaseofanemergingmarket[J].JournalofFinancialEconomics,2000,55(1):69-101.[18]Fernandes,N,andFerreira,MA.Insidertradinglawsandstockpriceinformativeness[J].ReviewofFinancialStudies,2009,22(5):1845-1887.[19]Fidrmuc,J,Korczak,A,andKorczak,P.Insidertrading,corporategovernanceandinformationdisclosure:Internationalevidence[EB/OL].SSRNWorkingPaper,2009.(责任编辑:锦韵)