宏观经济政策的不确定性对机会主义内幕交易的影响

IF 1.9 Q2 BUSINESS, FINANCE China Journal of Accounting Research Pub Date : 2022-12-01 DOI:10.1016/j.cjar.2022.100270
Chun Cai, Ruixue Bao, Peng Wang, Huiyan Yang
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引用次数: 3

摘要

宏观经济政策环境影响微观企业的内部治理,这可能为管理层提供从股票出售中获益的机会,同时减少其操纵股票交易的动机。本文以2007 - 2018年中国a股上市公司为样本,研究宏观经济政策不确定性对机会性内幕交易的影响。结果表明,宏观经济政策的不确定性有助于抑制管理层持股的机会主义交易。在宏观经济政策不确定的情况下,企业改善内部治理。进一步,加强股权治理有助于减少管理层对政策环境不确定性的投机利用,凸显宏观经济政策不确定性的有利作用,有助于监管者规范管理行为,促进宏观经济政策的治理效果。
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Impact of macroeconomic policy uncertainty on opportunistic insider trading

The macroeconomic policy environment affects the internal governance of microenterprises, which may provide opportunities for management to benefit from stock sales while decreasing its motivation to manipulate stock transactions. Using a sample of Chinese A-share listed companies from 2007 to 2018, we study the impact of macroeconomic policy uncertainty on opportunistic insider trading. The results show that macroeconomic policy uncertainty helps restrain the opportunistic trading of shares held by management. When macroeconomic policies are uncertain, enterprises improve their internal governance. Furthermore, strengthening equity governance helps reduce management’s opportunistic use of the uncertainty of the policy environment, highlighting the advantageous effect of macroeconomic policy uncertainty and helping regulators standardize managerial behavior and promote the governance effect of macroeconomic policy.

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来源期刊
CiteScore
4.70
自引率
0.00%
发文量
295
审稿时长
15 weeks
期刊介绍: The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.
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