Abstract:

By using event study, this paper analyzed whether the market significantly react to the insider relatives trading behaviors, and study the effect of internal control to them. This paper finds the following results. First, insider relatives times sales successfully, and the market reaction to sales is significantly negative. Second, for the listed companies of lower internal control quality, insider relatives can more successfully sell the stocks at the right moments when the stock price increase significantly, and the market reacts more strongly to the sales.

摘要：

本文运用事件研究法分析了市场能否对内部人亲属卖出股票交易行为做出显著的反应，并探求内部控制在其中的影响。研究发现：（1）内部人亲属在卖出股票交易中表现出了准确的市场择机能力，市场对此有着显著的负面反应；（2）与内部控制质量高的上市公司相比，内部控制质量低的上市公司的内部人亲属能够更为成功地选择在股价大幅度上升的恰当时点卖出股票，市场对此的反应也更加强烈。