| Since the 1970 s,my country’s capital market has been continuously improved under the "emerging + transition",and the securities market has ushered in a stage of full-speed development.Mergers and acquisitions are an important part of it.Whether it is optimizing resource allocation or adjusting industrial structure,it is of great significance to enhance the core competitiveness of enterprises.However,with the emergence of a large number of insider transactions,both mergers and acquisitions and various market participants have been hindered,and the "three public" principle of the securities market is facing challenges.Based on the above situation,this paper starts from the theme of insider trading in listed companies’ M&A and reorganization,clarifies the concept of listed company’s M&A and insider trading and the characteristics of the combination,and draws on relevant theories to analyze the legal system,local Economic development status,internal corporate governance structure and information disclosure are several influencing factors and hypotheses are put forward.Combining the probability of knowledge of insider trading with the fixed effect model,this paper empirically analyzes the insider trading situation of 12,575 listed companies in the Shanghai and Shenzhen A-share market for mergers and acquisitions and the above factors from 2005 to 2019.insider trading has a significant impact.In reviewing the research results of the relevant literature,this paper takes the SJ Group merger and acquisition insider trading case reported by the China Securities Regulatory Commission in 2021 as a research case.After sorting out the basic situation of the case’s mergers and acquisitions and insider,the influencing factors in various dimensions are combined with empirical evidence.Analysis,and put forward targeted suggestions for various factors and related subjects,in order to contribute to the prevention of insider trading through this research. |
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