Research On The Influence Of Insider Trading Behavior On Stock Return

After the self-assessment reform,the company’s internal people can carry out trading behaviors within the provisions of the securities market,and the liquidity of my country’s securities market has been greatly strengthened.After that,the GEM and Scientific innovation board have also been established,and our country’s internal people’s increasing and decline in the stocks of listed companies is more common.Through the analysis of the status quo of internal people’s increase and decrease in the period 2017 to 2020,the increasing behavior of internal people has increased as the economy and the increase in the stock market,and the reducing behavior is the opposite,when the stock market is sluggish or the domestic economy In the shock,many internal people have reached the shares,and in 2020,when the global epidemics were plague,the internal reducing behavior on the domestic A stock market has reached an unprecedented heat.This paper can be seen from the relevant research results,compared to external investors,internal people as information advantages,their trading behavior is often a strong favorable or bad signal source,and there is often a market reaction after the behavior occurs.This paper selects internal population and reduction data in 2017 to 2020 as an analysis sample,which contained in a variety of stock market environments in many cases,and the stock market environment in non-epidemic also has an outbreak period and outbreak.After the domestic economy slowly recovered the stock market environment,it can be analyzed in different background environments,and internal human increased and reduced operations have different effects on stock yields.This paper first provides a brief introduction to the current research background and internal people’s increase and decrease,and organizes the research framework for past related research results.After combing the theoretical basis of this article,the relevant research design is carried out and the four-year increase or decrease is filtered.After the analysis,the incident research method analyzes whether the increase or decrease can cause a significant market reaction.Then,through the regression model,this paper analyzes the impact of the cumulative shareholding change proportion of insiders in different time intervals on the cumulative abnormal return in different time intervals after the increase or decrease of shareholding.As a result,it was found that through the event research,it was found that in addition to the 2020 income samples,in other analytical results,the increasing amount of the accumulated ultra-rate yield was significantly improved,and when its shares were reducing the shares its accumulated extra usual rate has a significant decline.By the return model,in the sample from 2017 to 2019,the increasing behavior of the inner people did not significant,and the increase in the increase in the stock price in 2020,and its increasing behavior has a significant positive To the influence,its significant fluctuations are hysteresis on the day of 10 to fifteen days;reduce samples,four years of data samples show that their reducing behavior has a significant negative impact on the stock price fluctuations,but in 2020 Its significance is weakened.In this paper,according to the empirical results,this paper proposes investment strategies and related policy recommendations based on internal people’s increase or decline.