作　　者： ; ; ;

机构地区： 中山大学管理学院

出　　处： 《重庆工商大学学报（自然科学版）》 2011年第5期491-495,513,共6页

摘　　要： 机构投资者主要存在两种信息优势,一种是抢先私有信息发现优势,另一种是对公开信息的解释优势;已有文献更多的是关注机构投资者对公开信息的解释优势,此处用从分笔高频交易数据库中分离出机构投资者交易记录的方法,利用一组特殊的样本———资产注入;探讨了机构投资者的抢先私有信息发现优势,发现信息泄露主要由机构投资者的私有信息引起,机构投资者在事件公告前超常买入,并引起了公告前股票价格的变化;为个人投资者的投资行为提供了预警和为证监会的监管提供了借鉴。 Institutional investors mainly have two kinds of information advantage,one is private informationdiscovery advantage in advance and the other is interpretation advantage of public information. The existedliterature mostly concerns about the interpretation advantage of public information of institutional investors. Throughseparating transaction records of institutional investors from high-frequency transaction database for per account andby using a special group of samples of asset injection,this paper discusses private information discovery advantageof institutional investors in advance and reveals that information leaking is chiefly caused by private information ofinstitutional investors and that institutional investors extraordinarily purchase before asset injection disclosure,whichlead to the change of stock price. This paper provides early warning for investment behaviors of individual investorsand provides reference for the management of China Securities Regulatory Commission.

关 键 词： 机构投资者 信息泄露 资产注入

领　　域： [经济管理] [经济管理]