内部控制与内部人违规交易行为

摘要

Using companies listed on the Shanghai Securities Exchange from 2009 to 2012 as study samples,and taking insider illegal trading rate,insider sensitive period trading rate,and insider disclosure delay rate as the proxies of insider illegal trading behaviors,this paper investi-gates the influence of internal control on insider illegal trading behaviors.Using empirical re-search method to solve this issue this paper finds that:Internal control quality significantly nega-tively correlate with insider illegal trading rate and insider sensitive period trading rate;Internal control quality negatively correlate with insider disclosure delay rate,but this relationship is not significant.These results show,internal control could efficiently reduce insider illegal trading be-haviors and help improve the compliance of laws and regulations of insider trading.%以2009~2012年沪市上市公司为研究样本，以内部人违规交易比率、内部人敏感期交易比率和内部人延迟披露比率作为内部人违规交易行为的替代变量，考察了内部控制对内部人违规交易行为的影响。研究发现，内部控制质量与内部人违规交易比率和内部人敏感期交易比率显著负相关，与内部人延迟披露比率之间的关系不显著。研究结果表明，总体而言，内部控制能有效抑制内部人违规交易行为的发生，有利于提高内部人交易的合法合规性。