证券市场导报Issue(11)：69-79,11.
内部人交易与公司债二级市场定价
摘要
Abstract
While stock and bond markets are closely linked,how bond investors view insider trading in the stock market and whether secondary corporate bond market pricing is affected by insider trading have not been thoroughly investigated.This paper empirically examines the impact of insider purchase and sale transactions on secondary corporate bond market pricing using Shanghai and Shenzhen A-share listed companies as samples.The research finds that insider selling increases corporate bond credit spreads,while insider buying has no significant impact on credit spreads.Mechanism tests indicate:(1)Insider selling may transmits signals of overvaluation of the company's share price to the market and intensifies stock price volatility.Especially when the share price falls greatly,bond investors may perceive deterioration in company fundamentals and increased bond default probability,demanding higher risk premiums;(2)Bond investment returns are limited to contractually agreed principal and interest,resulting in lower risk tolerance among bond investors,higher sensitivity to bad news compared to good news,and bond prices that capture negative information more quickly.Heterogeneity tests show that the impact of insider selling on corporate bond credit spreads is more pronounced in environments with greater uncertainty and when future cash flows show decreasing trends,while it is relatively less significant when board independence is stronger and corporate bond liquidity is better.Further research finds that the more profits insiders gain from selling,the greater the increase of corporate bond credit spread;compared to routine insider selling,opportunistic insider selling has a greater impact on corporate bond credit spreads.This paper enriches research on secondary corporate bond market pricing and provides references for further improving insider trading regulation.关键词
内部人交易/公司债定价/信用利差/股价波动Key words
insider trading/corporate bond pricing/credit spread/stock price volatility分类
管理科学引用本文复制引用
陈作华,于军..内部人交易与公司债二级市场定价[J].证券市场导报,2025,(11):69-79,11.基金项目
山东省自然科学基金项目"薪酬差距、超额薪酬对高管减持行为的影响机理及监管对策研究"(ZR2022MG038) （ZR2022MG038）
