【摘要】 本文利用2011—2018年我国A股市场内部人交易数据，研究“国家队”持股这一典型的政府干预行为对内部人交易的影响。结果表明，“国家队”进入后，内部人交易的超额收益显著提高；内部人基于信息优势的策略性交易是“国家队”持股影响其交易收益的主要原因，“国家队”持股对内部人收益的影响在信息环境较差的公司中更强。进一步分析发现，“国家队”持股同时推动了行业和公司层面的股价上涨，显著提高了内部人交易的成功率和获利水平。更多还原

【Abstract】 Using 2011-2018 Chinese A-share market insiders’ trading data, we investigate how Chinese government’s intervention via direct stock trading affects the trading of firm insiders. We find that interventions by the national team significantly increase insiders’ trading return. Strategic trading of insiders based on information advantage is the main mechanism of the effect and the impact is stronger for firms with worse information environment. Further study indicates that the national team shareholdings can have a beneficial effect on stock prices at both firm level and industry level, and significantly increase the trading success rate and total profit of insiders.更多还原