中文摘要：

考虑内幕交易者往往承担着信息披露义务这一因素,分析了在信息披露义务约束下内幕交易者的内幕交易行为及信息披露行为,认为信息披露与监管制度是否严格有效是内幕交易能否促进信息效率的决定因素.还提出了加强内幕交易法律监管的同时要加强信息披露监管的政策建议.

英文摘要：

A model is built by considering the fact that the insider trader takes the responsible of disclosing information. Base on the model, the trading method and information disclosure performance of the insider trader are analyzed. The conclusion is that whether the insider trading improves the information efficiency is depended on the information disclosure and regulation policy. Therefore, our suggestion is that insider trading regulation as well as information disclosure regulation must be strengthened.