中文摘要：

基于认知心理学的新视角，以管理层择机性的股票交易为切入点，本文利用深交所披露的2007年5月8日到2009年12月31日管理层内部人交易数据，深入分析了投资者注意力、管理层择机交易以及公司价值之间的关系，研究发现：（1）管理层的短期择机交易倾向、择机程度与投资者注意力呈显著的负向关系，表明管理层确实会基于投资者的注意力状态进行股票交易择机；（2）管理层择机交易具有负面的价值效应，并且投资者注意力程度的提高能够有效抑制该种负面的价值损失；（3）基于投资者的注意力状态差异，管理层更会倾向性地通过选择卖方交易中的违规交易以获取充分的自利收益。

英文摘要：

Based on cognitive psychology perspective, this paper deeply analysis the relation between investor attention and opportunistic insider trade of top executives by choosing opportunistic insider trade of top executives as cut-in point and using the insider trade data of firms listed in Shenzhen Stock Market Exchange from May 8,2007 to December 31,2009. We find that： （1） Trend and degree of opportunistic insider trade of top executives is negatively associated with investor attention toward stock, suggesting that investor attention is a important factor that top executives handle the time of trading when they sell their own companies stocks. （2） Opportunistic insider trade of top executives has negative value effect and the negative value effect could be suppressed by investor attention. inclined to choose illegal trade of seller trade to get self-interest income based （3） Top executives is more on investor attention state.