中文摘要：

在我国，上市公司内部人交易延迟披露交易信息的现象普遍存在。文章通过对沪市A股上市公司内部人延迟披露交易信息为研究对象，通过实证研究，寻找导致这一现象的影响因素。并在此基础上进一步分析延迟披露交易信息对股价波动的影响。研究表明，买入交易、小额交易、中等规模的公司更容易发生延迟披露的情况。此外，内部人交易是否延迟披露股票交易信息均不会影响股票市场对内部人交易股票的反应。

英文摘要：

In China, the delays of insider trading disclosure of listed companies are widely existed. The paper selected the sample of insider trading of A-share listed companies of Shanghai Stock Exchange as research object, trying to find out the influencing factors of this phenomenon from three aspects. The paper finds out that buying trading, small size trading are more prone to delays of trading information disclosure. Medium-size companies, corporations with high degree of equity concentration are also prone to delay disclosure of trading. The empirical results also show weather the disclosure of insider trading information delays or not will not affect the stock market reaction to insider trading.