中文摘要：

基于内部人交易相关理论，笔者以2010年～2012年创业板上市公司发生的高管减持交易为样本，实证检验了公司高管减持所获超额收益与公司治理环境之间的关系，研究结果显示：高管减持能够获得显著的超额收益，并且高管减持的超额收益与信息披露质量显著负相关，与地区法制环境、政府干预和市场化进程的关系不显著，这表明良好的公司内部治理环境能够有效遏制公司高管减持过程中的信息获利行为，而公司外部治理环境差异对高管通过交易获取超额收益的影响不大。

英文摘要：

Based on the related theories of Insider trading and the samples of top manager selling on GEM from 2010 to 2012, the relationship between abnormal returns gained by top manager selling and corporate governance environment is examined. The empirical results indicate that top managers could gain significant abnormal return from their selling, and the profitability is negatively correlated with the quality of the information disclosure, while the relationship with regional law environment, government intervention and market process is insignificant. The result shows that good internal corporate governance could curb the self-interested behavior of top managers when they are trading, in comparison, external corporate governance environment could not deter top managers getting abnormal return.