中文摘要：

系统地分析了2006年至2011年我国A股市场上市公司的内部人在二级市场的交易行为及其收益预测．结论表明：尽管在我国证券市场中存在针对内部人交易的法律法规，但总体上内部人在交易中仍然表现出良好的时机把握能力．不论是买入还是卖出，均能获得显著的超额收益．内部人交易超额收益的大小受到公司所有权性质、内部人类型等因素的影响．一方面，较于董事、监事等内部人，高管获利能力普遍较强，而其中董事长和总经理的获利能力最强；另一方面，由于我国特殊的公司所有权性质与晋升机制，使得国有上市公司的董事长和总经理利用内部人交易获利的动机小于非国有企业；规模越大的国有上市公司，其董事长和总经理通过内部人交易获取超额收益的程度也越小．

英文摘要：

This paper explores the trading behavior of inside investors and their forecasting capability in Chinese stock market during year 2006 to year 2011. The results show that, though there is law and regulations on insiders＇ trading in Chinese stock market, the inside investors generally have strong timing ability. They can get abnormal returns both from buy and sell trading. The abnormal returns are determined by the ownership nature of the firm and the insiders＇ type. Comparing with directors and monitors in a firm, the managers, however, can obtain higher abnormal returns. for the president and CEO of a firm. Because The abnormal returns are usually the highest of the special promoting mechanism in China, the president and CEO of a state-owned enterprise, however, have less expectation to go in for ifiside trading. The larger the state-owned enterprise is, the less probability for its president and CEO to get abnormal returns.