在不对称信息的金融市场模型里，价格反映了交易者持有的私有信息，知情交易者为了获取高额收益会操纵市场价格信息。
In asymmetric information models of financial markets, prices reveal private information held by traders. The insiders will manipulate the information of the market prices for private profit.
我们认为：公司治理水平越高、个人薪酬越高，内部人利用私有信息进行交易的意愿就越低，本文的实证结果也证明了这些假设。
The empirical evidences support my assumptions that the insider's tradings are less related with the insider information under the higher corporate governance and with the more individual pays.
成交量包含未来股价走势的重要信息，能够测度私有信息的扩散速度及动量交易的规模。
It is proposed that volume comprises some important information about the future stock price, and it may be a proxy of the speed of information diffusion and the amount of momentum trading.
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