Abstract The author used the 10261 annual observations of the A-share listed companies in Chinese stock market from 2001 to 2009 as the research samples to study the influence of information environment transformation and legal system variance on the protection of investors’ benefits. The research results show that after the information environment transformation in 2007, the probability of informed trading in the stock market becomes low. In the areas where legal system is more thorough, the probability of informed trading in the listed company is lower. The information environment and legal system have interactive effect on the probability of informed trading of shares
2011, Vol. 28 
