在中央经济工作会议上，习总书记指明了资本市场改革方向——“打造一个规范、透明、开放、有活力、有韧性的资本市场”，意味着以价格导向的市场化改革将提高我国资本市场运行效率，因此研究股价反馈效应，能够及时有效地评估资本市场改革措施与金融开放政策的效果。本项目以股价反馈效应作为研究核心，采用政策评估方法与结构方程模型等实证研究方法，系统分析知情交易者结构与第三方机构信息对股价信息的影响机制，揭示管理层市场学习的动机。本研究具有两个研究方面：第一，知情交易者结构对股价反馈效应的影响机制，突出了主动交易者与被动交易者的作用差异、以及同行知情交易者的私人信息溢出。第二，第三方机构对股价反馈效应的影响机制，结合商业模式的特殊性，突出了社会责任评级信息与证券分析师信息对知情交易者的异质性冲击。本项目的研究目的在于拓展股价反馈效应的理论研究，提高股价信息的认知，为监管层完善交易规则与信息披露制度提供研究证据。

At the central economic working conference, General Secretary Xi pointed out the direction of capital market reform: "To build a standard, transparent, opening, dynamic and resilient capital market". It means that the price centered market-oriented reform will improve the operation efficiency of China's capital market. Thus, through investigating the feedback effect of stock price, we can effectively evaluate the effect of financial reform policy and opening policy. In general, this project focuses on the research of stock price feedback effect. By taking some empirical research methods such as policy evaluation method and structural equation model, our project expounds the influence mechanism of structure of informed traders and third-party institutions information on the information contained in stock prices, and then reveals the motivation of management's market learning. This project includes two research aspects: First, the impact of informed trader structure on stock price feedback effect, which highlights the difference between active traders and Reactive traders, and spillover effect of peer-firm informed traders. Second, the impact of information from third-sector organization on stock price feedback effect, which highlights the shock of the rate of corporate social responsibility and securities analyst information on informed traders based on business model. In this project, research objectives are enriching the theoretical research on stock price feedback effect, improve cognition in stock information, to provide research evidences in improving transactions system and information disclosure system for regulators.