本研究藉由探討法人交易行為與技術指標訊號之關係，釐清技術指標訊號是否存在資訊內涵。本研究首先觀察法人買賣超與技術分析之關係；再者，把法人交易行為分成三類，這麼做更可以釐清法人交易行為對技術分析的影響是來自於行為面還是資訊面；最後探討當技術分析指標訊號發生後，法人是否會跟隨技術分析產生從眾行為，以便了解技術分析是否存在資訊內涵。由實證結果發現，即使區分了法人交易行為，皆表示了技術分析不存在資訊內涵；另外，也發現了技術指標訊號的發生，法人會與技術指標訊號呈現反向操作，此更進一步表示了技術指標訊號點並無資訊內涵存在。

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目錄
第1章 緒論 7
1.1 研究背景和動機 7
1.2 研究目的 8
1.3 研究貢獻 8
第2章 文獻探討 10
2.1 價量關係相關文獻 10
2.1.1 成交量和價格之間的影響 10
2.1.2 成交量對投資人行為的影響 11
2.1.3 價格對投資人行為的影響 13
2.2 技術分析相關文獻 14
2.2.1 市場效率與技術分析 14
2.2.2 投資人行為和技術分析 17
2.3 法人交易行為相關文獻 18
2.3.1資訊面 18
2.3.2 行為面 19
第3章 研究假說 23
3.1 法人交易行為對技術訊號指標的影響 23
3.2 技術指標訊號的背後因素 25
3.3 技術分析訊號對法人交易行為的影響 26
第4章 資料與研究方法 29
4.1 樣本描述 29
4.1.1 資料來源 29
4.1.2 資料刪選 29
4.2 研究主題 29
4.2.1 研究目的 29
4.2.2 研究方法概要 30
4.3 變數定義 30
4.4.1 法人交易行為與技術訊號指標的影響 37
4.4.2 法人交易行為與技術分析之領先關係 39
4.4.3法人行為面和資訊面對技術分析之影響 40
4.4.4技術分析對法人交易行為的影響 42
第5章 實證分析 44
5.1 敘述統計 44
5.1.1大盤分析 44
5.1.2 技術指標 45
5.1.2 法人交易行為 48
5.1.3 主要變數 52
5.2 實證結果 58
5.2.1法人交易行為與技術指標訊號之關係 58
5.2.2法人交易行為與技術指標訊號之領先落後關係 61
5.2.3 法人行為面和資訊面對技術分析的影響 67
5.2.4技術分析對法人交易行為的影響 73
第6章 結論與建議 76
參考文獻 78
附錄 90
 

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