內部人交易一直是國內外學者討論的議題，過去國內的研究多著重於事件宣告前後內部人交易方向或金額的變化，或內部人交易對事件宣告後企業績效的影響。本研究則試圖了解內部人交易本身的意函，探討內部人交易的方向與金額是否與一般投資人不同，也就是採取與一般投資人相反的交易策略。本研究以Book to Market Ratio做為股價傾向高估或低估之判斷依據，提出當BM Ratio低時，內部人因握內部資訊，認為股價傾向高估是為偏離基本價值，因而出售持股；反之當BM Ratio高時，表示股價傾向低估，內部人選擇買進持股。實證結果發現，台灣之企業內部人並不輕易出售持股，特別是排除高科技產業外，內部人受到維持家族企業經營權與控制權之影響，反而多選擇買進持股。本研究也針對發生現金增資與股票重購回時，內部人交易之方向加以探討。唯台灣股票重購回之法令生效效至今時間尚短，因此未能明顯看出當股價傾向低估而發生股票重購回後，內部人的態度。最後，本研究嘗試以內部人交易方向與股價之高低估做為發生資本決策的市場訊號，了解企業發生現金增資或股票重購回之可能性。

In this paper, we investigate the information content of the insider trading. We use book to market ratio to judge the stock price of the firms which tend to be overvalued or undervalued. We suppose that the higher the book to market ratio is, the more the insider buy; vice versa. According to the past papers, seasoning equity offering often happens when the stock price is overvalued. On the other hand, the stock repurchase often happens when the stock price is undervalued. As a result, we propose that if the seasoning equity offering happens, the insiders will sell more holding stocks. If the stock repurchase happens, the insiders will buy more holding stocks. Besides, we try to understand if we can use the insider trading and the book to market ratio to be the signal of seasoning equity offerings or stock repurchase. These empirical results are not the same as our hypotheses because of the specific reason—most of the corporations in the sample are operated by family. Therefore, they won’t sell their stocks easily. We have to understand the real trading motivation in the subsequences study.

第一章　緒論 1
第一節 研究動機與目的 1
第二節 研究流程與研究架構 3
第二章 文獻探討 5
第一節 內部人交易 5
第二節 Book to Market ratio 8
第三節 資本結構決策 11
第三章 研究設計 14
第一節　研究發展與假設 14
第二節 研究方法 17
第三節 樣本選取與資料來源 32
第四章　實證結果 34
第一節　基本資料分析 34
第二節 假設一BM Ratio與內部人交易之相關性 36
第三節 假設二資本決策與內部人交易之相關性 44
第四節 假設三BM Ratio與資本決策對內部人交易之影響 57
第五節　假設四內部人交易與股價對發生資本決策之可能性 69
第五章　結論與建議 72
第一節　研究結論 72
第二節　研究限制 76
第三節　研究貢獻與建議 77
參考文獻 79
國內文獻 79
國外文獻 80

國內文獻
莊博勝，2004，『以內部人交易資訊與營運績效探討庫藏股之長期報酬』，高雄第一科技大學財務管理系碩士論文。

陳亞農，2002，『我國上市公司內部人持股轉讓申報公告效果之研究』，中山大學財務管理系研究所碩士論文。

陳建宏，2002，『臺灣上市公司內部人交易之實證研究』，台灣大學財務金融研究所碩士論文。

湯凱安，2002，『成長機會、資訊不對稱與內部人持股變動對現金增資長短期效果影響之研究』，朝陽科技大學企業管理系碩士論文。

簡瑞廷，2001，『台灣上市公司內部人交易效應之研究』，中央大學企業管理研究所碩士論文。

羅庚新、蔡文賢、許明峰、簡瑞廷，2005，『國內上市公司內部人交易與經營績效及影響交易因素關係之研究』，會計評論，第41期，第33-51頁。










國外文獻
Conell Bradford; Erilk R. Sirri, 1992, “The Reaction of Investors and Stock Prices to Insider Trading” Journal of Finance, 47, 1031-2059.

David Ikenberry. Josef Laknoishok. Theo Vermaelen, 1995, “ Market Underreaction to Open Market Share Repurchases.” Journal of Financial Economics, 39 181-208.

Dana J. Johnson, Jan M Serrano, G Rodney Thompson, 1996, ”Seasoned Equity Offerings For New Investment And The Information Content of Insider Trades”, The Journal of Financial Research, XIX, 91-103.

Dirk Jenter, 2005, “Market Timing and Managerial Portfolio Decisions” The Journal of Finance, LX, 1903-1946.

D Scott Lee; Wayne. H. Mikkelson; M. Megan Partch, 1992, “Managers’ Trading Around Stock Repurchases” The Journal of Finance, 47, 1947-1961.

Immoo Lee, 1997, “Do Firms Knowingly Sell Overvalued Equity” The Journal of Finance, 52, 1439-1466.

Josef Lakonishok; Immoo Lee, 2001, “ Are Insider Trades Informative？” The Journal of Financial Studies, 14, 79-111.

Kathleen M. Kahle, 2000, “Insider Trading And The Long Run Performance of New Security Issues” The Journal of Corporate Finance, 6, 25-53。

Kose John; Larry H. P. Lang, 1991, “Insider Trading Around Dividend Announcements：Theory and Evidence” The Journal of Finance, 46, 1361-1389.
Malcolm Baker and Jeffrey Wurglar, 2002, “ Market Timing and Capital Structure” The Journal of Finance LVII

Michael J. Barclay; Robert H Litzenberger; Jerold B. Warner, 1990 “ Private Information, Trading Volume, and Stock-Return Variance” The Review of Financial Studies, 3, 233-253.

Michael S Rozeff and Mir A. Zaman, 1998 “Overreaction and Insider Trading：Evidence from Growth and Value Portfolios”, The Journal of Finance, 53, 701-716.

Ritter, Jay R, 1991 “The Long Run Performance of initial public offerings” Journal of Finance46, 3-27.

Sugato Chakravarty, and John J McConnell, 1999, “ Does Insider Really Move Stock Prices？” The Journal of Financial and Quantitative Analysis, 34：191-209.

Tim Loughran, and Jay R Ritter, 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offerings” The Journal of Finance, 52, 1823-1850.

William D. Bradford, 1987, “The Issue Decision of Manager-Owners Under Information Asymmetry” The Journal of Finance, 42, 1245-1260.