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研究生:林寶堂
研究生(外文):Pau-Tan Lin
論文名稱:財報資訊訊息與公司治理對內線交易的影響
論文名稱(外文):The Effect of Financial Information and Corporate Governance on Insider Trading
指導教授:倪衍森倪衍森引用關係
口試委員:曹銳勤蕭文姃
口試日期:2013-06-24
學位類別:碩士
校院名稱:淡江大學
系所名稱:管理科學學系企業經營碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:39
中文關鍵詞:公司治理內線交易財務資訊訊息
外文關鍵詞:Corporate GovernanceInsider TradingFinancial Information
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由於資本市場的蓬勃發展,證券市場規模不斷擴大,很多公司以此為籌資的主要管道,而投資者亦以此為主要的理財方式,兩者可謂戶互蒙其利,各取所需。然而在這資本市場的遊戲當中,時而會有內線交易發生,常使一般投資大眾遭受損失,顯然證券市場是存有弊端的,而本文是以公司治理變數的角度來詮釋內線交易行為,探討公司治理機制與非法內線交易行為之關聯性,另一方面觀察財報變數與內線交易的關聯性,希望在這資訊不對稱的市場中,有助於投資大眾分析及慎選投資適當的投資標的。本文以股票上市公司為研究標的,經實證結果顯示,外資持股傾向於經營穩健、獲利良好之公司,然而外資會將持股高的標的做為操做股市與期貨的工具。本研究發現信用評等越好、董監事酬勞越低的企業比較不可能有內線交易的發生。 此外,股本小的公司因具有董監事持股率高、經理人持股高,資產週轉率高的特質,發生內線交易的機率會亦較高。再者,外資對股本小的投資標並不青睞,是否表示這些標的比較容易存有內線交易因素,此為投資人亦需深思之。

Stock markets are growing fast resulting in share markets expended quickly. In fact,enterprises could raise money by listing in stock exchanges and investors could manage their money by investing stocks in share markets. In other words, stock markets are main channels for fund raising provided by investors for enterprises,which might benefit for both enterprises and investors. However, the drawbacks resulting from insider trading seem existed in stock markets, which often cause the loss even huge losses while market participants invest shares in stock markets. This study investigates whether the insider trading would be affected by the corporate governance and financial statements for the share listing in the Taiwan stock exchanges. We wish that investors would be beneficial for screening stocks by taking the results revealed into accounts. The results show that foreign institutions are inclined to invest heavy-weighted stocks accompanied with profitability, since the
stocks with higher foreign holding ratios are often employed for manipulating index futures though trading these heavy-weighted stocks by these institutions. In this study,we disclose that the insider trading is seldom occurred for the firms with higher credit rating and lower directors’ remuneration. In addition, insides trading seem to be often happened for the small-scale stocks. We argue that these firms with higher directors’ ratios, managers holding ratios, higher turnover ratios would be suspect to
manipulate prices due to their higher shareholding ratios. Furthermore, we disclose that foreign institutions seem not to prefer holding small-scale stocks. Investors might ponder whether insider trading is easily existed for these shares.

目 錄
中文摘要 i
英文摘要 ii
目 錄 iii
圖目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 5
第四節 研究架構 6
第二章 文獻探討 7
第一節 公司治理 7
第二節 內線交易 9
第三節 公司治理與內線交易 11
第三章 研究假說與模型 13
第一節 研究資料與變數 13
第二節 研究假說模型 19
第三節 研究方法 22
第四章 實證結果與分析 24
第一節 敘述統計量 24
第二節 實證結果與分析 27
第五章 研究結論與建議 33
第一節 研究結論 33
第二節 投資與管理意涵 34
第三節 研究限制與建議 35
參考文獻 36

圖目錄
圖1 1 研究流程圖 5

表目錄
表4 1 敘述統計量 24
表4 2 VIF值統計表 26
表4 3 應變數為內線交易代理變數(市值)的迴歸分析 27
表4 4 應變數為內線交易的代理變數(市值)的panel data models 28
表4 5 應變數為內線交易的代理變數(DM_1)的羅吉斯迴歸分析 29
表4 6 應變數為內線交易代理變數(外資持股比率變動率)panel data model 30
表4 7 應變數為內線交易的代理變數(DM_2)的羅吉斯迴歸分析 31
表4 8 應變數為內線交易代理變數(外資持股比率變動百分比) panel data model 32





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