本研究探討民國93年至民國95年國內上市公司內部關係人持股轉讓與證券分析師選股建議兩事件之資訊內涵,並將樣本分為內部關係人持股轉讓先發生組及證券分析選股建議先發生組兩組,進一步探討內部關係人持股轉讓與證券分析師選股建議事件先後發生時兩事件之資訊內涵,及後續發生事件對先發生事件之增額資訊價值。 實證結果指出,第一,內部關係人持股轉讓事件本身具有負向資訊內涵;而證券分析師買進建議事件則具有正向的資訊內涵,兩事件本身皆具有資訊效果。其次,內部關係人持股轉讓事件先發生組中,當內部關係人持股轉讓事件與證券分析師選股建議事件先後發生於市場時,僅內部關係人持股轉讓仍具有負向資訊內涵,然而並沒有發現後續發生之證券分析師選股建議事件具有資訊內涵,及對內部關係人持股轉讓事件(先發生事件)之增額資訊價值。最後,在證券分析師選股建議事件先發生組中,當內部關係人持股轉讓事件與證券分析師選股建議事件先後發生於市場時,先發生之證券分析師選股建議事件具有正向資訊內涵,後續發生之內部關係人持股轉讓事件具有負向資訊內涵,兩事件皆具有資訊效果。然而,由證券分析師選股建議事件先發生組,發現後續發生的內部關係人持股轉讓事件對證券分析師選股建議事件(先發生事件)具有增額資訊內涵。
The concern of this study focuses on the information content of insider trading and analyst recommendations relationship between the public companies of Taiwan Stock Exchange in 2004 and 2006. Samples are divided into two groups including insider trading happened earlier and analyst recommendations happened earlier. Further, the information content of two events successively and the incremental information value from happened later event to happened earlier event have been examined. According to the empirical results, three reasonable inferences could be obtained. First, the insider trading event and the analyst recommendations event possess negative and positive information content respectively. Both two events have information content. Second, in the insider trading happened earlier event group, only the insider trading happened earlier event still has negative information content. However, the analyst recommendations happened later event has no information content and relative incremental information value. Finally, in the analyst recommendations happened earlier event group, the analyst recommendations happened earlier event and insider trading happened later event both have positive and negative information content respectively. Then, the incremental information value from the insider trading happened later event to the analyst recommendations happened earlier event is obvious.