研發活動、內部人及外資持股變動關聯性之研究

Research and Development, Insider Trading and Foreign Institutional Investor

曹玉萍(Yu-Ping Tsao)

指導教授 ： 劉正田 ； 林維珩

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200445

摘要

摘要：本研究探討我國上市、櫃之製造業公司，因研發活動之資訊不對稱，是否使得內部人及外資有動機進行股票買賣，使得持股變動較高，而且買超後股票報酬為正，賣超後股票報酬為負。研究結果發現：公司研發活動對外資持股變動影響顯著、外資持股變動和內部人持股變動並非正相關，但受公司研發活動的影響。最後，研究發現有研發活動的公司內部人買超報酬較高，符合預期，但賣超報酬亦較高，則不符合預期。

關鍵字

持股變動 ； 外資 ； 研究發展 ； 資訊不對稱 ； 內部人

並列摘要

Abstract: This study examine the manufacture companies, which listed in our nation’s stock & over-the-counter exchanges, for unsymmetrical of information caused by the R&D activities. Further more, because of this unsymmetrical information flow would it cause the inside trade between internal personnel and foreign investors; which will reveal the positive profit after buying and negative after selling. However, the study found, the R&D activities of certain companies would have significant cause of change stock holdings of foreign investments, but not related to internal personnel. Moreover, the study also found that with company that includes R&D activity, the internal personnel would have higher profit of buying stocks, which is as expected; however, not as expected, to sell them would also bring higher profit

並列關鍵字

imsider trading ； R&D ； change stock holdings ； information asymmetry ； foreign investments

參考文獻

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