我國至民國九十一年七月九日制訂「信託業法施行細則」,始爲信託業務的發展開啟曙光。九十三年更是各類信託產品百家爭鳴的時代,其中,「有價證券信託」更是各信託業者兵家必爭之地。九十六年度約有新台幣2,170億元的業務量,大股東或內部人作「有價證券信託」已儼然成爲節稅規劃的風潮。 本文目的是要探討我國上市、櫃公司大股東或內部人作「有價證券信託」規劃現象是否隱含著公司的訊息,這個議題的論文文獻目前還付之闕如。經實證分析得知,大股東或內部人作「有價證券信託」規劃現象的公司是體質較好的公司,這個事件是能傳遞公司長期的正面訊號。該事件的股價短期績效並無顯著的正向報酬,但股價長期績效是有顯著的正向報酬。本文除讓大眾瞭解「有價證券信託」這個信託商品及該事件現象的意義外,其結果亦可作爲市場投資人之投資決策參考。
The Trust Law that was mandated in 2002 initiated the trust business. The business substantially increased in the past few years, and the trust of marketable securities that is closely related to the tax arrangement for large shareholders or company insiders was among the most popular and booming items. The market size, according to the statistics in 2007, was estimated NT 217 billon dollars. The purpose of this study is to investigate whether the arrangement of the trust of marketable securities implies information content. This issue has been sparsely investigated in literature. Our empirical results indicate that the arrangement of marketable securities for large shareholders or insiders is coupled with good quality firms. Even though the short-term announcement effect is insignificant, its long-run performance is significantly positive. This information could provide value to investors especially for long-term investors.