內部人交易對轉上市公司營運績效之資訊內涵

Abstract

本研究探討台灣上櫃公司轉上市前，內部人交易狀況對上市後營運績效之資訊內 涵。由於台灣特有之內部人交易揭露方式，將內部人交易之事前意圖與事後結果分別 揭露，得以進一步探討內部人交易資訊內涵之不同型態與其與上市後績效表現之關 係。根據機會主義之論述，轉上市時機之內部資訊，使內部人可以藉機獲利，在上市 前進行交易。因此內部人之交易方式與交易量，與交易後之營運表現可能相關。過去 文獻一般實證結果是負向關係，但最近Schultz（2003）Cheng(2005)的研究認為，管 理者上市時機之掌握可能是假性，引此上市後之績效並不一定如過去認為是負面。本 研究將從內部人交易的角度探討並釐清這些爭議。

This study will examine the relationship between prior insider sales and post-listing performance in the Taiwanese stock market. Due to the special regulation on insider trading in Taiwan, we conjecture that insider selling before listing can signal strong information content for the post-listing performance. According to the opportunism argument, the private information about the timing for listing before a decline in performance presents opportunities for insider selling. Literature survey shows that higher insider sales prior to listing should signal negative future performance. However, Schultz(2003) and Cheng(2005) argue with pseudo-timing hypothesis that the performance may not be negative. The purpose of this study is to clarify these issues and explore the association between prior insider sales and the performance of listing-period/post-listing period using insider trading information.