近年來台灣對外投資逐年攀升，根據經濟部投審會資料到2017 年已經達到115億美元，顯示台灣公司在發展國際市場相當積極提投資，而當公司要發展國際市場時，選擇進入的模式是非常關鍵因素，進入國際市場有兩種模式，綠地投資和國際併購，公司國際重大投資往往是公司重要的決策，而這些重大決策公司內部人往往會參與其中，而內部人會因為知道重大利多，而先行進入股票市場買賣，而獲取個人利益?
本研究以公司宣佈國際投資為事件研究內部人持股變化做實證，以2007-2017年為區間，研究內部人知道公司重大消息後，內部人提前買入股票，當公司宣布國際投資時市場短期宣市場反應是正向，探討內部人會不會因此獲利。以長期內部人持股變化以3年平均股價和會計ROA去衡量，內部投資人會因重大投資案提前買進股票而獲利。
實證結果發現在短期市場表現，當公司宣布國際投資，市場表現是正面，顯示投資人對公司跨入國際化階段是給予正面評價，在市場上是利多消息，而在長期績效上股價優於大盤，在內部人持股變化呈現正向關係但在統計上不顯著，因而無法推測出內部投資人因公司國際投資而獲取報酬。
而台灣內部交易有公布有時間落差，當公布內部人買賣交易時有2個月的時間差，而外部投資人因內部人變化量而買賣股票，難以單一指標去判斷公司的未來性，而公布資訊又以月為單位，會導致資訊上的不對稱。

In recent years, Taiwan's foreign investment has been increasing yearly.
According to the Investment Board, Ministry of Economic Affairs, the company has invested US$11.5 billion in 2017, indicating that Taiwanese companies are actively investing in the development of international markets. When companies want to develop international markets, the enter mode factors are important, there are two modes of entering the international market, greenfield investment and international mergers and acquisitions. The company's major international investment is often an important decision of the company, and the insiders of these major decision-making companies often participate, and the insiders will know the profits. In addition, will enter the stock market to buy and sell, and get personal benefits?
This study is based on the company's announcement of international investment as an event to study the insider trading. The 2007-2017 period is an interval. After the insiders know the company's major news, insiders buy stocks in advance, and when the company announces international investment, the market is short-term. The market reaction is positive, and it will be discussed whether insiders will profit. Taking long-term insider share changes to measure the 3-year average share price and accounting ROA, internal investors will profit from buying stocks in advance due to major investment cases.
The results show that in the short-term market performance, when the company announces international investment, the market performance is positive, indicating that investors are positively appraising the company's entry into the internationalization stage, and it is a bullish news in the market, and the stock price is better than the broader market in terms of long-term performance. There is a positive relationship in the internal shareholding change, but it is not statistically significant.
There are time gaps in Taiwan's internal transactions. When there is a two-month time difference in the announcement of insider trading, foreign investors buy and sell stocks because of internal changes. It is difficult to judge the future of the company by a single indicator. In the month, it will lead to information asymmetry

中文
1. 陳匯中，民國 84 年 6 月，「上市公司購併宣告對股東財富的影響」，國立政治大學
2. 林任達(2002)，台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效影響之研究
3. 吳玉仁(2002)，策略性競爭影響公司價值之研究-以國際合資宣告為例，國立成功大學國際企 業研究所碩博士班碩士論文
4. 劉敏禎(2002)，企業赴海外直接投資之訊息宣告對股票報酬影響研究－以台灣上市公司在大 陸投資為例，國立東華大學國際企業研究所碩士論文。
5. 古御呈，民國92年，國內上市上櫃電子公司併購宣告對股價影響之研究，實踐大學企 業管理研究所，碩士論文。
6. 林嬋娟、吳安妮，民國81年，臺灣企業併購綜效及續效之實際研究，會計評論，第26 期，第1-23頁。
英文
1.Asimakopoulos, I., & Athanasoglou, P. P. (2013). Revisiting the merger and acquisition performance of European banks. International Review of Financial Analysis, 29, 237-249.
2.Freund, S., Prezas, A. P., & Vasudevan, G. K. (2003). Operating performance and free cash flow of asset buyers. Financial Management, 32, 87-106.
3.Freund, S., Prezas, A. P., & Vasudevan, G. K. (2003). Operating performance and free cash flow of asset buyers. Financial Management, 32, 87-106.
4.Kyriazopoulos, G., & Drymbetas, E. (2015). Do domestic banks Mergers and Acquisitions Still Create Value? Recent Evidence from Europe. Journal of Finance, 3(1), 100-116.
5.Linn, S. C., & J. A. Switzer (2001), Are cash acquisitions associated with better post combination operating performance than stock acquisitions? Journal of Banking & Finance, 25, 1113-1138.