本研究分析了台灣股票市場上公司內部人交易的活動是否會受到利率政策變化的影響而改變，以及當美國聯準會改變基本利率政策的方向時，公司的內部人是否有能力辨別貨幣政策改變的影響並依此交易自己公司的股票。儘管公司內部人是最具有資訊優勢的股票市場參與者之一，但過去研究公司內部人的文獻中並沒有針對貨幣政策對於公司內部人交易活動的影響進行過相關的討論。本研究發現聯邦基金利率的變化與基於賣賣交易比例以及交易量衡量整體市場內部人交易活動的二項變數存在統計上顯著的負相關，但基於交易金額衡量內部人交易活動的變數並未能捕捉到這種相關性。儘管利率變化對公司內部人交易活動有強烈影響，但在我們針對內部人交易的公司與該公司未來股價報酬進行橫截面迴歸分析的結果則表明，在基本利率變化方向改變期間所出現的異常公司內部人交易並不能預測該公司未來的股價報酬。我們基於台灣市場的結果擴展了公司內部人交易研究的面向，並為未來進行內部人交易相關之研究提供了新的基礎。

In this research, we investigate whether transactions of insiders are influenced by changes of interest rates and whether insiders can accurately identify mispricing in their company stocks when the Fed changes the stance of monetary policy. Despite corporate insiders are one of the most informed market participants, no previous paper has explored the relationship between insider trading and changes in monetary policy. The empirical results presented in our study support the hypothesis that changes of interest rates will have profound impacts on the insider trading. We find changes in Federal funds rate show a statistically significant negative correlation with trade-based and volume-based measures of aggregate insider trading activity while value-based measure do not capture such correlation. Although interest rate changes have strong impact on insider trading activity, the cross-sectional regression results in our study suggest that abnormal insider trades during the directional change of interest rate do not predict future stock returns. Our findings based on Taiwan market extend the existing insider trading literature and provide premises for future research.

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