台灣之企業內部人持股轉讓交易係採事前申報制度為主，並採事後申報制為輔，約束內部人交易之規定甚為嚴格且迥異於當前各國體制。本研究首先探討不同身分別與不同轉讓持股動機別的企業內部人申讓持股轉讓宣告，是否會對於資本市場股價產生顯著資訊內涵差異；其次，本研究擬欲探討當企業內部人轉讓持股期滿，卻發生實際轉讓持股數與一開始讓持股數申報數不一致時，對於前揭『不完美執行率』所導致的轉讓持股偏離程度，探討是否將產生顯著不同的資訊內涵與投資人操作策略之改變；最後，本研究欲分析具經營權參與的企業內部人，若發生持股轉讓執行率不佳宣告，是否相較於未參與企業事務經營之內部人，會出現更不利之股價報酬懲罰效果與影響投資人事後投資組合之安排與策略修正。

實證結果指出：具經營權參與身分之企業內部人相較於未具經營權參與內部人的持股轉讓宣告，會呈現更不利的累積異常報酬結果，此隱喻投資人相信公司未公開資訊可能會被參與企業經營之內部人交易所提前反應。其次，本研究發現當企業內部人申報轉讓持股的偏離度越高（實際執行率越低），公司的不利累積異常報酬亦隨之增加；亦即，內部人持股轉讓執行率與累積異常報酬呈顯著正相關。再者，本研究指出參與企業經權的內部人相較於無涉及企業經營內部人，其持股轉讓執行率與累積異常報酬會呈現更顯著正向關連性，顯示投資人面對涉及企業經營事務之內部人若揭露持股轉讓執行率越差時，將視該宣告可能係屬操縱證券市場行為，故預期發生懲罰性的不利股價報酬。最後，本研究發現當內部人事後持股轉讓執行率越差時，投資人對於事前宣告的資訊內涵反應會在事後宣告窗期給予有利的股價報酬迴轉效果，尤其對具經營權身分內部人事後申報情況更為顯著。因此，本研究證實外部投資人面對企業內部人事後宣告的訊息，會重新檢討過去跟隨內部人於事前宣告所作的轉讓股權仿效決策，一旦內部人事後申報執行率未達預期時，投資人便會立即於短期間內進行有效率投資策略修正（進行股權回補）。

The pre-reporting system is mainly used by the insider share transfer systems in Taiwanese companies, which is then supplemented by the post- reporting system. The provisions constraining insider trading in Taiwan are very strict and different from those of other countries. This study mainly discusses whether the differences in information content in the capital market are affected by declarations of share transfers by company insiders of different status and motivation. And, this study investigates the effects on information content and changes of investors’ trading strategies when there are different degrees of deviation from the "imperfect implemented ratio" of the share transfer amount.
The empirical analysis results are as follows:
1.This study shows that more adverse outcomes are associated with CAR from insiders with management rights compared to insiders without management rights who do not participate in business operations.
2.The evidence shows that when there is a higher degree of deviation in the false declaration (the lower implemented ratio), there is greater unfavorable CAR for the company.
3.This indicates that when the actual declaration of the ownership transfer amount is disclosed, investors view it as a stock market manipulation by the declaration system, resulting in punitive stock returns.
4.Finally, company insiders’ implemented ratio of share transfers are worse, investors will have significantly positive stock returns reverse reaction to pre-declaration negative CAR, especially for insiders with management rights.

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