以往研究對於月資訊之揭露，主要著重在月營收部分。然而近年來關係企業的盛行以及爆發的企業醜聞，顯示出關係人交易資訊之重要性，因此，我國證券交易所於民國九十八年修訂條文，規範上市公司與關係人交易之資訊，必須在每月十五日前申報。本研究即以關係人交易月資料觀察上市公司之關係人交易型態、盈餘管理程度以及市場反應。

實證結果發現，關係人交易項目確實存在月別差異現象，特別是在關係人銷貨、進貨以及背書保證項目。並且進一步發現當某產業之月別項目出現異常時，其關係人銷貨和進貨項目與盈餘管理的關聯程度會大於其他產業。最後，藉由觀察資訊內涵，發現關係人銷貨項目具有增額資訊內涵。

TWSE (Taiwan Stock Exchange Corporation) require that the listed companies must declare the information on related-party transactions within the first fifteen days in each month. This study uses the monthly data of related-party transactions to examine the trading behavior, extent of earnings management and market reaction.

The empirical results show that the ratios of related-party transactions does exist differences between first two months and last month, especially in the related sales, purchase and guarantee. Furthermore, I find that certain industries have higher association between earnings management and related party transactions than other industries. At last, this study presents evidence that monthly related-party sales have incremental information content.

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