本研究主要在探討投資者是否能有效處理「董監事及關係人申報持股轉讓」這項申報資訊。這項實證檢驗主要與證券交易法中內線交易的規定有關。如果投資者可以有效處理這項申報資訊，則投資者應能判斷董監事等會因身份不同(董事長、常務董事、董事、監察人等)、申報轉讓股數之多寡、何時申報轉讓(多頭或空頭時期)等參數，對股價變動之經濟意涵。同時也驗證董監事等申報後未轉讓之原因。另外由於我國股市中散戶所佔比率較高，致易造成「追漲殺跌」的行為，所以本文亦檢定是否董監事等申報持股轉讓會造成股價過度反應的現象。本文的實證結果大致支持本研究的假說。

This paper aims to investigate whether the investors could efficient1y process the information of the reported changes in board of directors and audit committee and related parties' holdings required by the Securities Exchange Law. This study examined the information content associated with (1) the announcement of stock transfer made by different members of the board of directors, such as chairman, acting directors, and the audit committee, (2) the size of the announced stock transfer, and (3) the time period (whether a bull market or a bear market) when the announcement was made. This study also attempts to investigate the reasons why the announced stock transfer by insiders were later not realized. Furthemore, since the predominance of individual investors is characteristic of Taiwan's stock Market, this paper examined whether the announcement of stock transfer by insiders would result in market overreaction. The study predicts that the insiders would take the opport6 unity of stock transfer announcement to benefit from the inside trading. The empirical findings of this study generally confirmed the assumptions.