證券交易法(以下簡稱「證交法」)中對公開發行公司內部人(包括董事、監察人、經理人以及持有公司股份超過股份總額百分之十的大股東)持股轉讓之限制規定，除針對特定行為類型之內線交易、短線交易等規範外，其中最直接者即為證交法第二十二條之二。該條規定係於民國七十七年一月修正時新增，主要乃 參考美國立法例之相關規定，企圖經由對公司內部人股權轉讓之限制以確保公司經營以及投資大眾之權益。惟證交法第二十二條之二限制內部人轉讓股權之規定與股份有限公司「股份轉讓自由」以及，所有權與經營權分離」兩個基本原則相悖，故該限制規定之合理性應經過審慎嚴格之檢視。本文研究顯示該條規定不僅在援引外國立法例時產生誤解，其立法規範目的亦有值得商榷之處。此外，該條規定以及主管機關對該條之相關解釋造成其適用上之諸多疑義，市場參與者亦透過各種交易方式規避該條之規定。有鑑於此，本文嘗試就證交法第二十二條之二之規定提出修正建議之「事前申報制度」，冀望在維護投資人權益以及市場公平性之前提下，矯正該條規定對內部人股權轉讓之過度不當限制。

　　　　　The most direct and important article regulating share transfers by insiders (including directors, supervisors, managers and shareholders holding more than 10 percent of the total outstanding shares of a company) is Article 22-2 of the Securities Exchange Act (the "Article"). The Article was promulgated by the amendment to the Securities Exchange Act in 1988. In order to protect corporate management and the benefits of investors through restricting share transfers by insiders, the legislators made reference to the pertinent laws of the United States when making the Article. However, since the Article is contradicted with the two basic principles of companies limited-by-shares, i.e. the principle of free transfer of shares and the principle of separation of ownership and management, the justifications of the Article should be scrutinized cautiously. The study of this paper shows that there are some mistakes when making reference to the pertinent laws of the United States as well as that the purposes of the Article are worth further deliberation. In addition, the Article itself and the relevant explanations made by the authority-in-charge are very strict and confusing, which make market participants circumvent the application of the Article through various routes. In light of the above, under the premises of protecting investors' benefits and maintaining the integrity of the market, this paper proposes a "pre-reporting rule" to substitute the existing Article 22-2 so as to correct its improper restriction on share transfers by insiders.