1997年亞洲金融風暴後，台灣發生數起企業舞弊案件。控制股東透過非常規交易、利益輸送，掏空公司資產，剝削小股東利益，是我國上市櫃公司嚴重的公司治理問題。本研究蒐集證券主管機關金管會對於關係人交易之相關規定，以2005年至2014年間裁罰案件為樣本，研究上市櫃公司違反關係人交易應遵行法規遭金管會裁罰時，裁罰案件發布對公司股價造成的影響。實證研究發現金管會裁罰案對上市櫃公司股價無顯著影響。以裁罰金額達新台幣壹佰萬元以上的案件進一步探討，發現裁罰發布前4天，股價顯著下跌，反映了內線交易的存在。最後基於我國現有法制環境，對主管單位監理措施提出建議。;There were several corporate frauds occurred in the years following the 1997 Asian financial crisis. The controlling shareholders expropriate minority shareholders’ interests by non-arm’s length transactions and tunneling activities. The expropriation by controlling shareholders is an issue for the corporate governance in Taiwan. This study collects the violations of related party transaction (RPT) rules and investigates the market reactions to the announcements of the fines on such violations. The sample period is from 2005 to 2014. The empirical results show that the abnormal returns are not significantly different from zero. To further focus on the sample of violations which the fine amount is greater than NT$1 million, the stock prices materially depress on four days before the announcement day, implying the negative information is released by insiders. Finally, this study proposes some suggestions on the market regulations.
