Insider Trading Data Analysis In Taiwan Stock Market---the case study of listed company PQI

• Main Authors: KAI MIN-WANG, 王凱民
• Other Authors: CHING HONG-LAI
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/28864232602014084573

碩士 === 佛光人文社會學院 === 經濟學系 === 94 === For a long time, suspect insider trading occurs frequently in Taiwan stock market. The corporate directors, supervisors and insiders of listed companies often take advantage of their authorities to trade stocks through dummy accounts in order to avoid insider-trading decree and catch filthy lucre. This makes a serious impact on the operation of Taiwan stock market such as it makes the listed companies to raise capital more difficult and ruin the economic development. At this moment, Securities Regulation doesn’t endow Financial Supervisory Commission and Taiwan Stocks Exchange Corporation with search and investigation authority. Moreover, with the lack of specialties and manpowers of judiciary sections, the long-winded trials on suspect insider-trading cases is unable to handle with serious economic crimes rapidly so that insider-trading occurs frequently till right now. Those cause investors enormous profit losses and harmful trading order and self-discipline severely, much less social justice and righteousness. During the Nov 2004~Apr 2005, the Taiwan listed company, Power Quotitent International CO. LTD., do the window dressing in its annual report and then happen the inside trading. First, the PQI case is only a small window dressing case but someone had received the inside trading news. They enter in to alliance with media, legitimate institution, and stock -market millionaire takes illegal profit from this company. Although the related legitimate institutions make more restrictions to avoid the inside trading happen again. Due to the rapid path of domestic finance and social environment, the inside trading strategy change over time. It is more difficult for legitimate institution to deal with the inside trading cases. Stock market is one of civilization productions under economic developments. All in one, stock market should be expected as a frank, transpicuous and fair-trading place. In fact, this is merely a pursuable apotheosis; especially the suspect insider-trading cases emerge in an endless stream. Because of endless wants and needs of human nature, greed can’t be avoided. Consequently, insiders take advantage of inside information to sneak profits, and cause unfair trade. The PQI case is just one of insider-trading cases in Taiwan Stock Market. Based on the public and non-public information, we try to prove the facts of PQI case, and offer a resolvent to lead Taiwan stock Exchange Market toward the path of even justice, logicality and righteousness.