本篇研究旨在探討台灣上市櫃企業公司治理情形與內部人交易報酬之關聯性。公司治理可以評斷一家企業是否嚴謹地經營管理及遵守企業行為倫理。然而企業中若存在內部人交易行為，往往會被社會大眾詬病甚至損害企業形象。因為公司內部人可能因擁有資訊優勢，透過交易自家股票以賺取超額報酬或規避未來損失。根據公司治理文獻，企業公司治理程度與企業財務舞弊或是不法情事的行為具有顯著關聯性，進而好的公司治理是否能抑制公司內部人交易報酬則是本文欲探討之議題。本文選取台灣上市櫃企業，將其內部人交易公司分為買入組與賣出組，驗證「公司治理評鑑指標排名」與內部人交易報酬之關係。本文實證結果發現，內部人買入股票後公司未來會有正向的累計異常超額報酬；內部人賣出股票後，公司未來會有負向的累計異常超額報酬。內部人交易賣出組公司中，治理評鑑指標排名較差之公司會有內部人提早賣出股票以規避未來損失之行為；內部人交易買進組之公司則無此現象。因此本研究之實證結果證實「公司治理評鑑指標排名」對於外部投資人了解內部人交易行為的確有其參考價值。

This study mainly examines the relationship between corporate governance and insider trading profit. The degree of corporate governance can be considered to see whether a company is rigorously managed and adhering to ethical business practices. According to the corporate governance literature, there is a significant correlation between the degree of corporate governance and corporate financial fraud or illegal activities. Whether good corporate governance can inhibit profits from insider trading is the topic this article intends to explore. We chose Taiwan's listed and OTC companies then divided their insider trading transaction into purchasing and selling groups. The empirical results of this article find that after insiders buy stocks, the company will have positive cumulative abnormal excess returns in the future; after insiders sell stocks, the company will have negative cumulative abnormal excess returns in the future. Among companies in the insider trading selling group, companies with poor rankings in governance evaluation indicators will have insiders selling stocks early to avoid future losses; companies in the insider trading buying group do not have this phenomenon. Therefore, the empirical results of this study confirm that the "Corporate Governance Evaluation Index Ranking" does have reference value for external investors to understand insider trading behavior.