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題 名 | 調整改善鉅額交易制度強化證券交易系統功能之探討=Strengthen Function of Extensive Transaction System |
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作 者 | 王毓敏; 林繼正; 吳福池; | 書刊名 | 國立虎尾科技大學學報 |
卷 期 | 26:4 2007.12[民96.12] |
頁 次 | 頁69-90 |
分類號 | 563.54 |
關鍵詞 | 鉅額交易; 交易系統; Block transaction; Transaction system; |
語 文 | 中文(Chinese) |
中文摘要 | 鉅額交易為我國投資人委託買賣鉅額上市證券較常使用的交易方式,惟我國證券市場以散戶投資人居多,機構法人之交易所占比重遠低於美、日等國外市場,因此,我國股票鉅額交易市場並不活絡,顯示實務上原有鉅額交易制度設計恐無法充分滿足大額交易投資人之需求,台灣證券交易所爰著手規劃調整鉅額買賣制度,新制調整案並於九十四年四月四日實施,目的在於因應台灣證券市場交易方式日趨多元,並使證券市場交易環境更能符合鉅額投資人的交易需求,提供更多元的鉅額交易管道、強化鉅額交易系統之交易功能,使我國證券市場更符合國際潮流。 為了解我國鉅額交易市場可能存在的問題,本文探討範圍係著重於研析我國集中交易市場鉅額證券買賣辦法修訂緣由,參考國外主要證券市場鉅額交易制度之相關規定,並了解近年來股票鉅額交易情形,藉由新舊鉅額交易制度之比較,進一步探討鉅額交易新制是否如預期符合市場需求,或仍有繼續調整改善之空間,冀望提供我國鉅額交易制度未來調整時之參考。綜合本文對於現階段我國鉅額交易制度有關最低買賣標準、交易時間、及成交價格等規定之結論,目前相關制度應尚有繼續調整改善之空間,有關建議調整延長鉅額交易盤中交易時段之時間、擴大盤後申報價格範圍及增加鉅額配對買賣方式等措施,可納為未來持續規劃開放之方向。 |
英文摘要 | The type of transaction commonly used by huge investment investor to the listed securities in Taiwan is extensive transaction. However, the majority of Taiwan’s security market investor is individual shareholder; proportion of the transaction by juridical organization in Taiwan is far less to U.S., Japan, and other countries. Hence, it demonstrates the uncommon of extensive transaction in Taiwan’s securities and also demonstrates the impractical of Taiwan’s extensive transaction system to fulfill the needs of the large transaction of the investor. Taiwan Stock exchange Corporation has adjusted the extensive transaction system, and put the new adjustment into effect on April 4, 2005. In response according to the multivariate transaction of Taiwan securities market; to alter the transaction environment of securities market environment, to fulfill the needs of extensive transaction investor, to provide multivariate transaction channels, strengthen the function of the extensive transaction system, and adjust Taiwan’s securities market toward international trend. To understand the possible existing problem of Taiwan’s extensive transaction market, this study emphasize in research and analysis of Taiwan’s centralize transaction market’s reasoning on revision of the extensive transaction policy; use other major foreign securities market’s extensive transaction system as reference, to understand the condition of securities extensive transaction in recent years and the comparison of new and old extensive transaction system. Further more, to investigate the new extensive transaction system fulfills the needs of the market or still have space for continuous adjustment; and hope to provide as a reference for the future alteration of the Taiwan’s extensive transaction exchange system. Comprehensive of conclusions from this study toward the minimum transaction criterion, transaction time, and deal price in current stages of Taiwan’s extensive transaction system. The current relevance systems still have room for improvement, as for the measures of recommendation of extending the extensive transaction time, extend the boundary of declare securities pricing after market hour and increase the way of extensive paring transaction; all measures can be adopt as a direction toward continuous lift of restriction in the future. |
本系統中英文摘要資訊取自各篇刊載內容。