本論文主要研究程序說明如下：首先進行證券市場「內線交易」與「訊息面暫停交易機制」之評析，有利於股市投資者正確法治投資觀念之理解，其次運用賽局理論，探討在面對金融同業間同時推出性質相近之新商品，或面對國外銀行加入國內金融市場競爭，及以銀行業與借款人為參賽者等情境設定下進行銀行業決策行為之分析。最後再以某國內銀行各分行為案例，採用灰色生成模型GM(0,N)與灰色關聯分析，來重新建立一套較為客觀之評量標準，以作為國內銀行業擬定其年度營運目標與評估營業單位經營績效之依據，再根據此一評估結果給予各營業單位經營績效之排名。本論文主要研究內容如下：
首先，本文透過文獻探討與司法實務判決等，進行有關證券市場內線交易及法院相關判決之評析與探討，可以發現我國最高法院判決多數認為內線交易之禁止，僅須內部人具備「獲悉發行公司有重大影響其股票價格之消息」及「在該消息未公開前，對該公司之上市或上櫃之股票,買入或賣出」此二形式要件即成立，並未規定行為人主觀目的要件。似與目前司法實務及學界認為「刑法之目的不僅在於懲罰或嚇阻犯罪人實行犯罪行為，亦應注重犯罪人之反社會性格並預防其再犯，以維護社會之安全發展」相違背。另外，實施「訊息面暫停交易機制」係為給予投資人有充裕的時間消化重大訊息。惟暫停交易制度雖然立意良善，但能否確實發揮防止資訊不對稱及內線交易之弊端，仍有待許多問題之釐清，且暫停交易之申請，恐淪為有心人操縱市場及內線交易之工具，蓋股票交易常為各公司投資理財或財務調度之方式，故尚不得以進行買賣即認定為內線交易，而應根據「罪證有疑，利於被告」之證據法則判斷，以符合目前已逐漸成為主流刑法理論之綜合主、客觀判斷法則。
其次，運用賽局理論探討銀行業之經營策略。研究結果顯示，當兩家競爭之銀行，同時計畫推出性質相近的新金融商品時，可將同時決策之賽局，轉換成依序賽局，再利用先發制人之策略，獲取競爭上的利益；或在不同時段推出不同產品，以營造競爭雙方共贏之情況。當國外銀行欲進入國內金融市場，此時競爭賽局雙方均衡策略為(進入，原價)，以避免陷入競相降價之惡性競爭。最後當銀行拍賣抵押物受償價金愈高(低)時，債務人採取正常履約之機率愈高(低)。故銀行業辦理貸款時，借款人抵押物多寡之爭取，常成為借款人是否採取違約背信策略之主要依據之一。
最後再以某國內A銀行業之經營績效為研究對象，蒐集該銀行27家分行2015年所經營之業務評核、管理績效、員工貢獻度、盈餘達成率、盈餘成長率、風險資產收益率及信用風險等7個績效項目為分析因子，使用灰色GM(0,N)方式分析上述因子之權重。研究結果顯示，盈餘達成率及盈餘成長率兩因子對於營運績效貢獻最大，其餘排序分別為盈餘達成率、盈餘成長率、信用風險權數、員工貢獻度、管理績效、風險資產收益率及業務評核。另外，本文使用局部性灰色關聯度分析各個分行全年度之績效排名，得到績優單位分別為A13、A26、A8與A27。績效表現落後之單位分別為A22、A11、A1、A10及A9，其餘為中等單位，上述結果與目前銀行實務評估結果相符。顯示銀行業如果要達成較佳的績效表現，必須特別重視分行盈餘目標之達成指標。

The main research procedure of this paper is described below：First of all, we will conduct an assessment of the "insider trading" and "information plane suspension trading mechanism" , to help the stock market investors to understand the correct concept of investment in the rule of law. Second, we use game theory to explore when facing the financial industry at the same time introduce similar nature of the new goods, or facing foreign banks join the domestic market competition, and the bank and the borrower set for the contestants and other circumstances doing the banking decision-making behavior analysis.Finally, we take domestic bank branches as a case, using the grey generation model GM (0, N) and grey relational analysis to reestablish a set of more objective evaluation criteria as the basis for the domestic banking industry to formulate its annual operational target and evaluate the operating performance of the business unit, and then according the results of this assessment to give business units operating performance ranking. The main contents of this paper are as follows:
First of all, this article through literature discussion and judicial judgments, etc., to carry out the assessment and discussion of the securities market transactions and court-related judgments. We can find that the Supreme Court mostly ruled that the insider trading ban only was that the insider had "the news that the issuing company had a significant impact on its stock price" and that "before the news was published, stock, buy or sell” the two elements of the form that is established, which do not specify the subjective purpose of the subject. It seems to be contrary to the view of the current judicial practice and academics that “the criminal law are aimed not only in punishing or deterring the perpetrators of committing crimes, but also on the anti-social character of the perpetrators and preventing their recidivism in order to maintain the safe development of society.” In addition, the implementation of the " Message surface suspension trading mechanism" is to give investors plenty of time to understand significant message. However, although the idea of the suspension of the trading system is good, but whether it can play to prevent information asymmetry and insider trading malpractice still remain many issues to be clarified, and application of the transaction suspension, for fear of being tools that people manipulate the market and insider trading, because stock trading is often the way the company invest or dispatch financial, carrying out the sale is not yet to be identified as insider trading, but should be based on the evidence "evidence is doubt, in favor of the defendant," to judge, in line with the current has gradually become the mainstream of the main objective and objective judgment criminal law theory.
Secondly, this paper uses game theory to explore bank’s operating strategies. The results showed that when the two competing banks are planning to launch new financial products with similar properties, they can at the same time convert the game into a sequential tournament and then use the preemptive strategy to gain competitive benefits, or at different times to launch different products to create a win-win situation for both sides of the competition. When foreign banks want to enter the domestic financial market, this time the competition between the two sides of the game strategy was (enter, the original price), in order to avoid falling into the vicious competition. Finally, the higher (lower) the price of the collateral for bank auctions were, the higher the probability the debtor will take. Therefore, when the bank industry handle the loans, the borrower's claim for the amount of collateral is often one of the main basis for the borrower to take the default strategy. Finally, we take the performance of a domestic banking industry as a research object to collect the business assessment, management performance, employee contribution, earnings reach rate, earnings growth rate and risk assets of the 27 branches of the bank in 2015 Rate and credit risk of seven performance projects as the analysis factor, using grey GM (0, N) way to analyze the weight of the above factors. The results showed that the two factors of earnings achievement and earnings growth contribute the most to operating performance, and the remaining factor ranking followed by earnings achievement rate, earnings growth rate, credit risk weight, employee contribution, management performance, risky asset yield and business assessment. In addition, this paper uses partial grey correlation degree to analyze the rank of each branch's annual performance, and obtain the A13, A26, A8 and A27 respectively. Performance behind the units are A22, A11, A1, A10 and A9 respectively, and the rest are medium units. The above results are in accordance with the current bank practice evaluation results. It shows that if the banking industry wants to achieve better performance, we must pay special attention to the achievement of the target of the branch's surplus.

目 錄
中文摘要..............................................................................................................i
英文摘要.........................................................................................................ii
目錄..................................................................................................................................………...iv
表目錄.............................................................................................................................…….....v
圖目錄..........................................................................................................................……........vi
第一章 緒論..........................................................................................................................1
第一節 研究背景與動機............................................………………..........................1
第二節 研究目的.............................................................................…………….........…7
第三節 研究流程.............................................................................……………...……….8
第四節 論文架構...........................................................................…………..……….….10
第二章 文獻回顧........................................................................…................………..........11
第一節 資訊不對稱........................…............……………………………………….....…..….…11
一、金融市場資訊不對稱介紹……………….…………………………………….………11
二、資訊不對稱與資訊揭露………………….……….………………………………………15
第二節 證券交易管理.....................................….....…............................……….…...18
一、內線交易.....................................….....…....…………..…………………………….………19
二、訊息面暫停交易機制.....................................….....…......…….……………...27
第三節 銀行經營策略……………………………………………………………………….……….….….31
第四節 賽局理論……………………………………………………………………….…………………..……35
一、賽局理論介紹…………………………………………………………………………………….…..36
二、賽局理論之分類……………………………………………………………………………….…..38
三、賽局理論之運用--競合策略………………………………………………………..41
第五節 績效評估..........................................…..........…………………….....….....…..….....47
一、績效評估之涵義.........................................…....………………………………….….47
二、績效評估指標之選取.........................................…....……………….…………49
三、灰色系統理論應用............…………..........................………………………………53
第三章 研究方法.....................................................................................……...................58
第一節 內線交易規範.........................................................…………………..............58
一、內線交易規範之行為主體....................................………….……………….58
二、內線交易規範之行為客體.................................………………..……………62
第二節 訊息面暫停交易機制.........…………………………………………………..…........65
一、 公司主動申請者.........………………………………………………………………………….66
二、 上市公司向證交所申請恢復交易之流程…………………..71
三、 證交所執行暫停交易……………………………………………………72
第三節 賽局之設計..………………….....…………………………………………..…...........….......73
一、 由靜態賽局轉換為依序賽局.…………………........….........…………….73
二、 外資銀行進入國內金融市場賽局.…………………........…...……….76
三、 賽局之均衡：Nash均衡.……………………..…………………………………….77
四、 混合策略賽局…………………………………………………………….…………………….77
第四節灰色理論GM(0,N)模型與灰色關聯度之建構.....................79
一、灰色理論GM(0,N)模型之建構....……………….…………………………83
二、灰色關聯度之建構....…………………….......…………………………………………..84
第四章 實證結果..........…………………………………………………………………………….………..........86
第一節 內線交易管理.........………………….…………………………….……………….………....87
一、內線交易客觀構成要件之分析……………………………………………….87
二、內線交易主觀構成要件之分析……………………………………………….96
三、綜合討論……………………………………………………………………………….……….……….99
第二節 實施訊息面暫停交易機制之影響………………………………..…......103
一、 上市公司適用暫停交易之釋例……………………………..…..…….…..103
二、 實施訊息面暫停交易新制後發生之問題歸………..………106
三、 綜合討論………………………………………………………………………………………………109
第三節 銀行業貸款違約分析……..……....………………….………….…………….……...112
一、賽局之理論情境……..……..………….……………………………….……………………...112
二、賽局之混合策略……..……..………………………………….……………………………….113
三、賽局之均衡分析……..……..…………………………………………………………………..115
四、綜合討論…………………………………………………………………………….……………………118
第四節 銀行業經營績效關聯性研究…….…………………………….….…..….…...119
一、研究範圍及對象…….………………………………………………………………….………..119
二、統計資料…….…………………………………………………………………………………….………119
三、GM(0,N)分析…….……………………………………………………………………………….….120
四、灰色關聯度分析…….…………………………………………………………………….……..122
五、綜合討論…………………………………………….……………………………………….….……….125
第五章 結論與建議.............................................……..................................….….…........128
第一節 結論.................................................................................……………….….........128
第二節 建議..........................................................................................….......….…...131
第三節 研究限制與未來研究方向..........………….......……………....……........134
參考文獻.................................................................................……….......….........….......135
一、中文部分……………………………………………….……………………………………..….........135
二、中文部分..........................................………………………………….………….….........141

表目錄
表2-1銀行不良資產分類標準及備抵呆帳提列最低標準表….……..16
表2-2 Porter 競爭優勢策略表.......................….................…….…………...............32
表2-3 囚犯困境示意表............................………………....…............….……………….………..35
表 2-4賽局納許均衡分類表………………………………………………….………………………......36
表2-5 剪刀、石頭、布報酬矩陣表.............................………....…......…….…………39
表2-6 內線交易報酬矩陣表…………………………………………………………….....................39
表2-7 經營績效指標一覽表..............…………………………………………..….....................52
表3-1內線交易規範之行為主體歸納表…………………………………………...........60
表3-2 A、B銀行報酬矩陣表.................…………..............……………………..…...........75
表3-3 國內、外銀行報酬矩陣表......……….……………………………………..……......... 76
表4-1 銀行業與借款人報酬矩陣表……………………………………………..………….....113
表4-2 A銀行各分行2015年經營績效成績一覽表………………………....117
表4-3 A銀行各分行2015年經營績效之權重表…………………..…….…....120
表 4-4 2015年 A銀行27家分行經營績效之七項指標表……...……….123
表4-5 A銀行各分行2015年灰色關聯序分析數值及排序表….124

圖目錄
圖1-1：研究流程圖……...…………………………………………………………………..…....…..................8
圖2-1：波特五力分析模型圖……...……....................................………...................…..33
圖2-2：價值網模型圖………………….........…...................................................……......……42
圖3-1：申請暫停交易流程圖...............………………...................................................70
圖3-2：恢復交易流程圖...............……………….................................……………................71
圖3-3：進入市場競爭擴張型式賽局圖.........………………………..….……................77

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