| Summary: | 碩士 === 國立嘉義大學 === 企業管理學系 === 100 === This thesis aims to investigate the relationship between the firm valuation and performance as whose proxies are Tobin’s Q and ROA, respectively, and options trading volume. Samples are selected from 30 firms listed in Taiwan Stock Exchange with stock options from the beginning of 2007 to the end of 2009 and used to investigate the influence of stock options trading on underlying firm valuation.
Theresults show that the firm valuation and performance are a negative relationship with call options trading, and a positive relationship with put options trading. The stock options trading have the informed trading benefits. The greater stock options are traded, the more informed trading will be released. If prices expose more informance, then firm resources can be allocated more efficiently, which leads to actual firm valuation.
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