為提升投資人在臺灣證券市場的交易意願，使投資人更加積極參與證券市場，自民國 94年 8月開始實施盤後零股交易制度，零股市場中，個股及ETF成交量都呈增長趨勢。臺灣證券交易所為持續活絡零股市場及鼓勵小型投資人與年輕族群投入資本市場，自 民國 109年 10月 26日實施盤中零股交易制度，使更多投資人可於普通交易時段進行零股交易的機會，進而提升零股交易靈活性。本研究探討金融監督管理委員會開放盤中零股交易政策對於臺股成交量、週轉率、現股當沖量、資券相抵當沖量的影響，研究期間為民國 109年 1月 1日 至民國 110年 12月 31日。實證結果顯示，在實施盤中零股交易後，臺股之成交量、現股當沖量、資券相抵當沖量及週轉率有顯著的提升；相對的，現股當日沖銷交易則無顯著的改變 。 To increase investors' willingness and enthusiasm for trading, the after-hour odd-lot trading system has been in effect in Taiwan's securities market since August 2005. Consequently, the trading volumes of both individual stocks and ETFs have been on the rise in Taiwan’s odd-lot market. To activate the odd-lot market and encourage individuals and youth investors and young people to participate in the capital market, the intraday odd-lot trading system has been introduced effect in the Taiwan Stock Exchange Corporation since October 26, 2020. This enables more investors to conduct odd-lot trading in ordinary trading periods, thus increasing the flexibility of odd-lot trading.This study empirically examined the impact of the intraday odd-lot trading system approved by Taiwan’s Financial Supervisory Commission on the trading volume, turnover rate, spot day-trading volume, and day-trading volume of the offset of margin purchasing and short selling during the period of January 1, 2020. to December 31, 2021. The empirical results show that the trading volume, spot day-trading volume and turnover rate significantly increase after the introduction of intraday odd-lot trading system. However, the day-trading volume of the offset of margin purchasing and short selling has no significant change.
