本研究主要探討開放外資得於臺灣期貨市場以非避險之目的從事期貨交易後，期貨自營商、本國法人與本國散戶之報酬與交易行為有何改變。使用臺灣期貨交易所之臺灣股價加權指數期貨(TAIEX)交易資料，分為開放外資前(2003年11月14日至2006年3月24日)與開放外資後(2006年3月27日至2008年7月31日)兩段期間探討，並計算報酬與相關變數，而後分別以變異數分析模型與迴歸分析模型進行檢定，探討開放外資前後之差異效果。實證結果顯示期貨自營商、本國法人與本國散戶其下單類型並無顯著差異，然而，其平均每筆口數卻有顯著減少之現象，表示受到外資影響，其在下單時會更為謹慎，且以小額買賣之方式進行交易。此外，實證結果也發現期貨自營商、本國法人與本國散戶之平均每口交易損益及平均每口部位損益，並沒有因為開放外資於臺灣期貨市場進行套利與投機交易而產生顯著差異。

The purpose of this thesis is to offer an empirical investigation to examine the impact of Foreign Trading on the Trading Behavior of Main Types of Future Traders. Use data on daily transactions of Taiwan Stock Index Futures contract and it comes from the Taiwan Future Exchange. The sample period is between 14 November 2003 and 31 July 2008. And using ANOVA and regression model to examine the impact of foreign trading.
The result shows that there isn’t significant difference in choosing types of orders, but the position of every placement decline after foreign institutional investors trade in the future market. Moreover, foreign trading doesn’t influence the payoffs of future dealer, domestic institutional investors and individual investors.

英文部分
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中文部分
1. 黃于珍，1999，外資交易行為對台灣股市之影響，新北市，輔仁大學，碩士，58。
2. 陳美吟，2003，類別交易者行為之研究─台灣期貨市場實證，國立成功大學，碩士，58。
3. 曾冠儒，2008，三大法人於台灣期貨市場未平倉部位之研究，國立中正大學，碩士，46。
4. 李其權，2009，三大法人期貨未平倉行為之訊息探討，國立中正大學，碩士，34。
5. 王忠嶽，2012，三大法人未平倉量與報酬關係─以台灣期貨市場為例，碩士，39。
6. 李伯霖，2013，三大法人於台灣期貨市場擇時能力之探討，國立中央大學，碩士，56。
7. 周行一、游智賢、林岳喬，2005，開放外資參與我國期貨交易對我國金融市場之研究，臺北市，中華民國期貨業商業同業公會，30。