本研究透過各公司之自然人、創投、法人和國發基金董監事與經營團隊變動，探討四者之董監事與經營團隊在IPO之後是否因為內部資訊掌握差異，所造成的經營團隊結構改變。實證結果發現在IPO之後四者都有明顯的變動，故推斷依照基本特性推斷以下四個結果：(1)內部自然人的確有利用內部資訊進行IPO後拋開經營權之嫌；(2) 創投因為其本身就為獲利導向，故其是否利用內部資訊退場無法下定論，但可知道創投確實在IPO之後會在短時間內退場；(3) 企業法人因其介入目的大多為策略導向，故其雖亦會利用內部資訊，但並非以賺取不公平獲利為導向；(4) 國發基金身帶政策性目的和進出有其目標設定，故內部資訊之應用並非重點。還有，內部人之關係連結確實會增強內部資訊之流動。

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