投資人除利用選擇權進行避險，也利用選擇權的交易策略以賺取價差。投資人下單時會根據當下之市場狀態或其所擁有對市場的私有資訊。再者，委託單的修正表示投資人在監控市場變化之後修正其投資策略。因此，修正後的委託單會反映出投資人對於市場狀況的新預期。而委託單之修正代表投資人取消委託單或修改委託單之委託量的行為。本研究中利用限價單之修正率探討影響修正率的因素，以及各類投資人所受因素是否有所不同。

Investors can hedge and earn the spread by trading option. When they submit a new order, they make decision depending on the information they can gather. They continue to monitor the market to revise their trading strategies. Therefore, their revised orders will reflect their new expectation in the market. Revision means that modifying and cancelling a limit order. We will use limit order revision ratio to find
out which kind of factors will affect it the most.

摘要 I
Abstract II
目錄 III
表目錄 IV
第一章、緒論 1
第二章、數據介紹 5
第一節、使用數據之介紹 5
第二節、委託單的修正行為 6
第三節、投資人交易特質變數 8
第三章、研究方法 12
第一節、委託單的修正率 12
第二節、影響委託單修正率之因素分析 13
第四章、實證結果 19
第一節、修正率和交易特質分析 19
第二節、影響投資人修正率之原因分析 20
第五章、結論 26
附錄 27
文獻 28

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