我國證券市場對再次發行管理的主要規範，是證券交易法第二十二條之二。根據立法歷史，我們可以知道該條文是參考美國立法例而來，目的在防止發行公司透過內部人轉讓持股來規避發行市場之管理，但是我們發現目前的管理有相當的缺陷，論其要者就是忽視了此處對原始規範目的的認知有誤，導致在對內部人股份轉讓的限制上，過度規範與欠缺規範的情形隨處可見。本文乃是一全面性介紹的再次發行制度，並透過美國法之分析，建議證券主管機關應透過修法解決本文所提出之問題。

In Taiwan’s stock market, the main regulation on secondary distributions is Article 22-2 of the Securities Exchange Act, which, according to legislative history, was based on U.S. law adaptation. The aim of the law is to prevent issuers and their insiders from evading primary market regulations. However, we found out that the current law regarding this is flawed. Because the original purpose of secondary distribution regulation was improperly identified, the consequence is that the regulation on insiders’ disposition of shares is both over-inclusive and under-inclusive. This paper is an overal1 survey of Taiwan’s secondary distribution system, also using comparative analysis of U.S. law. I suggest that the securities authorities amend Securities Exchange Law and regulations to solve the issues raised in this paper.