上市櫃公司舞弊案件之預防及制裁之研究

Abstract

上市櫃公司財報舞弊之犯罪，係屬特定職業所為之經濟型犯罪，這類型犯罪因具有隱蔽性、複雜性、貪利性、多元性及智慧性，本不易遭發覺，形成無法施以法律制裁的犯罪黑數。縱使在美國有完備的法令制度、成熟的市場下，其發現率也僅約百分之15左右。可預見的，在隨著證券金融市場的不斷國際化後，不法之徒利用行政司法調查的盲點，從事跨國財報舞弊等犯罪案件，將會更加猖獗，且難以查緝。證券市場，具有其信用交易之特殊性，並非傳統純然私人經濟交易的市場，在眾多投資人的參與下，本具有公共利益的本質，尤重誠實信用，政府為保障證券市場的穩定發展，適度介入公權力，誠乃不可或缺。防治之道，首在必須加強行政監督的力量，達到犯罪前行政預防的功能。再則強化保護機構及司法審判之職能，落實事後的民事求償及刑事制裁，以確實保障投資人之權益，並嚴懲不法之徒。 本文以個案研究方式，以九十三年六月起發生之博達、訊碟、皇統及勁永等四家公司為樣本，以研究財報舞弊公司之手法、事件發生前之特徵，並根據該等舞弊事件之特徵提出相對應之改善建議；俟後，本研究並據此就預防面及制裁面，對資本市場之舞弊案件，提出本研究之具體改進建議。

Financial corruption of quoted companies, one style of economic crimes, is hard to be perceived and caught under the rule of law because it is composed of concealment, elaboration, personal interests, comprehension and intelligence. Even in the U.S.A., which has healthy legislative systems and mature markets, the discovery rate of corruption is only 15 percent. Following the fast development of international security markets, it can be predicted that criminals will exploit the leak of jurisdiction to explore financial corruption across the whole world. Security markets have the character of credit trade and involves in public investors, which means that honest is quite important for trading. Hence, in order to establish the stable development of security markets, the government is supposed to intervene adequately. First, the government can improve the administration supervision to monitor and peer review the markets. Further, enhance the authorities of relative institutions and jurisdiction in order to protect investors. There are four cases in our individual research. It is included which erupted financial corruption since June 2004. This research analyses their methods of corruption and the signs before the eruption. Furthermore, it provides the suggestions to prevent the financial crimes from the signs. Finally, this research shows the concrete suggestions to avoid corruption from the aspects of crime prevention and legislation.