台灣內線交易案例之研究

Abstract

「千線萬線不如內線一條」，此語極諷我國股票市場之怪誕現象，其層出不窮使台灣被譏為「內線交易天堂」，聞之令人不勝欷虛！然何令致此耶？股市交易平台是否已喪失防制及執法之機制及紀律？除人性之貪婪外，藉由內線交易達到鉅額不當獲利，亦連帶衍生掏空資產、炒作股票，其破壞資本市場秩序之烈，勢必造成投資大眾信心崩潰，經濟社會恐慌動盪，豈能不慎乎！抑有進者，事前監督之行政機關欠缺完備防弊制度，而最終把關之司法機關執法又一再用法無方，導致重大股市弊端案件無罪定讞，卒使心存僥倖之徒更加無所忌憚。是本文試由分析近年來重大內線交易案件，整理其犯罪行為該當證券交易法對內線交易之構成要件之實務見解，並提出判斷基準，俾司法有所統一遵循路徑，並使行為人得為預見，如此方能杜絕不法投機者嘲弄司法，而期資本證券市場之健全發展。 本論文旨在探討內線交易罪之構成要件中關於證券交易法第157條之1所定「重大影響」、「消息明確」、「實際知悉」等三大認定要件。因此，本文先由內線交易之規範目的及禁止理論，用供闡述禁止內線交易之精神，並說明其核心價值乃在健全證券市場公平性。再以該公平性為導向，自生資訊取得平等，則證券市場公正性及公信力於焉由生。 承上，本論文特以上述『市場公平』析論法規範關於上開三大要件之內涵及其在實務上運作之樣貌及結果，並嘗試該三大要件判斷基準之整理及論證。再者，本文亦強調行為人之主觀惡意並非犯罪該當的必要元素，亦係以市場公平性導向而來。申言之，此即目前我國實務多數見解認為，行為人只要「持有」重大非公開消息並為證券交易即可該當內線交易罪，無須考量其主觀上是否有「利用」系爭消息之惡意。最後，行政院草案所提之豁免條款，有部分學者及立法諸公採取肯認態度，本論文則認渠等所謂預定計畫，容易摻雜過多人為操縱的可能，因此，否認以該預定計畫作為免責抗辯事由。易言之，「非公開不得交易原則」至上。

“No amount of information, not an insider trading” is a satire on Taiwan's stock market. Endless stream of insider trading makes Taiwan a paradise of insider trading. Why Taiwan becomes a paradise of insider trading? Stock trading platform is lost control without efficient legal mechanism. Other than human's greediness, the huge profit from insider trading also leads to the hollowing out of company's assets, fraudulent bankrupt and risky speculation. Furthermore, it destroys market rule and the trust of investors. The law makers do not provide effective rules, and the legal authorities do not execute cases in the right way that makes criminal dealers step out the court without penalties. That often makes speculators wide open for speculation. This study analyzes the significant insider trading cases that happened in recent years, and raises practical arguments and suggestions based on stock trading laws and regulations, with a view to helping legal authorities to establish a healthy security market. Specifically ,this study explores the three most important elements of Article 157-1 of the Securities and Exchange Act: “actually knowing”, “a material impact”, and “information is precise”. Therefore this study begings with explaining the rationale of forbidding insider trading, and the core value of fair platform of stock market. Then this study describes the model and consequence of the above three elements. Moreover this study investigates the key issues of criminal action.