內線交易罪之主觀要件

Abstract

內線交易罪保護法益依其不同角度分別有市場論及關係論的觀點，自我國立法理由可以知悉，我國應係採取市場論。再者，內線交易罪之主觀要件，無論是美國聯邦最高法院或者是我國學者見解，都有知悉說及利用說的爭議。雖然各自都有堅強的立論根據，但是本文認為從抽象危險犯的角度出發，抽象危險犯既然常運用在保護超個人法益之情形，證券交易市場秩序亦在抽象危險犯所要保護法益之列，就必須探究何種危險是會使證券交易市場秩序崩毀，因此本文認為唯有被告知悉持有一般投資大眾所無法擁有之消息，並加以利用該消息謀取利益時，才會產生資訊不對等地位，使資本市場面臨崩毀之一般典型危險。

The legally protected interests of insider trading are depended on the variety of aspect, from legislative reasons of Securities Trading Law, we can know that our country has adopt market efficiency theory. Secondly, there are always disputes of Awareness Standard and Use Standard through the Supreme Court of the United States and court’s opinion of our country. Even though there are strong theoretical basis of the two standards, this article thought that from the direction of the offender of abstract danger, since our government policy often apply the offender of abstract danger to the situation of protected transpersonal legal interests, the order of securities trading market is also putted in the line of legal interest what the offender on abstract danger wants to protect. We have to probe what dangers will let the order of securities trading market to breakdown. This article concluded that only when defendant knows the information（inside information） which every person in the securities market did not possess, and use this inside information to gain the benefits. Therefore, it will produce the advantage situation of information, and the securities market will also face the danger of the breakdown, the insider trading is just want to prevent it from using these information to gain benefits.