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標題: | 操縱市場損害賠償計算之分析 Analysis of Market Manipulation Damages’ Calculation |
其他標題: | Analysis of Market Manipulation Damages’ Calculation |
作者: | 吳振睿 Chen-Jui Wu |
指導教授: | 蔡英欣 Ying-Hsin Tsai |
關鍵字: | 操縱市場,損害賠償,毛損益法,淨損差額法,擬制真實價格, market manipulation,damages,gross income loss method,out-of-pocket method,fictional true value, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 我國自有證券交易市場以來,操縱市場案件層出不窮。但不論是從民國80年的唐鋒案,還是民國90年的洪氏英案,抑或是民國100年的大同案,操縱市場損害賠償的計算方式都未有明文規定,而係交由實務自行發展,法院又以毛損益法及淨損差額法作為計算損害賠償的基本理論。本文將分析歷史判決,整理實務採取不同損害賠償計算方式的原因,在法未明文損害賠償方式下,以供參考。
接著,將與其他證券違法行為的損害賠償計算方式作比較,並分析操縱市場有無參考或類推適用其損害賠償計算之可能。最後以比較法的觀點,與美國及日本證券違法行為的損害賠償計算方式作比較,並從中分析適合我國操縱市場損害賠償的立法設計。其中,欲新增條文內容之擬制真實價格,則會以股價估值法來評估,期望明文化的操縱市場損害賠償計算方式對於原被告皆屬公平,也不會對現今法院造成過重負擔。 Since the security market has been set up in our country, market manipulation cases have happened one after another. However, even after the occurrences of several high-profile cases, such as the ROC 80’s AIRLUX ELEXTRICAL CO case, the ROC 90’s HORNG TECHNICAL ENTERPRISE CO case, and the ROC 100’s TATUNG COMPANY case, the method to calculate the compensation for market manipulation damages still has not been specified in law. Instead, the calculation method has been developed by the court itself. Through the development, we can tell that the court basically use the gross income loss method or the out-of-pocket method to calculate the damages. At the beginning, my dissertation will explain the different decisions made in court regarding damage calculation under unwritten laws by analyzing historical cases for future reference. Then, my dissertation will compare damage calculation methods with other security violation methods, and critically analyze the possibility of applying those methods to market manipulation circumstances. Finally, through comparative law, my dissertation will compare the damage calculation methods in our country with security violations in the United States and Japan, and analyze a suitable legislative design for market manipulation damage calculations in our country. Besides, the proposal of the provision’s fictional true value will be evaluated by the stock price valuation. The goal is to create a fair environment for the plaintiff and the defendants under the new written market manipulation laws, while not generating excess burden on the court. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/83270 |
DOI: | 10.6342/NTU202300017 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 法律學系 |
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U0001-0128230104161106.pdf | 2.31 MB | Adobe PDF | 檢視/開啟 |
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