論永續資訊不實責任——以投資人保護為中心

Abstract

近年來，重大永續輿論事件的發生，對公司財務狀況造成急遽負面效果，引起大眾對公司揭露永續資訊的關心，我國的永續資訊揭露由政府主導，金管會作為主要推手，臺灣證券交易所與財團法人中華民國證券櫃檯買賣中心制定自律規則「上市公司編製與申報企業社會責任報告書作業辦法」與「上櫃公司編製與申報企業社會責任報告書作業辦法」作為我國現行對永續資訊的揭露規範。但由於此類規則僅具有自律規則的地位，故基於自律規則揭露的永續資訊應如何適用我國證券交易法，即成為問題。 永續議題的熱絡，延伸至金融市場上永續投資的興起，越來越多投資人傾向將永續價值融入投資決策，其中機構投資人尤甚，時至今日，公司揭露永續資訊除了消極進行風險管理，更有積極促進籌資之效，因此，公司如何適時、適當地揭露永續資訊，有其學問，公司所揭露的永續資訊，也不再僅具有公關性質，只對公司形象發酵，而可能影響金融市場對公司的評價，進而與公司的財務狀況連動。 本文藉由對公司永續責任的相關文獻整理分析，逐步釐清我國政策規劃者對公司永續作為的期許、現行制度適用的結果與我國公司實踐永續作為的動機，統整出公司永續作為兼具社會與財務目的，基於此結論，公司的永續作為終將與投資人利益關聯，這便使投資人用以訴求公司資訊不實責任——證券交易法上財務報表不實責任相關規範——與永續資訊產生了連結。 本文接著探討永續資訊適用證券交易法的可能性，發現直接適用勢必存在一定的隔閡，為了尋求解決方案，本文就由比較法分析，對美國法上兩則近年針對永續資訊適用美國證券交易法的案例進行討論，以期作為我國未來實務認定的參考。

In recent years, scandals of publicly traded companies caused sudden and negative effect on these companies’ financial situation. It brought concern about companies’ sustainability performance. The public sustainability information offered by companies themselves is direct and convenient way for the public to know about companies sustainable performance. In Taiwan, government dominate the way how companies disclose their sustainability information. Taiwan Stock Exchange (TWSE) Corporation Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TWSE Listed Companies and Taipei Exchange Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TPEx Listed Companies are the major regulations to disclosure of sustainable information. These rules are self-regulatory rules, which may cause disputes when investors bringing their claims under article 20 and 20-1 of Securities and Exchange Act in Taiwan. The enthusiasm for sustainability promotes sustainable investment. More and more investors tend to integrate sustainability value into their investment decisions, especially institutional investors. Therefore, companies face the issue how to disclose sustainability information in a timely and appropriate manner. The sustainability information disclosed by companies not only enhance companies’ image but also affecting evaluation by financial market, which may link to companies’ financial status. This study introduces the relevant theories, regulations and cases about companies sustainability responsibility. By analyzing the relevant literature about the relation of corporates sustainable performance and financial performance, this study concludes there is positive correlation between them. Following this idea, this study focus on how investors use sustainability information to claim companies’ financial statement fraud by Securities and Exchange Act. Even though these wasn’t case in Taiwan, there were some cases in the United Stated can be the reference of this study. By examining these cases, this study provides some opinions to the court in Taiwan to deal with relevant cases in the future.