內線交易罪犯罪所得計算方法 -101年至111年判決量化

Abstract

本論文量化出的結果發現，台灣之內線交易罪之被告人數、犯罪所得所計算出的金額、內線交易罪之判決數量均偏低。內線交易罪犯罪所得之計算方法，實際所得法較為多數，而混合實際所得及擬制所得的內線交易罪之犯罪所得計算方式為其次，最後為擬制所得法，採用大宗實際所得法所計算出的犯罪金額平均在2億元以下，明顯偏低；而採用分割適用法所計算出的犯罪所得較高。並且在內部人的部分，大多的內線交易罪被告，大部分屬於證交法第157條第1項第1款之內部人，或是消息來源來自於前證交法第157條第1項前4款之消息受領人。 整理近11年之內線交易罪之判決後，實務通說多簡單分為兩種: 一、若有在法定內線交易重大消息18小時內實際買入並賣出，就用實際所得法；二、若無賣出則用擬制所得法來計算內線交易罪犯罪所得。此實務之內線交易罪計算方法，和最高法院刑事大法庭做出108年度台上大字4349號判決所描述的結論相類似，而學說部分則和實務見解較為不同。 學說之特殊獲利避損機會說之犯罪所得計算方法，此方法甚為抽象，需要聘請金融專家進行細部之計算及鑑定，在實務上較難施行。本論文主張若要採用特殊獲利避損機會說來計算內線交易罪犯罪所得，法院必須慎重考慮，並自行選任專業鑑定人來輔助判斷。根據刑事訴訟法第198條，法院有權利指定專家或鑑定人為其提供專業意見。這樣可以確保計算結果的準確性，並避免因計算方式不當而導致的誤算。我們應該持續關注內線交易罪相關問題，不斷探索更加公正合理的犯罪所得計算方式，以確保資本市場的健全運作和投資人的權益。 若犯罪金額大於1億元以上者，會滿足證交法第171條第2項的加重處罰條款；惟台灣之內線交易罪的處罰要件並非以是否有犯罪所得為成罪條件，而是從保護投資大眾對市場信賴之超個人法益，且內線交易罪之性質，為既成犯(行為犯、舉動犯)，只要有內線交易之行為，內線交易罪即告完成，並無構成未遂犯之可能。且證交法第157條之1基本構成要件有四種: 1. 具有內部人或消息受領人身分；2. 獲悉內線消息；3. 在消息未公開前或公開後未達18小時而買賣本公司上市上櫃股票，或其他具有股權性質的有價證券；4. 行為人需有內線交易之故意(犯意聯絡及行為分擔的公同正犯關係)。所有成罪條件均與犯罪所得之金額大小無關，故犯罪金額大於1億元以上者，會滿足加重條款之部分應當修法廢除。

The results quantified in this paper indicate that the number of defendants, the calculated amount of illicit gains, and the quantity of convictions for insider trading crimes in Taiwan are all relatively low. The calculation methods for determining the proceeds of insider trading crimes primarily involve the actual proceeds method, followed by a combination of actual and imputed proceeds, and finally the imputed proceeds method. The average amount of criminal proceeds calculated using the actual proceeds method is significantly below 200 million NTD, indicating a clear underestimation. On the other hand, the application of the apportionment method yields higher estimates of criminal proceeds. Furthermore, regarding the individuals involved, the majority of insider trading crime defendants are classified as insiders under Article 157, Paragraph 1, Clause 1 of the Securities and Exchange Act, or recipients of information from the four preceding clauses of the same article.

After analyzing insider trading crime judgments over the past 11 years, it can be simplified into two practical approaches. First, if a person engages in actual buying and selling within 18 hours of obtaining material non-public information, the actual proceeds method is applied. Second, if there is no selling involved, the imputed proceeds method is used to calculate the criminal proceeds of insider trading. This practical calculation method for insider trading crimes aligns with the conclusion described in Judgment No. 4349 of the Supreme Court's Criminal Division for the 108th Judicial Year. However, there are differences between academic opinions and practical interpretations.

Regarding the calculation method based on the theory of special profit-avoidance opportunities, it is highly abstract and requires the involvement of financial experts to conduct detailed calculations and assessments. In practice, it is challenging to implement. This paper argues that if the theory of special profit-avoidance opportunities is to be used to calculate criminal proceeds in insider trading cases, the court must exercise caution and appoint professional experts to assist in the determination. According to Article 198 of the Code of Criminal Procedure, the court has the authority to appoint experts or appraisers to provide professional opinions. This ensures the accuracy of the calculation results and avoids miscalculations due to improper calculation methods. It is important to continue addressing issues related to insider trading crimes and explore more fair and reasonable approaches to calculating criminal proceeds to safeguard the integrity of the capital market and protect the rights of investors.

If the criminal amount exceeds 100 million NTD, it would meet the aggravated punishment provisions of Article 171, Paragraph 2 of the Securities and Exchange Act. However, the elements of punishment for insider trading crimes in Taiwan are not based on the existence of criminal proceeds but rather on protecting the interests of the investing public's trust in the market, which goes beyond individual interests. The nature of insider trading crimes is that once the act of insider trading occurs, the crime is considered complete, and there is no possibility of an attempted offense. The four basic elements of Article 157 of the Securities and Exchange Act are as follows: 1. Having the status of an insider or a recipient of insider information. 2. Obtaining insider information. 3. Buying or selling publicly traded or other equity securities of the company before the information is publicly disclosed or within 18 hours after disclosure. 4. The perpetrator must have the intent to engage in insider trading (intentional act and complicity in the crime). All these elements are independent of the amount of criminal proceeds. Therefore, the provision of aggravated punishment should be abolished for cases where the criminal amount exceeds 100 million NTD.