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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8995
標題: | 內線交易防制之研究
-以強化公司治理與行政監督為方案 A Study on Prevention of Insider Trading: Good Corporate Governance and Administration |
作者: | Mei-Jing Yeh 葉美菁 |
指導教授: | 林筠 |
關鍵字: | 內線交易,防制,公司治理,行政監督, Insider Trading,Prevention,Corporate Governance,Administrative Supervision, |
出版年 : | 2009 |
學位: | 碩士 |
摘要: | 內線交易係指具有特定身分之人,於獲悉未經公開且能影響證券價格的重大消息後買賣證券;對於是否應該予以立法禁止內線交易行為,理論上仍然爭辯不休,然而現今世界上多數國家均採取肯定之做法。
我國證券交易法至民國77年1月29日始增訂第157條之1明文禁止內線交易,觀立法沿革可知構成要件與重刑化是歷次修法重點與趨勢;惟經分析整理過去十年因內線交易經檢察官提起公訴之案件,發現此類案件多半:刑事部分無罪率偏高、法院量刑過輕、民事訴訟久懸未能確定。在分析各該判決無罪理由後,發現以「無法證明被告『獲悉』重大消息而為交易」,而此舉證上之困難,並不會因「加強檢調財經專業」、「成立專業法庭」等改善。可知欲防制內線交易發生,單靠提高刑責並無法收其遏阻之效。 內線交易的產生,如同其他白領犯罪一般,必須具有以下三要件:動機、中立化的社會控制,以及機會。因此欲有效預防內線發生,必須透過企業建立良好的內控及法令遵循制度,以(1)減少行為人從事內線交易之動機;(2)改變助長內線交易發生的不良道德風氣與規範文化;(3)減少內線交易犯罪之機會。 此外,參酌其他各國證券主管機關之執法經驗,認為應賦予我國證券主管機關行政調查權,以及多元化的執法工具,以強化執法之效能;多元化的執法工具如解除或中止董(監)事之職務、或向法院聲請回復原狀、或其他定暫時狀態之處分等。而唯有透過改善公司治理與內控,以及強化主管機關之行政監督效能,才能有效預防遏阻內線交易行為之發生,確保投資大眾之利益與市場秩序。 Insider trading is used to refer to a practice in which an insider or a related party trades based on material non-public information obtained during the performance of the insider's duties at the corporation, or otherwise in breach of a fiduciary duty or other relationship of trust and confidence or where the non-public information was misappropriated from the company. Rules against insider trading on material non-public information exist in most jurisdictions around the world, though the details and the efforts to enforce them vary considerably. The Legislative Yuan made an Amendment to the “Securities Exchange Law”, Article 157-1 to restrict insider trading in January 29, 1988. In the history of Legislation process, there is a clear tendency of felonization. Atfer anzlyzing those prosecuted insider trading cases in past ten years, we find that most of the defendants were verdicerd “not- gutilty”, or rendered with light sentences, and both the criminal and civil procedures delayed for many years. “Failing to prove the defendant knowing the non-public information” is the mojor reason for most not-guilty cases, and the problem can not be solved by enhancing prosecutors and judges’ prodfession. Thus it does not work well to deter insider trading by harsh punishment only. Like other white-collar crimes, there must be motivation, insiders Neutralizing Social Controls, and opportunities for an insider trading to happen. As a result, Corporates must set up a good internal control system and legal compliance program to reduce the motivation and opportunities for the doers, and change the morale and culture which might ptomote insider trading in the company. Mealwhile, the supervisory authoriry should have administrative power of investigation, and various enforcement tools, such as applying for an injunction from the courts, suspending the directors’ duties to provdie prompt corrective action for insider trading. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8995 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 財務金融學系 |
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