從內線交易案例探討公司經營風險與因應

Abstract

內線交易案件一直以來就是財經犯罪類型案例中最具爭議的，因內線交易之規範條文本身有太多不確定的法律概念，所以縱使被檢調發現，要到能被法院定罪的機率也不高，所以容易讓內部人懷有投機的僥倖心態。雖然如此，然而一旦企業被揭露涉嫌違反內線交易，不僅行為人陷入漫長的訴訟煎熬，企業多年的聲譽亦將毀於一旦，因此為避免企業誤觸法網陷入經營風險，與維持證券交易市場之公平性，實有探討之必要。 第二章和第三章，藉由內線交易修法沿革和探討過去的實務案例中，我們發現同一案件，各審級法院所持見解與的判決結果也有相當大的不同。所以內線交易案件的判決，一直以來都是學者批評與教學的重要標的。甚至有學者直言台灣對內線交易案最大癥結不在於構成要件是否明確，也不在於主管機關能否明訂遵循的規則，而在於司法判決欠缺一致性，因此主張，最高法院有統一見解，以避免人民的命運被不公平的決定。 第四章，藉由案例現狀與影響，探討企業經營存在之風險，討論防範內線交易之正本清源應在於自企業體制內改善，從善用內部控制制度與建立法令遵循計畫才是根本之道。因此針對企業因應與對策，從內部控制制度之五大元素，與法令遵循之觀點，提出企業如何應用以防範內線交易之方向與作法。 在結論上，鑑於公開發行公司既已被要求建立內部控制制度，何以仍有違反內線交易之情事發生，究其因乃是欠缺法令遵循計畫之建立，進而檢討推動法令遵循制度，因其非強制性要求且無誘因，難以期許公開發行公司主動將法令遵循納入經營管理考量。據此，提出建議，希望政府除了提供標準範之本方向外，也能效法美國之作法給予誘因，敦促企業建立一個有效的法律遵循制度，如此一來，除可避免企業因無知或疏失誤踩內線交易之紅線，又能健全公司體制，達到公司治理之目的；不僅能消弭企業之經營風險於無形，也能盡到維護證券交易秩序與健全證券市場之功能。

Insider trading has always been the most controversial case in the category of financial crimes. Moreover, since there are too many uncertain concepts in Securities and Exchange Act, the insider may not be convicted guilty even if they were indicted the prosecutor, which could cause insider to speculate and run the risk. Once the insider trading is discovered, the actors would inevitably be involved in time-consuming lawsuit and the enterprise would disgrace itself. For the purpose of preventing this and maintaining fair-trade in the stock exchange market, it is essential to discuss the insider trading. Chapter II and Chapter III are according to a study on the amendment history of insider trading terms and past cases, we can find that even in the same case, the judgment of each level court are quite different. Therefore, the judgment on insider trading cases has always been a major subject of academic criticism and teaching. Some scholars even bluntly stated that in Taiwan the biggest problem with insider trading cases is not whether the elements of crime are clear, nor whether the authority can institute explicit rules, but the lack of consistency in judicial decisions. As a result, it is claimed that the Supreme Court has a responsibility to make a common interpretation in order to prevent people from being treated unequally. Chapter IV, through the present situation and influence of cases, discusses the risk of running business and how to prevent insider trading, which is to improve the internal system of enterprise by revisiting internal control system and instituting compliance program. Thus focused on the strategy and response of enterprise, from the viewpoint of the five elements of internal control system and laws compliance, the thesis put up the way how to prevent the insider trading In conclusion, seeing that public trade company had been required to apply compliance program, while insider trading kept occurring, this thesis considers that because the promotion of compliance program lacks imperativeness and incentive, it is unlikely that the enterprises would voluntarily include it into their operating consideration. Accordingly, this thesis suggests that government follow the example of the U.S to provide incentive, urging the enterprises to institute an efficient compliance program, which can not only prevent the enterprises from crossing the line of insider trading due to ignorance, but also reach the goal of management, eventually reducing the operating risk of enterprises and improving the stock exchange market.