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  • 學位論文

證券交易法第一五五條第一項第四款之研究

A Study of Paragraph 1, Subparagraph 4 of Article 155 of Securities and Exchange Act

指導教授 : 賴英照

摘要


證券市場與國家經濟發展是密不可分的,當企業發展到一定之程度時,必定會有資金之需求,若企業直接以借貸的方式募集資金,其獲得資金額度將非常有限;但若企業藉由上市制度,在資本市場上發行有價證券,則可獲取所需之資金。換言之,在資本市場上,企業可藉由「上市」發行有價證券以增加公司之資本。當企業獲取充分之資金能投資企業後,即能擴增廠房、投注研發,聘請更多員工,國家經濟亦能隨之開展,全民也因而受益。且當企業有產生利潤時,亦會分配利潤給投資者,使投資者能受惠。所以證券市場即是一個提供政府或公司公開發行有價證券,以及已發行有價證券流通之市場。 有價證券與其他商品不同,商品本身不具價值,其價值係表現在證券發行公司整體之資產狀況,而此資產狀況往往不是一般投資大眾所能完全掌握,亦即證券交易係處在資訊不對稱之環境下進行,易產生逆選擇、道德危險與檸檬問題。故為確保證券交易之公平、公正,以保護投資大眾,防範證券市場中之詐騙行為,係一直以來各國的課題。 操縱證券市場行為,會使證券的供需與價格的變動產生假象,破壞市場原有之秩序,使投資人遭受假象之欺騙進場投資,而遭受損害,對市場之信心下降,更甚會扭曲金融及賦稅制度之功能。故證券交易法上有關反操縱條款之規定,為證券管理的重要課題之一。而操縱證券市場行為中又以連續交易之方式炒作股價,係實務上為最常見之操縱市場手段,我國於證券交易法第155條第一項第四款規範之。惟由於法規上有文字規定不甚明確,導致學界與實務界對此規定見解分歧,產生了漏洞,使犯罪之投資報酬率增高,故本文為釐清法律條文中不明確文字之解釋,以各界學說佐各國解釋,再以最高法院之判決觀察,以此發現多數同意之解釋方法。 再者,關於證券交易法第155條第一項第四款,學術上已有許多相關之論文與期刊文章有探討本款構成要件之不明確法律概念,而於本文中以學說見解為主,輔佐各國之立法例,加以彙整,並因本款與刑法之詐欺罪相似,因兩者均係以欺騙而獲取財產,故將本款之意圖與刑法中之意圖相較,增加釐清之方向;實務上亦對於本款有諸多見解,本文以最高法院之判決為主,嘗試整理本款構成要件之判斷方法。 最後,證券交易法於民國104年7月修法後,證券交易法第155條第一項第四款增加了「有影響市場價格或市場秩序之虞」之字句,本文中亦加以探討此構成要件。

關鍵字

操縱市場 連續交易

並列摘要


Security market is inseparable from national economy, because security market is the place for government and enterprises to issue security. When development of enterprises up to a certain extent, they will face to the funding problem. If enterprises use debit and credit to solve their underfunded problem, they will find that no enough funds can be gathered. But if they use the system for initial public offering(IPO) and listing on stock markets, they can gather enough funds by trading of securities. In other words, Economy can use the system for IPO and listing to increase their funds. When enterprises have enough funds, they can do plant expansion, put funds into research and development, hire more employee, and also promote national economic development and provide benefit to whole people. When enterprises have profit, they will distribute among the investor. Security is different from other tangible goods. Security can't evaluate its value by itself. Security's value is decided by enterprises asset's value which most people can't understand. In other words, security market is in the information asymmetry environment which causes the Moral Hazard, adverse selection, and the Problem of "Lemon Market". Therefore, in order to ensure the fairness of securities transactions and protect the public investment. Preventing the securities market in the fraud is the issue that the country has been noted. Manipulation of the securities market will make the securities change in "supply and demand" and price. This behavior produce illusion that undermine the original order of the market. Then investors will be deceived by a situation of the illusion, and be suffered damage of property, that investor will reduce the confidence in the market. Even more distorted financial and the tax system. Therefore, the provisions of Securities and Exchange Act on securities market manipulation is one of the important issues for securities management. Thus securities market manipulation of Continuous trading is the more common means in the actual situation. Securities market manipulation of Continuous trading is regulated at Paragraph 1, Subparagraph 4 of Article 155 of the Securities and Exchange Act. But the words of the act are not clear, and then causes some problems. So this study can clarify this problem. This study sorts out related academic papers and foreign legislation to clarify the direction of the explanation to the Paragraph 1, Subparagraph 4 of Article 155 of the Securities and Exchange Act. And also sort out Supreme Court judgment to understand which fact is considered by judge. Paragraph 1, Subparagraph 4 of Article 155 of the Securities and Exchange Act is amended in July 2015. The phrase "there is an impact on the market price or the order of the market order" has been added, and this requirement has also been explored in this study.

參考文獻


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