| 摘要註: |
我國制定證券交易法之目的係為「發展國民經濟」及「保障投資」。證券市場的最重要的功能之一，在於形成公平價格。自由市場中，有價證券的交易，係由買賣雙方基於對證券價值的體認，形成一定的供需關係，並據以決定交易價格。操縱市場行情的行為，將扭曲市場的價格機能，因此必須加以禁止，以避免由於人為的操縱，創造虛偽的交易狀況與價格假象，引誘投資大眾買賣而受到損害，擾亂金融秩序，進而影響國家經濟之發展。我國證券交易法第155條，即是針對此種操縱市場行情行為所設計之禁止規範，一般稱之為「反操縱條款」。就台灣股市實際運作情形而言，操縱股價一直是金融犯罪重要的一環，近年來，台灣股市發生多起重大操縱股價案件，引起社會矚目，以行政院金融監督管理委員會證券期貨局統計資料顯示，民國88年至97年間經各地檢署偵查起訴，並經各級法院審判之重大證券犯罪案件，即有78案之多，因案件內容複雜，其間各案件經各級承審法院審理進度不一，往往延宕時日，對社會金融秩序之改善是否有所助益，常遭受各界評論，其原因為何，是否係現行法規內容有缺陷，致對涉嫌違法行為之認定不易，以致法院無法做出準確之判決，或有其他因素，亟待加以探索。證券交易法第155條於立法當初乃參酌美、日證券交易法中相關規定而來，而自民國57年立法頒布施行以來，立法機關參考學說及實務判決之見解，對本條文內容前後進行3次之修正，然而，其效果似仍不理想。本文將就第155條第1項各款規定，參酌3次修法前後，就學說及實務見解逐款分章進行分析比較，並參考美國、日本及歐盟立法例，以瞭解法規內容是否仍存有缺陷以及實務運作是否仍有其困難，並謀求解決之道。 The goal of formulation of Securities and Exchange Act of Taiwan, R.O.C. is “develops the national economy” and “the safeguard investment”. One of the most important functions of Securities Exchange Market, lies in forms the moderate price. In the open market, the negotiable securities transaction, is based on the negotiable securities value realizing, forms certain supply and demand relations, and to decide the transaction price. Manipulating the market quotation, will twist the market function, therefore we have to perform to forbid it, and will avoid as a result of the artificial operation, avoid creating the false transaction and the incorrect price , and misleading appearance of active trading in any security , the harassment finance order, then influence the development of the nation economy. Our country negotiable Securities and Exchange Act, Article 155, is the standard operating to prohibit the market quotation behavior designed in view of this kind, calls it generally “Anti-manipulation provision”.Speaking of the Taiwan stock market actual operating situation, the artificial stock price always is a financial crime important link. In recent years, the Taiwan stock market occurred are many the significant manipulative stock price cases, caused the society to focus attention on. Demonstrated by the Securities & Futures Bureau of Financial Supervisory Commission, Executive Yuan, the detection prosecution from 1999 to 2008 , and after all levels of court trial significant negotiable securities crime cases, namely had 78 cases. Because the case content is complex, during various cases after all levels of receive examining the court, often delay the date and time, to the influence of society and finance condition, does not have any significances, and often suffers the commentary from people, its reason why, whether is the present laws and regulations content has the flaw, or the suspect of the illegal activity to recognize is not easily, or so that the court is unable to make the accurate decision, or has other factors, urgently awaits to explore.Negotiable the Article 155, Securities and Exchange Act of Taiwan, has legislated since 1968, the legislator refers to the theory and the practice decision, carries on 3 amendments to this article content around to revise, however, its effect resembles is not still ideal. This study on the Article 155, provisionⅠ, each section stipulation, will deliberate the 3 times amendments around the law, paragraph by paragraph, each chapter will carry on the analysis comparison, and will refer to US, Japan and European Union sets up the legal regulation, and the cases, the reasons of the court decision, to understand whether the laws and regulations content still do have the flaw as well as the implementation whether still have its difficulty, and search the solution. |