兩岸證券交易所之地位與監理行為之比較－以臺灣證券交易所與上海證券交易所為例

The Comparison of Cross-Strait Stock Exchange on Their Status and Supervisory Function- A Case Study of Taiwan Stock Exchange and Shanghai Stock Exchange

黃華駿(Hua-Chun Huang)

指導教授 ： 黃銘傑

國立臺灣大學/法律學院/法律學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.01136

摘要

證券交易所之功能除作為有價證券集中交易市場之平台外，亦負有監理證券市場之功能。國際上之證券交易所原先大多為會員制之組織，近年來因欲上市及整併，大多改制為公司制，而會員制與公司制之證券交易所之監理功能及依據有所不同。臺灣證券交易所採行公司制，為股份有限公司組織，上海證券交易所採行會員制，理論上係由其所屬之會員共同組成，由會員共同享有決策權。兩岸經濟交流日趨頻繁，證券交易所之監理及交易之功能與制度完備與否對於證券市場，甚至全國之經濟發展均有重大影響，故有討論其監理制度建構及實務運作之價值。
臺灣證券交易所之監理權限，依目前主管機關及法院多數見解均認為係依據其與證券商簽訂之「臺灣證券交易所股份有限公司供給使用有價證券集中交易市場契約」，證券交易所依上述契約對證券商及上市公司享有監理權限，其範圍包括財務、業務調查權、懲罰權等。惟該等監理權限性質究竟為何？是否為私法契約行為，或係臺灣證券交易所基於受託行使公權力之私法人所為之公權力行為，實有探討之必要。亦對於臺灣證券交易所頒佈之命令性質為何？是否應受司法審查，亦應予討論。
上海證券交易所雖為會員制，理論上應為自律組織，由證券商組成之會員大會作為證券交易所之最高決策單位，惟實務上中國證監會對於上海證券交易所之組織管理、人事任命權享有實質控制權，甚至對公司上市實質上享有審核權，已淪為證監會之附庸組織或執行機構。中國證券市場實質享有監理及管理權限之組織為中國證監會，其所享有之監理、管理權限對中國證券市場之影響及發展為何？值得討論。
本文認為，臺灣證券交易所之監理行為本質上應為受託行使公權力之公法行為，不應以使用市場契約及上市契約等私法契約規避公權力行使之規範及界限，應由法律明文授權為之，證券交易法應對此加以修正，且司法應得對臺灣證券交易所所發佈之各式命令為審查。而上海證券交易所淪為中國證監會之附庸組織，對於中國證券市場之自由化及未來發展均有所不利，應逐步釋權及放寬證券交易所之自律管理性質，始對中國經濟之發展有所助益。
文末並討論上海證券交易所發行中國存託憑證（Chinese Depository Receipt，CDR）之可能性、滬港通對兩岸證券市場之影響、全球證券交易所之發展趨勢，兩岸之證券交易所、期貨交易所及有價證券存託中心仍個別獨立，未來有無整併之可能及可能遭遇之問題為探討。
關鍵詞：證券監理、證券交易所、使用市場契約、證券交易所營業細則、中國證監會、財務業務檢查權、滬港通。

關鍵字

證券監理 ； 證券交易所 ； 使用市場契約 ； 證券交易所營業細則 ； 中國證監會 ； 財務業務檢查權 ； 滬港通

並列摘要

The function of stock exchange includes providing centralized securities trading platform and supervision the securities markets. Most of the international stock exchange’s organization was the membership structure. However, in order to public listing and merger, the stock exchange restructure into corporate structure in recent years.
Because of different structures between membership structure and corporation structure, the function and supervision basis are different. The Taiwan Stock Exchange Corporation(thereinafter TWSE) adopt corporate structure, which is a limited liability corporation. By contrast, The Shanghai Exchange Corporation(thereinafter SSE)adopt membership structure. In theory it’s constructed by their members, and the members have the policy decision power.
Due to the Cross-strait economic interflow become more and more frequently, the function of the stock exchange corporation and supervision system will affect the economy. So the issues about the construction of the supervisory system and the practice will be discussed.
According to the majority opinions of the courts, TWSE’s exercise of supervision power over securities firms is based on a contract signed by individual securities firm with the stock exchange for the use of the centralized securities exchange market. Moreover, the TWSE’s supervision power includes the power of investigating business affairs, financial affairs investigate power, punishment power… etc power. What is the character of these kinds of powers?
It’s a private contract right, or an entity commissioned to exercise public authority? And the regulations and acts which are issue by the TWSE. Whether it should be scrutiny by the judicial power?
In theory, the structure of SSE is the membership structure, it should be a self-regulation unit, and the general meeting should be the highest power unit. However, in practice, the China Securities Regulatory Commission(hereinafter CSRC) has the substantial control power, including the human affairs power, initial public offer listing power, so the SSE is subordinated to CSRC. The CSRC has the substantial power for the China securities market. Therefore, how these powers will affect the China securities market and the development? It’s worthy to discuss.
The conclusion of this thesis will be as follows. First, the essence of the supervisory function of the TWSE should be identified as an entity commissioned to exercise public authority. Besides, it should be authorized by concrete and solid legal text, not just bestowed by contract. Hence, Securities and the Exchange Act should be revised to adopt a form of authorizing. In addition, the regulations and acts which is issued by TWSE should be supervised by the judicial system.
Second, SSE should not be subordinated to CSRC. Meanwhile, in order to boost the securities market development. CSRC should be liberate the power to SSE.
The end of the thesis discuss about the possibility of SSE issue Chinese Depository Receipt (thereinafter CDR)’s, and the impact on cross-strait’s securities market by the Shanghai-Hong Kong Stock Connect. Furthermore, the issues about the development trend of global stock exchanges and the possibility of the Cross-Strait stock exchange merger also be elaborated in the end.

並列關鍵字

Security supervision ； Stock Exchange Corporation ； Financial affairs investigate power ； China Securities Regulatory Commission ； Shanghai-Hong Kong Stock Connect

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