上市櫃公司舞弊案件法律責任之研究

Research on Legal Accountability for Fraudulent Practices by a Public Company

林宜君(Yi-Chun Lin)

指導教授 ： 郭瑞祥

共同指導教授 ： 廖咸興

國立臺灣大學/管理學院/商學組/碩士(2010年)

https://doi.org/10.6342/NTU.2010.01382

摘要

我國多家上市櫃公司相繼爆發企業財務危機之市場失序現象，如博達、訊碟等，嗣後更發生力霸與嘉食化負責人掏空公司資產之重大舞弊案件，其中舞弊情節多涉及集團內部虛偽循環交易、刻意假造財務報表數字製作不實財務資訊、挪用公司資產、內線交易、負責人侵占公司資產等情事，將其本身所造成的虧損轉嫁予公司及投資人負擔，不僅終至面臨公司重整或破產之窘境，更使許多因誤信上市櫃舞弊公司所釋出之不實財務狀況的市場投資人血本無歸，重創投資人對國內投資環境的信心，嚴重衝擊國內股票市場。如何有效提升舞弊情節預警的準確性，並在維護市場自由及防制不肖企業進行舞弊之間取得平衡點，以達到預防及遏止上市櫃公司舞弊情節的再生，為本研究之核心問題。
本研究藉由國內外學者見解及相關論文進行分析與探討，歸納出上市櫃公司舞弊情節之預警，並以個案分析的研究方法探討上市櫃公司舞弊情節爆發後，公司內部董監事、經理人等相關涉案人所受之刑事責任追訴等事後監控。
本研究結果發現，上市櫃公司之舞弊手法雖一再推陳出新，態樣多變，但幾近仍可在舞弊案件爆發前，自公開資訊觀測站中所揭露之公司財務面及非財務面訊息觀察出端倪。上市櫃公司舞弊案件之事後制裁多以證券交易法之特別法規加以規範，藉由刑事責任的追訴嚇阻上市櫃公司之負責人、經理人等進行舞弊行為，維護整體證券市場的健全發展。為能達到預防及遏止上市櫃公司舞弊情節的再生，本研究建議行政機關應建立完整之舞弊情節預警資料庫，加強針對上市櫃公司揭露資訊正確性之行政監督，預警資料庫與法條條文內容應相互對照，使司法機關對於不確定法律概念之適用能夠更符合個案的狀況，並保持運用上之彈性，以免於適用上出現過度僵化或有掛一漏萬之憾。

關鍵字

上市櫃公司 ； 舞弊 ； 預警 ； 力霸 ； 博達 ； 訊碟

並列摘要

There have been quite a few incidents of financial crisis happening to public companies such as China Rebar CO., LTD, Chia Hsin Food and Synthetic Fiber Co.,Ltd., Procomp Informatics Ltd., Infodisc Technology Co.,Ltd causing chaos and instability to the stock market in Taiwan. The crisis is, in fact, originated from a series of malpractices including fraud in transaction cycle, fabricate of financial reports, insider trade of stock shares, and embezzlement of company assets and properties. Such a substantial financial loss will translate into company's liability as well as individual investors' loss. As a result, the company will face difficulty in restructure and bankruptcy, thus hurting people's faith in domestic investing environment with an adverse impact on Taiwan Stock Exchange market. It is desirable to detect and prevent this kind of corporate issues from occurring. The objective of this thesis research is to develop an effective pre-fraud warning mechanism while maintaining a balance between the suppression of malpractices and free market trade.
This research will focus on the investigation and analysis of corporate malpractices and underlined stereotypes with support from relevant points of view and publications by domestic and international scholars. Through in-depth case by case study of the above-mentioned public companies, this research will develop a list of common symptoms against their disclosed information. A subsequent monitoring of the crime committed by those companies will be used as a check and balance. Finally, this research will accomplish with a presentation of pre-fraud warning mechanism.
The important findings from this research are summarized as follows. 1. Although there appear to be a variety of malpractices, one can trace the symptoms from their disclosed information (both financial and non-financial aspects) on the publicly issued website before the fraud becomes out of control. 2. The punishments of those company committed fraud are governed by the special laws within securities trade regulatory. The lawsuit will certainly deter the company management from commit to such a crime. 3. This research suggests that government shall establish a thorough database for pre-fraud warning, intensively monitor the accuracy of disclosed information by public companies, and develop a lookup table of pre-fraud warning criteria against regulatory laws. The purpose is to ensure the flexibility upon execution of the law and to prevent misjudgments from happening.

並列關鍵字

Corporate Governance ； Fraudulent Practices ； China Rebar CO., LTD ； Chia Hsin Food and Synthetic Fiber Co.,Ltd. ； Procomp Informatics Ltd. ； Infodisc Technology Co.,Ltd

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