財務報告與公開說明書不實損害賠償計算方法之研究

Measuring Damages for Misrepresentation in Financial Statements and Prospectus

賴佳宜(Lai Chia-Yi)

指導教授 ： 朱德芳

國立政治大學/法學院/法律學系/碩士(2022年)

https://doi.org/10.6814/NCCU202200420

摘要

上市上櫃公司之財報不實與公開說明書不實案件於我國司法實務屢見不鮮，對於投資人影響甚鉅，且經常衍生鉅額民事求償。惟我國證券交易法並未規定財報不實與公開說明書不實之損害賠償計算方式，導致財報不實與公開說明書不實損害賠償計算方法之擇定，成為司法訴訟爭議之所在。
本文從證券市場之功能與目的出發，探討資訊在發行市場與交易市場之重要性，進而建構財報不實與公開說明書不實民事責任與損害賠償計算之理論基礎。本文整理我國司法實務於財報不實與公開說明書不實案件各審級法院所採取之損害計算方式，梳理實務就下列議題之看法，包含：財報不實與公開說明書不實案件應適用毛損益法或淨損差額法計算損害、毛損益法與淨損差額法應如何操作、投資人求償金額是否應扣除其投資人賣出證券所獲利益或配股配息、投資人於不實資訊更正／揭露後未出脫持股是否與有過失，並以美國1934年證券交易法第10條(b)項與1933年證券法第11條、第12條(a)(2)項之相關實務與學說討論為比較研究之對象，最後提出本文之分析與建議。

關鍵字

資訊不實 ； 財報不實 ； 公開說明書不實 ； 損害賠償計算 ； 毛損益法 ； 淨損差額法 ； 損益相抵 ； 過失相抵 ； 公開原則

並列摘要

The occurance of misrepresentation in financial statements and prospectus in listed company comes into views from time to time, and constantly causes great economic losses to security market investors. However, the Security and Exchange Act of R.O.C had yet promulgated the method of measuring damages for misrepresentation in financial statements and prospectus, which consequently brings considerable disputes in civil litigation proceedings.
This dissertation begins by describing the functions and objectives of security market, goes on to identify the importance of information in primary market and secondary market, and therefore constructs the theoretical basis of civil liability for misstatement in financial statements and prospectus. Further, this dissertation examines the damage calculation method that each court instances elects, and goes on to highlight the issues regarding what method shall be apply for damage calculation in financial statements and prospectus misrepresentation cases, the way that recsissory method and out-of-pocket method work, whether netting approach shall be applied for damage calculation, and whether the amount of losses shall be offset due to investor’s contributory negligence. The relevant practices and doctrines of section 10(b) of the Securities Exchange Act of 1934 and sections 11 and 12(a)(2) of the Securities Act of 1933 are also discussed in this dissertation. This dissertation concludes by providing analyses and suggestions in relation to the issues mentioned above.

並列關鍵字

Financial statements misrepresentation ； Prospectus misrepresentation ； Damage calculation ； Rescissory method ； Out-of-pocket method ； Offset ； Contributory negligence ； Full disclosure

參考文獻

參考文獻

壹、 中文文獻

一、 書籍

1. 王志誠、邵慶平、洪秀芬、陳俊仁，實用證券交易法，4版，2015年10月。

2. 王澤鑑，侵權行為法，增訂新版，2015年6月。