證券詐欺罪構成要件之詮釋與適用-兼論司法刑事判決

Interpretation and Application of the Elements of Securities Fraud --Including Comments on Relevant Criminal Judgments

高毓謙(Yu-Chien Kao)

指導教授 ： 黃朝義

中原大學/商學院/財經法律研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900029

摘要

證券市場是國家經濟發展的一項前瞻性指標，其活絡與低迷均牽動投資人的情緒。有價證券有別於一般的動產與不動產，其價值乃是抽象並具有浮動性的，投資人須藉由諸多資訊，例如公司前景、獲利、政經趨勢與環境等因素，判斷有價證券的價值，故而誠實傳遞有價證券的資訊，是證券交易奉為圭臬的一項原則，也就是「禁止欺騙」。在美國稱「反詐欺條款」，在台灣則是「證券詐欺罪」。
我國目前對於證券詐欺的研究多在民事請求權上，對證券詐欺刑事責任方面的探討則尚未普遍，這也是因為台灣近十年來始逐漸重視並研究經濟犯罪緣故，且對經濟刑法的立法模式尚處於發展階段，難以跳脫傳統刑法的立法觀念，修法思維上僅有重刑化趨勢。基此，實務對於證券交易法第20條第1項證券詐欺罪的解釋，亦只能援引刑法普通詐欺罪的觀念為之。然而，證券詐欺乃是經濟犯罪行為，性質上與普通詐欺犯行迥異，若一味的比附援引，而不顧證券詐欺罪本質、法益及其法理，似乎難以彰顯出其在證券交易市場中的地位與價值。實務在面對證券詐欺犯行時，該以何種觀念處理？本文擬從美國反詐欺條款、經濟犯罪、刑法原則（法益保護、罪刑法定原則）及刑事判決等四個切入觀點，論述證券詐欺罪要件的解釋與競合適用方向，以期供實務未來處理證券詐欺罪時的參考。

關鍵字

證券詐欺 ； 經濟犯罪 ； 揭露義務 ； 重大性 ； 經濟刑法

並列摘要

The securities market is a prospective index of the economic development of a nation, the prosperity or depression of which would influence investors’ behavior. Securities, which are different from personal property and real estate, hold abstract and flexible values. Investors estimate the value of securities through factors such as corporate prospects, profitability, political and economic trend, and surrounding environment. Therefore, honest dissemination of securities information is the fundamental principle of security trading; in other words, no cheating is allowed. This principle is demonstrated through the antifraud regulations of the U.S. securities law and the securities fraud regulations of the Taiwan Securities Exchange Act.
Most studies on securities frauds in Taiwan focus on civil claims for monetary damages rather than criminal penalties. Discussion regarding criminal penalty of securities fraud in Taiwan is still at a development stage, restrained by the traditional concept of criminal laws, and is heading towards a direction of severe punishments. Only in the last ten years, more attentions have been devoted to researches on economic criminal law. The opinions of the courts regarding securities fraud provided in Clause one of Section 20 of the Securities Exchange Act only implant the concept of ordinary fraud of the criminal law. However, securities fraud is in fact a type of economic crime, which is different from ordinary fraud in nature. It would be difficult to understand the status and value of securities frauds in the securities market if they are only referred to without recognizing their characteristics, legal interests and underlying principles. What should be done by the courts while dealing with securities fraud? This thesis will focus on the interpretation and interrelation of the elements of securities fraud from the following four perspectives: the antifraud provisions of the U.S. securities law, economic crimes, criminal law principles ( protection of legal interests and the principle of statutory penalty) and criminal judgments, in hope to serve as a reference for future judicial treatment of securities frauds.

並列關鍵字

Materiality ； Economic Crime ； Securities Fraud ； Disclosure Obligation ； Economic Criminal Law

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