本論文之研究主題為「證券詐欺與資訊不實損害賠償之研究」,並針對「責任要件及計算方法」為研究中心。本文首先將證券詐欺及資訊不實之損害賠償法制加以介紹,針對在我國關於責任要件之若干爭議加以整理、釐清。本文後半段將著重於證券詐欺及資訊不實損害賠償之計算方法予以探討,藉由比較法上之介紹,如美國在1995年證券民事訟爭改革法之前後法制不同,及我國法制之檢討,試圖提出一適合我國證券市場運作之損害賠償計算方法之修法建議。 本論文之架構共分為六章。 第一章乃對於本文研究之源起、目的與研究方法加以介紹,並界定本論文之研究範圍。 第二章為針對證券詐欺之法制研究,本論文分別對證券詐欺之基本規定、賠償義務人與請求權人、主觀要件、因果關係、責任性質等要件予以介紹,針對學說及實務上之爭議予以探討,並提出個人意見。 第三章則對於證券資訊不實之規定加以探討,本論文分別從我國證券交易法第20條第2項(財務報告、財務業務文件之不實)及第32條第1項(公開說明書之不實)之規定,就其基本規定、賠償義務人與請求權人、主觀要件、因果關係、責任性質等責任要件之相關爭議,加以釐清。 第四章從比較法之觀點,介紹損害賠償計算方法之法制。本文透過美國1995年證券民事訟爭改革法前後之計算方法之思潮演變,了解其法律佈局之優劣,並且援引日本証券取引法近年來之修法發展及中國大陸最高人民法院之規定,俾利提出我國法修法之建議。 第五章則透過觀察我國司法實務分歧之見解,以及我國學者相關意見之整理,本文提出一適合我國國情的損害賠償計算方法。 末章則總結前面各章節,希冀能將我國證券詐欺與資訊不實相關規定作一完整檢視,賦予其功能性再造之解釋,俾對相關規定之實務利用有所助益。
This research primarily focuses on the culpability and measurement of the damages resulted from securities frauds and false information. It firstly analyzes the vagueness of Taiwan’s regulations of the culpability of these claims. Moreover, it analyzes the measurement of these damages with comparative-law method. This study also offers comparison of contemporary regulations and theories about the measurement of damages as well, so as to furnish a tentative proposition for further amendment. The scheme of the research comprises six parts as follows: Part I illustrates the motives, methods, limitations and realm of this paper. Part II focuses on the regulatory scheme of securities frauds. This part emphasizes on the definitions, claimants, compensatory obligors, mental criteria, causations, and the classification of liability of the claims to damages of securities frauds. Part III demonstrates the stipulations of false information including the falsity of prospectus of equity securities, financial statements, and professional documents. Furthermore, this part also lays stress on the aspects mentioned above of the claims to damages of false information. Part IV analyzes several foreign enactments toward the measurement of the damages. Through introductions to the regulations before and after Private Securities Litigations Reform Act of U.S., Japan’s recent amendments of securities exchange law, and the rules issued by Supreme People’s Court of China, this research explores rationale behind so as to offer prospects of future amendment of Taiwan’s regulations. Part V observes contemporary judicial decisions about the measurement of damages in Taiwan and also reviews on academic theories. Furthermore, this part tentatively proposes a feasible regulation of the measurement of damages in Taiwan. Part VI concludes the discussions above with functional interpretations on Taiwan’s regulations. Meanwhile, this part contours prospects of establishing the regulatory scheme of claims to damages of securities frauds and false information in Taiwan.