證券詐欺與資訊不實之民事責任

近年來我國證券市場發生許多詐欺之金融不法案件，導致公司面臨破產重整之窘境，亦造成信賴公司或其不實財務報告之投資人受有損害，投資人多欲透過證券交易法向公司或公司負責人請求賠償。證券詐欺之民事責任，規範於證券交易法第20條第1項，係我國法針對證券詐欺之一般性規定，同條第3項則為其違反之民事責任；證券交易法第20條第2項為資訊不實之規定，法律效果規範於20條之1。雖證券詐欺行為於證券交易法中有所明文，但其民事責任構成要件尚仍有許多問題須待釐清，如主觀要件、賠償與請求主體、因果關係等，致實務執行上出現許多困難，嚴重危害證券市場之運作與公平性，故本文將針對交易市場中證券交易法第20條第1項與第20條之1證券詐欺與資訊不實之民事責任為核心，探討其構成要件之問題。

關鍵字

證券詐欺；資訊不實；民事責任；主觀要件；責任主體；比例責任制；交易因果關係；損失因果關係；毛損益法；淨損差額法

並列摘要

In recent years, many fraudulent financial fraud cases have occurred in ROC's securities market. The company faces the dilemma of bankruptcy reorganization, it also caused investors to suffer damage to the company or false financial reports, investors are more likely to request compensation from the company or the company's principal through the Securities and Exchange Act. The civil liability of securities fraud is regulated in Article 20 paragraph 1 of the Securities and Exchange Act, which is the general rule of ROC 's law against securities fraud, and paragraph 3 of the same article is its civil liability for violation; Article 20 paragraph 2 of the Securities and Exchange Act, For the disclosure of financial statement fraud, the legal effect is regulated in Article 20-1. Although securities fraud is clearly stated in the Securities and Exchange Act, there are still many problems to be clarified in the constitutional elements of civil liability, such as the subjective elements, compensation and responsibility subjects, causal relation, etc., which leads to many difficulties in the implementation of the practice, which seriously jeopardizes the operation and fairness of the securities market, so the thesis will target the trading market. Article 20 paragraph 1 and Article 20-1 of the Securities and Exchange Act, the core of securities fraud and financial statement fraud, is to discuss the elements of its elements.

並列關鍵字

Securities Fraud ； Financial Statement Fraud ； Civil Liability ； Subjective Elements ； Responsibility Subjects ； Proportionate Liability ； Transaction Causation ； Loss Causation ； Gross Income Loss ； Out of Pocket Method