證券市場係現代金融體系的重要組成部分,證券市場將有形資產轉變成金融資產,也就是所謂的證劵,通過證券的買賣活動引導資金流動,促進資源配置的優化,推動經濟增長,提高經濟效率。證券市場之公平安全,除攸關證券市場投資者之財產權不受非法侵害,更係國家、甚至國際間金融穩定之重要基礎。故各國均立法禁止投資者以不法手段操縱證券市場。我國證券交易法第155條第1項即規定5種例示、1種概括規定,禁止不法操縱市場;違反者,於第171條定有刑罰之規定。第155條第1項第4款,即禁止所謂「連續交易」之規定。 連續交易,係我國實務上操縱市場最常見之行為態樣,實務及學說均對於本罪有諸多討論,惟對於本罪構成要件之解釋,有所爭議。以法院實務觀察,過往判決見解有一定之拘束力。本文嘗試整理歷來重要之判決,以實務見解為主,學說論述為輔,探討本罪之構成要件,及行為人之行為是否該當各構成要件要素之判斷標準。
In nowadays, security market is an important composition in the financial system.Security market transfers the real asset into financial asset which is called security. And Investor’s sale and purchase transactions of securities increase the capital liquidity,in order to optimize the allocationof resourcesand economic efficiency. In addition toprotect investors from violation of property,the equity and safety of security market areimportant foundationsofnationwide and global financial stability. Therefore, every country has legislated against illegal “manipulation”. In Taiwan, Securities and Exchange Act, Article 155, Provision 1 contains 5 instances and 1 summary provision in order to prohibit illegal manipulation. Article 171 indicates the punishment for a person who has committed the offenses. Article 155, Provision 1, Sub-paragraph 4 indicates that“series transaction” is prohibited “Pump and Dump” is the most common type of manipulation in Taiwan. There are many studies in view of practice and doctrine,but the definition of the determination of offense is usually a controversial issue between 2 sides.The observation on the practice of court shows that most of previous judgments consist some certain restrictions. This report is going to discuss the determination of the offenses, and whether the investor’s conducts are considered as the criteria which is used to judge the offense. This report is based on the previous significant judgments, and focused on the view of practicalaspect, supported by the doctrine studies.