企業併購內線交易法規範之研究

A Study of Insider Trading in the Domain of Mergers and Acquisitions

吳韶芹(Shao-Chin Wu)

指導教授 ： 劉連煜

國立臺北大學/法律學院/法律學系/碩士(2010年)

摘要

企業併購為重大營運決策事項，對參與併購之公司具有重大影響，併購消息經報導後，參與併購公司之股價往往應聲上漲。而併購磋商、談判過程中，除公司內部人外，其他參與併購之律師、會計師或投資銀行等專業顧問，亦有知悉併購消息之可能，其中不乏趁機為內線交易者。按企業併購本對於企業之轉型、組織再造具有正面效益，惟若於企業併購過程伴隨著內線交易，反而會破壞投資人對市場之信賴，影響市場交易秩序，實有加強規範之必要。現行禁止內線交易之法規範，能否有效防制企業併購過程中所衍生之內線交易，涉及內線交易責任構成要件之解釋及認定問題，如內部人之範圍應如何界定、併購消息是否為重大影響股價之消息或併購之重大消息何時成立等問題，均有詳加討論之必要。
本文研究方法採取文獻整合法輔以比較分析法，將收集之書籍、期刊、學位論文等，統合分析後提出本文研究心得，並參考美國法禁止內線交易之基礎理論、相關規範及司法實務案例，俾提供我國法內線交易構成要件認定之參考。
本文研究架構概述如下：第一章說明研究動機、研究範圍與方法及論文架構。第二章則為企業併購之研究。本章先就各種併購類型之意義、態樣、法定程序及法律效果為何進行探討。其次，會論及企業併購之參與者包括何人，主要係針對併購公司及目標公司之董事、經理人等內部人員。除此之外，尚包括其他參與併購之專業顧問，如財務顧問、會計師、律師及經營顧問等人。最後，則就企業併購之商業流程，包括併購評估、談判及協商等過程加以介紹。希冀能以本章所討論之議題，作為企業併購內線交易案例中，關於內線交易行為主體之範圍、併購消息是否具有重大性、併購消息是否明確等相關構成要件認定問題之參考依據。
第三章則就美國立法例禁止內線交易理論之發展及規範架構加以介紹。美國司法實務見解由最初之「公開消息，否則戒絕交易」理論，進而演變為「信賴關係理論」、「消息傳遞責任理論」及「私取理論」，就內線交易行為主體之範圍或為限縮或擴張，迄今已帶有健全市場理論之色彩。由於我國禁止內線交易法規範主要繼受於美國法，於我國法構成要件之解釋與適用上，可爰引美國司法實務見解作為我國法之參考與借鏡。
第四章先介紹我國法禁止內線交易之理論基礎及立法沿革，次就內線交易責任之構成要件，包括內線交易行為主體、行為客體、重大消息之認定、內線消息是否明確、重大消息之公開、內線交易行為人實際知悉內線消息等，逐一加以討論。並以企業併購內線交易之實際個案為例，探討此種類型之內線交易行為，於構成要件之解釋與適用上有無其特殊性，並嘗試歸納出較具體之認定方法。
第五章係針對企業併購內線交易案例中，內線交易構成要件之解釋與認定問題，進一步提出本文結論與具體建議。

關鍵字

內線交易 ； 企業併購 ； 重大消息

並列摘要

Mergers and Acquisitions (hereinafter “M&A”) are company’s significant decisions, and will influence the company’s management policy. The stock price of the M&A companies’ may arise when the information is disclosed to the public. During the M&A negotiation process, the participants, including the insiders and other organization’s specialist consultants, such as lawyers, accountants or bank investors, may also receive information regarding the trading tendency and insider trading may then occur. The M&As may be beneficial to the company’s restructuring and reengineering, however, it may destroy the integrity of the market place when insider trading occurred during M&A proceedings. Therefore, there’s a necessity to strengthen the regulation of insider trading. Whether the current regulation can prevent insider trading or not, depends on the definition and interpretation of the elements of insider trading responsibility, such as the scope of insider, if M&A transaction can been seen as material information, and when such information being regarded as materiality. There is a necessity to discuss about those issues.
The method of this thesis is to integrate and analyze relevant books, journals and essays, and the development of theories, regulation and cases of insider trading in America. I hope the result of this thesis can provide suggestions for the definition of the elements of insider trading regulation in Taiwan.
The structure of this thesis is as followed. Chapter Ⅰillustrates the motivations, methods and realm of this thesis.
Chapter Ⅱ is the study of M&A. This chapter discusses the definition, type, legal process and legal effect of M&A. It also introduces M&A participators, such as the directors or managers of the M&A company. Besides, also include the financial consultants, accountants and attorneys. Finally, it introduces the commercial process of M&A, including evaluation, negotiation and coordination procedures. Hopefully the topic mentioned in this Chapter, can provide the reference case judgment practices to identify the elements of insider trading.
Chapter Ⅲ introduces the development of theories and its framework of insider trading prohibition regulation in America. At first, the US federal Supreme Court adopted the “disclose or abstain theory”, then adopted the “fiduciary relationship theory”, “misappropriation theory” and ”tipper and tippee liability theory”. Eventually those theories expand or narrow the scope of insiders, and also adopted some point of view of the “market theory”. Most of Taiwan’s insiders trading prohibition regulations were derived from Americas’, in such case, the interpretation and adoption on the elements identified are similar to American lawful practices.
Chapter Ⅳ introduces the theory and legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan, and discusses the elements of the Article 157－1, including insiders, securities, materiality, precision of material nonpublic information, disclosure, and knowingly possessing material nonpublic information. Finally, I study and comment on certain practical cases of similar category insider trading, and to find any special or exception on elements’ interpretation and adoption, and try to classify the practical identified means during M&A.
Chapter Ⅴ concludes with the further discussion on elements’ interpretation and identification in the cases which previously mentioned in the foregoing Chapters of this thesis, and the conclusion and suggestions are provided in this Chapter.

並列關鍵字

Insider Trading ； Mergers and Acquisitions ； Materialty

參考文獻

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