- 學位論文
衍生性證券與短線交易規範之研究
The Regulation of Derivatives under the Short-Swing Rules
摘要
短線交易利益歸入制度的設計精神，係為利用一種機械性的執法方式，將董事、監察人、經理人及大股東等內部人於六個月內買進再賣出、賣出再買進的所有反覆交易行為，不論原因，皆依法配對計算應歸入之利益並歸入公司，期待此能發揮嚇阻作用，避免上述之公司內部人等利用內線消息從事不正當交易，以維持市場交易秩序與投資人信心。 大部分國家在採行此制度時，市場上的股權證券種類不多，因此多僅止針對股票商品設計，如美國1934年證券交易法及我國證券交易法皆是，而在金融市場迅速發展後，各式股權證券如權證、選擇權等衍生性證券如雨後春筍般問市，既有的短線交易利益歸入制度已不足以應付日趨複雜的金融商品交易市場，立法單位漸漸增修相關規範，將衍生性證券亦列為短線交易利益歸入制度的規範客體。 但衍生性證券的性質、契約內容及交易方式千變萬化，現行短線交易利益歸入制度的規範內容、短線交易利益的計算方式等，在目前多變的金融環境中是否真足以發揮其功用，達到事前嚇阻、事後懲罰的目的；現行制度尚有可能遭遇那些適用的難題，都是本文所欲探討的方向。 研究發現，在短線交易利益的計算方式中，現行大量採行的最高賣價減最低買價法未必是能夠課以內部人最大責任的計算方式，但與其他方式相較仍不失為容易計算與了解的計算方式。而新種衍生性證券的出現，從契約內容到交易方式都與傳統商品相異，現行制度設計在面對這些新種類的衍生性證券時的確有可能出現漏洞或適用爭議，或許仍有改善空間，才能發揮短線交易利益歸入制度應有的嚇阻作用。
並列摘要
The purpose of article 157 of the Securities Exchange Law was to prevent the unfair use of inside information by any director, supervisor, managerial officer, or shareholder holding more than ten percent of the shares of the company. These insiders must disgorge to the corporation the profits made from any purchase and sale, or sale and purchase, of equity securities(stock, option, and other derivatives) issued by the company in a six-month period, no matter these insiders were wilful or faultful to do so. Most courts were adapt the “lowest-in, highest-out” algorithm to calculate the recoverable profits. It is a general method for calculating short-swing profits from 1943, but some argues that the algorithm cannot be well used in today’s complex financial transact environment. As we know, stocks were not the only invest instrument today, there were also other financial instruments like options, warrants, futures and so on, be traded in the market, these derivatives were more complex in product structure and transaction than stocks, so the old method to calculate short-swing profits might be not the accurately calculating method. Besides, more and more derivatives were shown in a different way with traditional stock and its derivative products. These totally new kind of derivatives might be have a uncertain exercise price, might be not easy to know wether it is put or call side or not, with these characters, existing short-swing profiting rules could not functionally operate in deal with these new kind of derivative transactions. This article will illustrate how the existing short-swing rules operating first, then present a more accurate way for short-swing profit calculation to recover the maximum possible profit. Finally, this article will conclude and summarize the findings about how to strengthen existing short-swing rules to make the rules the more efficient and powerful rules to prevent the unfair use of inside informations by insider.