我國證券交易法內線交易除罪化之研究

The Decriminalization of Insider Trading in Securities Market of Taiwan

林欣笛(HSIN TI　LIN)

指導教授 ： 鄭有為

國立中央大學/管理學院/產業經濟研究所/碩士(2011年)

摘要

我國證券交易法將內線交易以犯罪所得一億元作為區分，若在一億元以下則處三年以上，十年以下有期徒刑，若在一億元以上則處七年以上有期徒刑，如此重之刑度引發筆者思考將內線交易入罪之合理性與正當性。
而觀諸我國歷年來對內線交易之修法之立法理由，立法者對內線交易入罪之理由有三：一、參酌外國之立法例。二、為了維持證券市場之公平性。三、為了嚇阻內線交易，本文將一一論述探究上述理由。
而在具體個案之適用上，內線交易中有許多問題法律見解認定仍然分歧。另，筆者希望以法律經濟分析之角度去探討內線交易，期待能夠在此一議題上有更廣闊宏觀之思考，且從刑法之原理原則出發，內線交易能夠通過刑法之謙抑思想、法益保護、罪刑法定原則、比例原則、期待可能性之檢驗，似乎有待商榷。我國對於內線交易之刑度在歷年來之修法不斷提高，筆者希冀以此文重新思索對內線交易入罪的合理性與正當性，經過本文之一一論證之後，提出我國證券交易法內線交易應除罪化之修法建議。

關鍵字

內線交易 ； 內線交易除罪化

並列摘要

According to Taiwan’s Securities and Exchange Act, the sentence of insider trading is three to ten years in prison if the illegal profit was less than one hundred million NT dollars. And at least seven years sentence if the illegal profit was more than one hundred million NT dollars. The sentence of insider trading in Taiwan is so severe that it should be reexamined its rationality and justification.
To criminalize insider trading, the legislators concluded several reasons as follow: 1. Refer to foreign legislation. 2. Maintain the fair trading of securities market. 3. Deter insider trading. This article analyzed those reasons above and pointed out the varying views in some legal issue.
Checking the existed cases of insider trading in Taiwan, there are different opinions on many law issues. It is still pending whether the sentence of insider trading is matched up with the principles of Criminal Law, which is modest consideration, profit protection, statutory principle, proportional principle and possibilities expectation. The sentence of insider trading was revised more and more severe in the past. This article analyzed insider trading in economic aspect to bring more extensive eyesight, reconsidered the rationality and justification to the criminalization of insider trading, and finally summitted some advices to decriminalization of insider trading in securities market of Taiwan.

並列關鍵字

insider trading ； decriminalization of insider trading.

參考文獻

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