論證劵市場操縱行為之法律防制

證券交易市場之本質即為自由市場經濟，健全的證券交易市場必須免於人為操縱市場的威脅；也必須免除不公之內線交易之威脅。操縱市場（market manipulation）是指以獲取利益或減少損失為目的，利用資金、市場訊息等優勢或濫用職權，影響證券市場價格，製造證券市場假象，誘導投資者在不瞭解事實真相的情況下作出證券投資決定，擾亂證券市場秩序的行為。證券交易市場本為自由及公開之市場，任何不自然或人為的操縱價格，應不為市場所接受。也就是說，操縱股價行為應被視為對於證券交易市場的敵對行為。操縱市場行為人扭曲了證券市場的正常價格，使價格與價值嚴重背離，擾亂了證券市場正常秩序。它是證券市場中競爭機制的天敵，是造成虛假供需關係、誤導資金流向的罪魁禍首，引發社會經濟動盪的重要隱患。目前世界各國大都對於操縱市場行為採取高密度的管制，大多數國家也採取經濟刑法規範模式去管制此種行為，並對市場參與者與利害關係人賦予民事損害賠償請求權。但是在管制實務上，在刑事處罰的絕對刑事正義要求下，及民事請求權構成要件的不明確性，往往使管制實務遇到極大的困難。是否應改進採取較為有效的管制實務，此即本文欲研究之重點。在深入探討操縱市場的態樣之前，吾人必須瞭解禁止市場操縱之相關因素及背景，並就作為立法目的背後價值觀的市場效率性理念做一番探究，並探討此一在經濟學上受爭論的價值觀之限制。在自由經濟市場交易中，限制操縱市場行為之規範是否會造成證券交易市場的交易成本提高，是否有去管制化（deregulation）之可能這都是應考慮的問題。爾後吾人再就證券交易市場中各種操縱股價之行為做分析與研究，並就多樣性的市場操縱行為，在法律規範上提出更有效的解決方法。首先，本文在第一章介紹本文的研究動機、研究目的、研究途徑、架構及方法。第二章則對操縱市場行為的管制基礎、正反辯證、定義及態樣作一一介紹。第三章探討市場操縱行為的管理機制。第四章就世界各國之法律規制及對於市場操縱法律規範適用討論，以求明確點出本研究之價值所在。第五章則對於操縱行為所生之法律責任之原則及例外規範體制介紹再佐以實務案例討論之。第六章則總結本文。本文內容以在集中交易市場之操縱證券價格行為為研究對象。研究方法包含文獻分析方法，亦即透過相關著作、期刊論述、相關論文等資料之搜集、比較及引用，以對於各個章節之相關問題加以討論、研析；立法例分析方法，透過證券交易法禁止操縱證券價格行為之立法沿革、規定內容等之分類、比較，瞭解各款規定之實質內涵；比較研究方法，除透過美國、日本、英國、歐盟、臺灣地區與中國相關規定之比較，瞭解我國反操縱行為條款之缺失外，並參以實務案例為實務運作之研究，藉以探討海峽兩岸目前就操縱市場規制仍存在之問題及解決之道。

關鍵字

操縱市場；沖洗買賣；相對交易；安定操作；連續交易

並列摘要

The stock exchange market is a free competition market, which must be free from the threat of market manipulation and the threat of unfair insider trading. Market manipulation mentioned herein refers to the manipulator, for the purpose of gaining benefits or reducing losses, uses the capital and market information or abuses the power to affect the price of the securities market or to create an impression of the securities in order to induce the investors to make invenstment decisions based on the unclear and false truth. The stock exchange market is a free and open market. Any unnatural or artificial manipulation should not be allowed by the market. In other words, the manipulation of stock prices should be regarded as hostile behavior to the securities exchange market. The behavior of market manipulation has distorted the normal price of the securities market, deviated from the fair price and value, and disrupted the normal order of the securities market. It is the enemy of the competition in the securities market and is the chief culprit to cause false relationship of supply and demand, to mislead the flow of funds, and to cause any potential social unrest. Currently, most countries in the world take high-density controls on market manipulation, which includes economic criminal liabilites to control such behavior and the civil rights for the market participants and stakeholders to claim civil damages. However, under the priniples of absolute criminal justice and the ambigurity of the civial claims, such control often encounters great difficulties. This is one of points of this article to discuss whether we should take other methods of control for the market manipulation. Before the further discussion of market manipulation, we must understand the relevant factors and backgrounds of why we shall prohibit market manipulation, and understand the concept of market efficiency, and discuss the limitation of such values in economy. In a free transaction market, all issues, such as whether the regulation of restricting market manipulation will increase transaction costs in the securities market, and whether there is the likelihood of deregulation, should be considered in this article. Furthermore, we will analyze the various manipulating behaviors in the securities exchange market and propose more effective solutions to such behaviors in terms of legal regulations. First of all, the first chapter of this article introduces the research motivation, and the purpose, the research approach, structure and method of this article. The second chapter introduces and defines the control basis, the debates for pros and cons, and the various patterns of market manipulation. The third chapter discusses the management mechanism of market manipulation. The fourth chapter discusses the legal regulations of various countries in the world and the problems in the application of market manipulation laws and regulations. The fifth chapter introduces the principle of legal liabilities arising from manipulation and the exception norm with practical cases. The sixth chapter summarizes this article. This article focuses on the manipulation of securities prices in centralized trading markets. Research methods include (a) literature analysis methods, that is to duscuss and analyze in each chapter through the methods of collection, comparison and quotation of the related articles, journals, papers and other materials； (b) legislative analysis methods, that is to understand substantive provisions by classification and comparision of legislative histories and contents for prohibiting manipulation in laws；(c) the comparative research methods, that is in addition to the comparison of the relevant provisions of the United States, Japan, the United Kingdom, the European Union, Taiwan and China to understand our insufficiency, this article also make the research of practical cases so as to explore the problems and solutions that still exist in the regulation of market manipulation on both sides of the Taiwan Strait.