內線交易除罪化與入罪化整合運用之研究

The Integrated Study of Decriminalization and Criminalization on Inside Trading

唐順明(Shung-Ming Tang)

《嶺東財經法學》 11期 (2018/12) Pp. 140-195

摘要

內線交易問題往往牽涉證劵交易法，以及刑法之背信、詐欺、偽造文書..等，如此複雜困難的問題採行嚴刑竣法成效不彰，但是若逕然將它除罪化，影響的問題難以預測，恐怕更是解決不了問題。因此本文整合入罪化與除罪化兩種規範，提出整合式內線交易模式以有效的解決問題。本文模式乃基於最適控制理論的概念，融入刑法謙抑原則、司法經濟效益的觀點探討內線交易問題的最適均衡解。首先以最適控制方法探討內線交易的最適控制模式，然後基於此模式探討內線交易之均衡解，以解決此內線交易的違法問題。本文的均衡解乃是先找出內線交易應予除罪化或入罪化之分界的均衡點Q，此Q點將內線交易問題區分為入罪化與除罪化的兩個區間，在此兩區間分別求解出各自的均衡解，以解決內線交易的問題。本文模式符合比例原則，符合刑法謙抑原則、法律經濟效率，可以發揮嚇阻作用，以創造證劵市場的穩定。

關鍵字

內線交易 ； 入罪化 ； 除罪化 ； 最適控制理論 ； 法律經濟分析 ； 刑法謙抑原則

並列摘要

Insider trading often involves security trading law, criminal law of the back letter, fraud, forged documents, etc. It is difficult to solve such complex and difficult problems by adopting severe torture. However, if decriminalization strategy is adopted directly, the influence and problems it caused are unpredictable. This paper explores the integration of the two strategies of criminaligation and decriminalization, and proposes an integrated insider trading system to effectively solve the problem. Based on the concept of optimal control theory, the criminal law modest principle and judicial economic benefits, we try to study the optimal equilibrium solution of insider trading problems. Firstly, by using the optimal control method to study the best model of the insider trading, and then based on this best model we study the equilibrium solution of insider trading to solve the illegal insider trading action. The equilibrium solution of this article tried to find out an equilibrium point Q by which the decriminalization and the criminalization areas can be differentiated. In this way, the respective equilibrium solutions of these two areas can be found and by which to solve the problems of insider trading, and in the meanwhile, it is in line with the best judicial performance. To sum up, the model we proposed meets the requirements of the principles of proportionality, is in line with the Criminal law modest principle and judicial economic benefits, and can provide the reference for the legislators to create laws for the stability of the securities market.

並列關鍵字

Insider trading ； Economic analysis of law ； Jurisdiction ； Decriminalization ； The best optimal control