證券交易法第一百七十一條第一項第二款非常規交易犯罪之研究

Research on the “Non-arm’s Length Crime” of Paragraph 1, Subparagraph2 of Article 171 of the ROC Securities Transaction Act.

潘彥州(Yen-Chou Pan)

指導教授 ： 李茂生

國立臺灣大學/法律學院/法律學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.02681

摘要

本文主旨在討論證券交易法第一百七十一條第一項第二款之「非常規交易犯罪」之構成要件。「非常規交易犯罪」乃於民國八十九年因應國內經濟亂象而新增，並於民國九十三年時加重刑罰至三年以上十年以下有期徒刑。
條文中使用到「不合營業常規」、「不利益之交易」、「重大損害」等作為構成要件，該等用語可謂「不確定法律概念」。舉「不合營業常規」為例，究竟指涉的意思是字面上所謂「與既存商業慣例不合（non-customary transaction）」亦或是類同稅法上「非常規交易（non-arms length transaction）」之意思？解釋上應注意哪些事項在實務上法院是否應該（或是否適宜）被於事後審查經營者當初所為的決策是否為「不合營業常規交易」？諸如此類，皆是值得討論之問題。
如何能夠將證券交易法第一百七十一條第一項第二款之「非常規交易」構成要件妥善地加以解釋或修改立法，以符合法律明確性之要求，達成立法者處罰某些特定案例類型的目標，同時避免構成要件解釋模糊而過於放大，進而妨礙到商業活動「突破常規」的創新力，是本文期待能夠達成的目標。

關鍵字

非常規交易 ； 不合營業常規 ； 不利益經營 ； 證券交易法 ； 利益輸送 ； 淘空公司 ； 證券市場法規 ； 不確定法律概念

並列摘要

The purpose of this thesis is to discuss the “non-arm’s length crime” of Paragraph 1, Subparagraph2 of Article 171 of the ROC Securities Transaction Act. “Non-arm’s length crime” was promulgated during the year 2000 to meet the growing chaotic economic environment, and the punishment of the crime was further hightened to no less than 3 years and no more than 10 years of imprisonment in 2002.
The said Articles used terms such as “non-arm’s length transaction”, “harmful transaction” and “substantial damage” and such terms are uncertain legal concepts. As an example, it is not certain whether the term “non-arm’s length” means a non-customary transaction that is different from the commercial norm or if such means the non-arms length transaction as pursuant to the tax law? What are types of decisions made by the entrepreneur that should be reviewed (or is appropriate to be reviewed) by the court? Such are the issues that require further analysis.
How can the “non-arm’s length crime” of Paragraph 1, Subparagraph2 of Article 171 of the ROC Securities Transaction Act be clearly defined or amended by the legislature, so that the legal elements can become concrete. This should be done in a manner so as to maintain the original goal of the legislator, but also to avoid unnecessarily expand the scope of applicability of uncertain terms and thereby impede the creativity of business activity to break or go beyond the norm of business. Such is the goal that we would like to achieve with this thesis.

並列關鍵字

non-arm’s length transaction ； non-arm’s length ； harmful transaction ； Securities Transaction Act ； tunneling ； expropriation ； securities regulations ； uncertain legal terms

參考文獻

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葉銀華 邱顯比 何憲章，〈利益輸送代理問題和股權結構之理論與實證研究〉，Journal of Financial Studies Vol.4 No.4 April 1997(47-73)。

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Stephen M. Bainbridge; The Business Judgment Rule as Abstention Doctrine，University of California, Los Angeles School of Law, from http://ssrn.com.