本論文之研究主題為「資訊公平揭露與終結內線交易」,透過比較法之方式,解析美國證券管理委員會於二000年十月開始實施之「公平揭露規則」,探究資訊揭露與防制內線交易間之關連,同時檢討我國證券管理機關對於資訊揭露之現況,俾供未來制度調整之參考。 本論文之架構分為六章。 第一章說明本論文研究之動機、方法、限制與範圍。 第二章自經濟之觀點,探究內線交易之成因,包括資訊不對稱、效率市場臆說等,並就現行內線交易規範之基礎理論作一整理及介紹。 第三章自法律之觀點,說明美國法上企業所負之揭露義務與美國法院對於內線交易案件歷來之見解及其修正。經由此一觀察得知,美國證管會似乎有意藉由公平揭露規則之實施,將美國法院對於內線交易之界定標準重新導回「資訊平等原則」。 第四章以美國證券交易法「公平揭露規則」新制為中心,就其立法背景、規範內容、配套措施及影響與因應予以分析。由於公平揭露規則影響深遠,自草案研擬以來,便持續受到各界的關注。對於「重大性」之判斷缺乏明確標準,更使得企業人人自危,引發「寒蟬效應」。對此,美國證券管理機關如何化解企業疑慮、企業應如何自處,均於本章加以說明。 第五章則反觀我國現行之資訊揭露相關規定,包括繼續公開之定期揭露、重大事項之即時揭露與財務預測之品質與更新作一檢討,並比較其與公平揭露規則之異同。 第六章結論,整合前述五章之內容,提出三點結論,期能對我國未來法制建構有所裨益。
This research primarily focuses on issues regarding fair disclosure of information and curbing the rampant insider trading in Taiwan, by adopting the comparative legal study method to introduce the US’ SEC newly promulgated Regulation FD. As issues with respect to information disclosure and insider trading reveal problems of securities supervisory authorities everywhere, this research examines the regulation itself, the correlation amongst fair disclosure, prevention of insider trading, and the present disclosure system in Taiwan, so as to furnish a tentative proposition for further improvement. The scheme of the research comprises six parts as follows: Part I illustrates the motives, methods, limitations and realm of this paper. Part II bases its interpretation on Economics methodology, by which to explore the causes of insider trading, such as information asymmetry and efficient capital market hypothesis. This part also reviews and comments on the rationale behinds the regulation of insider trading. Part III focuses on the court opinion and development of insider trading regulation in the United States. This research indicates that US’ SEC dedicated itself to reviving the “parity of information” theory, which was previously overruled by the US Supreme Court. Part IV analyzes the Regulation FD, including the background of legislation, content, impact and corporate compliances. Lacking of clear criteria for “materiality”, the market responded the new regulation with so called the “chilling effect”, and the SEC tried to balance between the turmoil and efficacy of the regulation. Part V depicts current disclosure rules, including the routine filing with the SEC, prompt disclosure of material information, and the stipulation of “earning projections” in Taiwan. Furthermore, compares the differences between Regulation FD and the similar rules in Taiwan. Part VI itemizes issues as well as propositions pertaining to shaping a conclusion of this research. Meanwhile, this part tentatively contours prospects of establishing the regulatory scheme of information disclosure in Taiwan.
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