論我國權證交易之投資人保護

有鑑於衍生性金融商品之日益盛行，傳統投資股票證券市場之現象已逐漸擴散至期貨、黃金、原物料等非現貨市場與衍生性金融商品上，近來權證（Warrant）亦在證券商大張旗鼓的造市宣傳下備受矚目，然而權證之真正概念為何？其種類、性質、特性、風險與相關交易模式是否確為投資人瞭解？現行法令對投資人之保障是否周全？除了基於上開權證所可能產生之問題加以瞭解外，發行權證之證券商在權證交易過程中亦常有不當的交易策略，除使得投資人無法於正常交易狀態下獲得本該由其享有之利潤，更對交易市場的公平性造成莫大影響，此時便有探尋相關投資人保護規定之必要，且本文更嘗試跳脫投資人個人保護之立場，從整體市場正常運行之投資人保護角度著手，企盼整體權證交易之市場能夠更公平，如此也能使交易市場更為健全、更加活絡。本文之研究方法係以文獻探討法之整理歸納方式進行，透過相關文獻及國內法規一步一步建構權證之概念，包括定義、性質、種類、特性及功能等，並透過介紹權證交易過程之方式，併同整理歸納權證特殊規範，除供投資人作為行為依歸外，更能因此知悉相關得以應用之保護措施，最後，本文除介紹權證發行人可能常見之不法交易策略供投資人注意外，更企圖從權證特殊規範外，找尋適用證券交易法等相關規範之空間，以保障權證投資人購買權證前後之權益，並試圖從更宏觀的角度探討證券市場較為常見之短線交易與內線交易在權證交易之適用情形及我國法院判決之採擇，以完整本文之研究討論。本論文之編排為：第一章緒論，旨在闡明研究動機、目的、範圍及方法，並簡述論文之架構，期能於本文起頭即給予讀者清楚之方向，以便於本文之閱讀。第二章權證之發展及基本概念，則是就權證之起源及發展加以介紹，並清楚辨別權證之性質，此外為給予讀者更清晰之概念，本章亦就權證交易所涉及相關關鍵名詞與依不同區分基準所現存之權證種類加以介紹，並於本章之末闡釋權證之特性及功能，期能給予讀者從更宏觀之角度觀察權證之特性及其所附加對整體市場參與人之功能。第三章權證交易之制度規定及風險，即從權證交易制度本身之規範，探討是否有相關足以維護投資人權益之保障措施，其中主管機關對權證發行人之資格設有一定程度之規範，權證之申請上市、發行、交易、履約甚至是終止下市也是如此，本章最後也將闡釋權證交易之風險種類與權證發行人風險控管措施，令讀者得以對投資權證之風險有所認識，並觀察發行人是否履行其風險控管措施之義務。第四章權證交易之投資人保護，除點出權證發行人可能常見之不法交易策略外，更試圖從權證特別規範之外找尋適用相關法規之空間，以全面性地保障權證投資人之權益。本章之末更試圖從整體市場健全運行及全面保障市場投資人之立場，探討證券市場較為常見之短線交易與內線交易（insider trading）在權證交易適用之情形及我國法院判決之採擇，期能避免權證市場成為相關投機者迴避短線、內線交易規範者之溫床，並且因其行為而影響權證交易致投資人之權益受損。第五章結論即為本文最後一章，乃就本文之重要概念再次闡述並提出建議，將本文作一總結。

關鍵字

權證；投資人；證券交易法；短線交易；內線交易

並列摘要

Due to the increasingly prevalent and popularity of derivative financial instrument, the traditional stock market has gradually expanded to non spot market and futures, gold, source materials and derivative products such as Warrant has been put under the spotlight and has gain much attention under the propaganda of the dealers recently. However, what is the true concept of warrants. Do investors understand its class, habitude, special features risks and its related trading patterns? Do existing laws provide comprehensive indemnification? Aside from the realization of problems related to warrants. Security dealers who issue the warrants usually do improper tactics during the process of dealing. These behaviors not only hinder the investors from their profit under the normal transaction, they also create a huge impact on the fairness of trading market. Therefore, the necessity to search for relevant provisions to protect the investor is required. Rather than to concern from investors’ individual standpoints, the thesis start out form the prospect of protecting the regular investors as a whole. Expecting the trading market of warrants can be more impartial and the whole trading floor can be better and more active. Use the methods of classifying and analyzing the resources which have been collected. The writer has studied through all the relevant literature and existing laws. With the concept of constructive warrants including, definitions, habitudes, classes, features and functions to conduct the research and accomplish the thesis. Through introducing the procedures of warrants trading combined with the systematically arrangement of special specification of warrants. This thesis not only provides conducts for investor to follow but also reveals relating safeguard to apply. Finally, the thesis has presented the common illegal trading strategies as references for investors. The writer also searches for appropriate securities and exchange law in order to guarantee the rights and interest of warrants investors. At the same time, the writer has used a more macroscopic point of view to investigate the appropriate warrants trading conditions and the selection and adoption of the law judgment in the courts of our country in short-term trading and insider trading to complete the study of this thesis.

並列關鍵字

Warrant ； investor ； securities and exchange law ； short-term trading ； insider trading

參考文獻

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論我國權證交易之投資人保護

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