短線交易歸入權之探討－以歸入權之正當性為中心

The Disgorgement of Short Swing Profits－A Legal Analysis

林明信(MING-HSIN LIN)

指導教授 ： 賴英照

國立臺北大學/法律學院/法律學系/碩士(2009年)

摘要

短線交易歸入權限制發行股票公司之董事、監察人、經理人或持有公司股份超過百分之十之股東等內部人，不得在六個月內反覆交易公司上市或上櫃（包括興櫃）之股票，否則應依最嚴苛的「最高賣價減最低買價法」返還所獲利益。藉由這樣的規範方式，內部人將怯於為短線交易的套利行為，並間接達到確保投資人對證券市場公平性與公正性之信賴。然而，在不問內部人之交易動機與是否了解法律規範的情形下，概以所謂粗略而實際的方法認定短線交易，有心濫用資訊優勢之內部人常可輕易迴避本制度，反使無心犯錯者淪為犧牲品。
但另一方面，即使批評本制度的聲浪從未停止，吾人卻不能否認，本制度在建立一般投資人對證券市場之信賴上仍有其規範價值，尤以我國近來內部人掏空公司醜聞頻傳，經營層峰操守難以期待下，所謂以加強取締內線交易或以交易前揭露制度等取代歸入權的作法，在現階段恐怕仍不可行。
對內部人而言，限制其等不得短線交易，既有穩定證券市場之公益考量，且限制手段尚稱合理，可謂其財產權的社會義務，在憲法上是具正當性的，惟即便如此，仍應在相關的規範上，作更合理且貼近立法意旨的解釋與適用。從而，面對反對者的批評，較務實的作法應是，以更嚴謹的態度來審視現行法規範下，所產生之缺失與不足之處並提出改進之道，以期使本制度之施行能更貼近立法目的，而本文在彙整各方論述後，也提出相關檢討與建議，作為完善我國法之參考。

關鍵字

短線交易 ； 歸入權 ； 內線交易

並列摘要

The disgorgement of short swing profits, which applies to virtually all directors, officers, and 10% beneficial owners of publicly traded companies, prohibits these particular insiders from getting profits by purchase and sale that take place within any six-month period. In an attempt to ensure that insiders do not hide a profitable unfair trade among a series of unprofitable trades, insiders must return the short-swing profits that courts have adopted the “lowest-in highest-out rule” to calculate even if the insiders sustained an overall trading loss during the relevant six-month period to the company.In this way, insiders were relatively inactive in the market during six-month period, and would focus their attention on their fiduciary duty and on long-term corporate health, rather than on short-term trading profits.
Critics assert that it is totally ineffective in combatting insider trading because insiders can easily escape the short-swing rule by selling six months and a day after purchase, on the contrary, the provision usually only results in trapping unwary “minnows”, those who do not receive the legal advice to wait exactly six months.
Even though the debate over short-swing rule has generated more heat than light, on the other hand, supporters assert that anything but the broadest application of the statute will impede the war against insider trading, it remains a useful tool for preventing speculative abuses by insiders.
I agree that the disgorgement of short swing profits remains a useful tool for preventing insider trading, and the restriction could be recognized as the social liability of insider’s property. Equally important, however, there are many questions need to be solved to enhance the quality of our law. Hence, I analyze our law set and combine the opinions from both academic and practical field, and provide some suggestions at the end of this study.

並列關鍵字

section 16b ； section 10b ； rule 10b-5 ； Short Swing Trading ； Insider Trading

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