本文主要係在探討證券交易法相關規定於興櫃公司之適用問題,有鑒於興櫃市場設立迄今已逾13年,相關法制規範之研究文獻仍付之闕如,故希冀藉由本文之整理分析,得為興櫃市場法制面相之發展有所幫助。 首先介紹研究動機與目的、研究範圍與研究方法,並整理我國集中交易市場與店頭市場目前之法令規範並比較其相異處、櫃檯買賣中心近年推動之創櫃版及創意集資專區,以及美國OTCBB場外電子交易版發展現況,緊接著以申請登錄興櫃之實際意義為中心,提出現行證券交易法直接適用於興櫃市場之問題,分析其解套辦法,並介紹推薦證券商於公司登錄興櫃時所扮演之角色與應負擔之義務。 後半段以公司治理與證券詐欺為主軸,包括經營階層之獨立董事、薪資報酬委員會、內部人持股及公司資訊揭露義務,整理我國相關法制於興櫃市場中推行之現況,並探討各式特殊證券詐欺類型,包括內線交易、短線交易及操縱市場之行為,檢討分析其證券交易法之構成要件應如何適用於興櫃市場,最後簡扼歸納出結論並提出建議。
This thesis focuses on the issues of how to apply the Securities and Exchange Law on emerging companies. Although the emerging stock market has been established over 13 years, the number of research on the legal and regulating aspect is still very much limited. This thesis is expected to facilitate and contribute to the development of legal and regulating aspect of emerging stock market. This thesis is divided into six chapters. First illustrates the motivation, purpose, scope and methods of this research, then analyzes and compares the difference of the regulations between the Taiwan Stock Exchange market and the Over-the-Counter market. In addition, this chapter will introduce the Go Incubation Board for Startup and Acceleration Firms and the development of the America’s OTCBB. Chapter 3, firstly, is to base on the merit of the emerging stock market application to address the issues regarding the application of the Securities and Exchange Law on emerging stock market, and present solutions to resolve the issues. Secondly, is to introduce the recommending securities firm’s liability when issuer filed an application to the emerging stock market. Chapter 4 and Chapter 5 focuses on the corporate governance issues and variety types of securities fraud, including the independent director, remuneration committee, insider shareholdings, and the corporate disclosure of the information, to analyze the current status of the implementation of Securities and Exchange Law on emerging stock market. Then analyze insider trading, short swing trading, and market manipulation how to apply above related securities regulations on emerging stock market. Chapter 6 presents conclusion and offers solutions on addressed issues.