論我國內線交易重大消息明確性之認定－以企業併購案件為探討核心

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题名:	論我國內線交易重大消息明確性之認定－以企業併購案件為探討核心
作者:	李家瑋;Lee, Chia-Wei
贡献者:	產業經濟研究所
关键词:	內線交易;重大消息;企業併購;重大性;明確性;成立時點;Insider Trading;Inside information;Merger and Acquisitions;Materiality;Precise Nature;specific point
日期:	2019-07-09
上传时间:	2019-09-03 15:11:54 (UTC+8)
出版者:	國立中央大學
摘要:	全球化時代來臨，國際貿易交流頻繁，商場變化速度加劇，企業擴張版圖方式亦不同以往，改採水平或垂直整合之併購模式增強企業競爭力，除強化企業自身體質，亦能大量降低摸索期間，係近代主流的商業策略。併購的發生，同時也代表一家或數家公司經營的重大改變，公司的價值也隨併購內容連帶影響投資人對公司未來的評價，公司的市值亦將反映在公司的股票價格。因此，若能提前知悉併購消息，並於併購案消息公開前發生前先行買賣股票，無論買賣股票係為獲取私益或規避損失，均可能對其他尚未知悉消息之投資人造成損害。企業併購無論在案件數或金額均與日俱增，對於併購公司的影響隨之增加，有關併購的內線交易行為更是有增無減，近年的力晶案、綠點案等併購案在商場上掀起一陣巨大風暴，產、官、學界紛紛對此表達不同意見，引發不小的法律論戰。我國證券交易法第157條之1第1項明文規定禁止內線交易行為，備受爭議的爭點之一即為重大消息明確性之認定，加上學說、實務對重大消息明確性之認定看法不一，法院亦無穩定的法律見解，因此判決偶有出現南轅北轍的情形，導致各界認為法院見解欠缺安定性。惟併購屬高度複雜的商業行為，在併購時程的推進過程中充滿許多不確定因子，也因個案談判與溝通方式不同，使成案之可能性不同，此也導致併購案處處都是灰色地帶，並無所謂非黑即白的明確界線存在，因此在重大消息明確性的判斷上即有其困難之處。本文期盼藉由回顧禁止內線交易之立法背景，以立法史料、國內外實務判決或學術文獻及比較外國法制（美國與歐盟）等相關資料為依據，並以近年數則關於併購的內線交易案例為初步分析，期能找出判斷重大消息明確性相對穩定的法律見解，除使企業發動併購時能有所依歸避免誤觸法網，亦防止有心人士遁入法律漏洞脫免責任。 ;The era of globalization is here - more and more frequent international trades in various forms, with intensified changes in business environment. Hence the way of merge and acquisition among enterprises have reshaped as well as integrated horizontally or vertically to strength the competitiveness. This reinforces a greater quality of the enterprises and also reduces the period to explore significantly and therefore becoming one of the major expansion strategies. M&A represents a major change within the operations of one or several companies. The companies involved within an M&A play an important role in the future value, and therefore it makes a direct reflection of the future stock price of such companies. With that being said, any inside information may benefit individuals with trade advantages before the information had disclosed to the public and hence it could cause financial damages to the general public investors, regardless of the purpose of inside trading. With more and more M&A increasing over the years in both number and value, the higher impacts that companies involved, the possibility of the insider trading occurred. Recent M&A that has caused serious disputes regarding to insider trading from industry and from academic perspective are ”Powerchip” (力晶案) and ”Green point” (綠點案). According to Section 157-1 (I) of Taiwan′s Securities Exchange Law, insider trading is prohibited. However, there are different views and arguments when defining significant issues within the corporation and timing is also the essentiality here. Industries are holding different opinions against the court; and moreover, even the court itself has expressed inconsistent views from time to time it eventually led to the instability in actual practice. There are various uncertainties and factors contributing to the high complexity of a M&A. Also due to individual cases and approaches along the negotiation process, there are many ambiguous areas throughout the entire M&A; as a result, it is even more challenging to define the word “insider information“. The purpose of this article is going to review the historical background of banning insider trading first, to gather and analyze relevant substances and cases along with supporting literatures later and then to propose a consistent and reliable legal ground in the end. Also the expectation from the author is trying to help enterprises that are going through M&A with a more clear and specific guideline; and also to prevent legal loopholes being abused.
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