內線交易規範之研究─以企業併購案件為核心

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题名:	內線交易規範之研究─以企業併購案件為核心
作者:	張湘永;Chang, Hsiang-Yung
贡献者:	高階主管企管碩士班
关键词:	內線交易;內部人;重大消息;公開消息否則戒絕交易原則;企業併購;insider trading;insiders, material impact information;disclose or abstain rule;mergers and acquisitions
日期:	2023-06-30
上传时间:	2024-09-19 16:26:06 (UTC+8)
出版者:	國立中央大學
摘要:	長久以來，國內資本市場在提到股市的技術線型分析時，常聽到一句話：「千線萬線，不如一條內線的說法」，可謂一語道盡內線交易在資本市場上的影響力。而由於防止內線交易法制的不完備與司法實務的見解的分歧，使我國內線交易司空見慣，我國的內線交易問題向來也被評比為程度嚴重的國家。因此，有人戲稱台灣是內線交易的天堂。為解決此問題，在行政院及立法院之高度共識下，已大幅修正證券交易法提高內線交易刑責，並於2004年間修正通過。內線交易是證券市場常見的違法行為，由於內線交易行為有害於證券市場的健全發展，因此現今法制國家大多立法禁止內線交易行為，惟各國對於內線交易規範之理論依據及制度設計並不完全相同。近年來，我國雖數次修正證券交易法有關內線交易之規定，但證券市場內線交易問題仍層出不窮，值得深入研究分析探討。企業併購是近代相對頻繁重要的商業行為，許多企業必須依靠企業併購的方式來擴展企業規模，企業併購商業行為的本質是一種企業外部成長的方式，然而企業併購所產生的法律風險遠大與其他的商業行為，主要原因在於企業併購是一系列的過程，企業併購不論是敵意或善意，都是兩家公司擴大規模與整合資源的手段。併購消息應可定性為相當有價值的資訊，內部人在該消息對外公開前即買進目標公司的股票，雖可趁機大撈一筆，卻可能陷入被控「內線交易」（insider trading）的風險。企業併購的消息具有高度議價的財產價值，企業併購活動中，因為企業併購消息不對等，往往成為企業內部人內線交易的溫床。隨著企業全球化的趨勢愈加明顯，企業間彼此競爭更日趨激烈，從企業組織面觀之，企業為提升競爭力及綜合績效，可以選擇採取企業策略聯盟或企業併購之方式，以健全企業經營及強化競爭力。然而，企業於進行併購過程中，於併購消息公布後，無論嗣後是否順利完成併購，往往會劇烈影響目標公司股價。正因如此，企業併購前內線交易常伴隨而生。股神華倫巴菲特(Warren Buffett)在其著作《雪球》(THE SNOWBALL；Bloomsbury, 2008)書中所言：「公司內部人首要之務是保護公司之存在，公司內部人如有違法行為，將使公司陷於極大之危險」。不可諱言，內線交易對證券交易公平性及公司之商譽具有嚴重負面影響，應立法嚴格禁止。因此，本文將以美國證券市場內線交易之基礎理論及規範出發，檢視比較我國現行內線交易法制，並以我國企業併購案件為研究核心，作為我國未來修法改進之參考。;For a long time, when domestic capital markets mentioned the technical linear analysis of the stock market, they often heard a saying: "Thousands of lines are not as good as an insider", which can be said to express the influence of insider trading in the capital market. However, due to the incompleteness of the legal system to prevent insider trading and the differences in judicial practice, insider trading is common in our country, and the problem of insider trading in our country has always been judged as a serious country. Therefore, some people joked that Taiwan is a paradise for insider trading. In order to solve this problem, under the high consensus of the Executive Yuan and the Legislative Yuan, the Securities Trading Law has been greatly amended to increase the criminal responsibility for insider trading, and the amendment was passed in 2004. Insider trading is a common illegal behavior in the securities market. Since insider trading is harmful to the sound development of the securities market, most legal countries now have laws to prohibit insider trading. In recent years, although our country has amended the regulations on insider trading in the Securities Trading Law several times, the problems of insider trading in the securities market are still emerging, which are worthy of in-depth research and analysis. Enterprise mergers and acquisitions are relatively frequent and important commercial activities in modern times. Many enterprises must rely on enterprise mergers and acquisitions to expand their business scale. The essence of enterprise mergers and acquisitions is a way of external growth of enterprises. Business behavior, the main reason is that corporate mergers and acquisitions are a series of processes, whether hostile or friendly, corporate mergers and acquisitions are means for two companies to expand their scale and integrate resources. M&A news should be regarded as valuable information. If an insider buys the target company’s stock before the news is made public, although they can take advantage of the opportunity to make a fortune, they may fall into the risk of being accused of “insider trading.” The news of corporate mergers and acquisitions has a high property value for bargaining. In corporate mergers and acquisitions, because the news of corporate mergers and acquisitions is not equal, it often becomes a hotbed for insider transactions. With the trend of globalization of enterprises becoming more and more obvious, the competition between enterprises is becoming more and more fierce. From the perspective of enterprise organization, in order to improve competitiveness and comprehensive performance, enterprises can choose to adopt corporate strategic alliances or corporate mergers and acquisitions to improve business operations. and strengthen competitiveness. However, in the process of mergers and acquisitions, after the news of mergers and acquisitions is announced, regardless of whether the mergers and acquisitions are successfully completed afterwards, the stock price of the target company will often be greatly affected. Because of this, insider transactions often occur before mergers and acquisitions. The stock god Warren Buffett (Warren Buffett) said in his book "The Snowball" (THE SNOWBALL; Bloomsbury, 2008): "The first task of company insiders is to protect the existence of the company. put the company in great danger." It is undeniable that insider trading has a serious negative impact on the fairness of securities transactions and the company′s goodwill, and should be strictly prohibited by legislation. Therefore, this article will start from the basic theories and norms of insider trading in the US securities market, review and compare the current legal system of insider trading in my country, and focus on the merger and acquisition cases of Chinese companies as a reference for future amendments and improvements in my country.
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