本文先從內線交易之本質出發，整合對於內線交易行為之正反評價，展現出內線交易絕非僅有單一面向之經濟行為，此種利弊相依之經濟行為該如何管制以促進社會效率，自內線交易禁止以來便爭議不斷，並藉由企業併購之案例指出我國證券交易法第一百五十七條之一的漏洞。再者研究美國法院對於內線交易行為之規範思考方式與SEC對於資訊平等的進展，呈現出信賴義務關係為出發點之內線交易法制之困境，加以結合我國內線交易條文，作為相關爭議解釋論上的參考，然證券交易法第一百五十七條之一自立法之初便未確立是以市場論之資訊平等為保護法益或關係論之信賴義務為基礎，致內線交易之紅線不明，射程模糊，市場投資人未能有清楚的法律可遵守。 因此，本文參考美國學者所提出之資訊財產權之經濟主張，納入財產法益為內線交易法制之保護法益之觀點，將內線交易視為內線消息之分配規則，並以此建構內線交易法制，求能為內線交易建立一套邏輯一貫之思考，在此脈絡下，證券交易法第一百五十七條之一應刪除規範主體之限制，修法為任何人均有可能成立內線交易之責任，是因侵害財產權之內線交易行為不以有信賴義務為前提。 以資訊財產權為本之內線交易法制，其中為重中之重便須類性化內線消息之分配規則，以劃清內線交易禁止之射程範圍，本文配合所舉之企業併購案例，嘗試對不同之企業併購消息態樣做類型化之分配，以求能對內線交易法制略盡心力。 ;This paper examines insider trading regulation from the perspective of property rights, aiming to construct a coherent framework grounded in economic theory. It reassesses the nature of insider trading as a complex activity with both potential harms and benefits. Using merger and acquisition (M&A) cases, it reveals interpretive gaps in Article 157-1 of Securities and Exchange Act. Contrasting Taiwan’s approach with the U.S. model—which emphasizes fiduciary duties and equal access theory—the paper argues that Taiwan’s law lacks a clear normative foundation. This ambiguity creates uncertainty in enforcement and compliance. To address this, the paper proposes adopting an information-as-property framework, viewing insider information as a asset. It advocates amending Article 157-1 to remove fiduciary-based restrictions and recognize liability based on wrongful use of protected information. A functional typology of M&A-related information is introduced to clarify the scope of prohibited conduct, contributing to a more predictable and economically rational insider trading regime.
