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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/52202

Title: 證券交易法第155條反操縱條款之研究
A Study of Anti-Manipulation Provision of Article 155 of the Securities and Exchange Act
Authors: SU,YU-WEI
Contributors: NTOU:Institute of the Law of the Sea
Keywords: 證券市場;反操縱條款;虛偽交易;操縱行為
stock market;anti-manipulation provision;false transaction;manipulation
Date: 2018
Issue Date: 2019-05-23T06:24:51Z
Abstract: 我國證券交易法第1條「為發展國民經濟,並保障投資,特制定本法。」,為其立法目的,而「保障投資」之核心,是維持證券交易市場之公平性,確保交易機制公正,規範人為操縱、內線交易等不法行為,確保投資人在公平、公開、公正之交易機制中,參與證券市場投資。 人為操縱市場行情之行為,以虛偽交易或散布不實資訊,製造證券供需及價格變動之假象,誘使投資大眾進行買賣而受到損害,破壞證券市場交易秩序,影響國家經濟發展,禁止操縱市場之目的係在使有價證券之價格,能在自由市場正常供需競價下產生,避免遭受特定人操縱,以維持證券價格之自由化,維護投資大眾之利益,處罰操縱市場行情行為之條款,一般稱為「反操縱條款」,規範於我國證券交易法第155條。 我國證券交易法第155條「反操縱條款」係參考美國及日本之相關立法規定,本文將從市場操縱行為之概念、立法沿革及操縱行為態樣進行探討,就學說及實務判決之見解分析比較,探討我國證券交易法第155條「反操縱條款」之構成要件及相關問題,並提出建議,作為日後修法之參考。
Securities and Exchange Act Article 1 of Taiwan, R.O.C. “This Act is enacted for the purpose of promoting the national economic development and the protection of investors.” The core of safeguarding investments lies in maintaining securities market fairness, ensuring trading mechanism fairness, and standardizing illegal actions, such as manipulation, insider trading, and so on, thereby enabling investors to invest in the securities market through a fair, open and just trading mechanism. Manipulated market behaviors refers to false trading or dissemination of false information to create the illusion of securities supply and demand and price fluctuations, luring investors to engage in trading and subjecting them to harm, which in turn damage the trading order of the securities market and affect national economic development. The purpose of prohibiting market manipulation is to ensure the generation of securities prices under the normal supply and demand of the free market to avoid manipulation by specific individuals, maintain the liberalization of securities prices, and safeguard the interests of the investing public. The penalties for market manipulation behavior are known as anti-manipulation clauses, which are in reference to the legislative provisions of the United States and Japan. This article will discuss the concept of market manipulation, the evolution of legislation, and manipulation behavior. It will analyze and compare doctrines and verdicts in practice in order to explore the constituents of Taiwan’s anti-manipulation clauses and related issues. Recommendations will also be put forward to serve as a referenced for future law amendments.
URI: http://ethesys.lib.ntou.edu.tw/cgi-bin/gs32/gsweb.cgi?o=dstdcdr&s=G0040446103.id
Appears in Collections:[海洋法律研究所] 博碩士論文

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