| 關 鍵 詞： |
證券交易法；信賴；因果關係；市場詐欺理論；證券詐欺；效率市場假設 |
| 中文摘要： |
我國現行證券交易法對於證券詐欺行為之規範以第二十條為主。若原告欲依該條文提起證券詐欺之訴訟，必須證明其所受之損害與被告的虛偽、詐欺或其他足致他人誤信之行為間具有信賴與因果關係存在，始能獲得救濟。然而，以我國現今證券市場的型態，證券市場上影響股價的因素甚多。受害投資人在證券詐欺訴訟中欲證明其損害與被告的詐欺行為間具有直接的信賴與因果關係存在，實屬不易。因此，造成受害投資人難以透過民事相關程序獲得救濟，進而證券交易法第二十條亦未能發揮預期的功能。
以往，美國法上也曾面臨相同的困境。經由美國實務界發展出所謂的「市場詐欺理論」該理論減輕了受害投資人在證券詐欺訴訟時關於信賴要件與因果關係的舉證責任，使得訴訟較易成立。進而達到證券法規保護投資人的目的。而我國證券交易法第二十條之立法，基本上乃仿效美國一九三四年證券交易法第十條 b 項及 Rule 10b-5 而來。透過對美國法的比較研究，可為原告在證券詐欺訴訟中舉證責任所面臨的困境尋求可能的解套方案，使得我國證券交易法第二十條能夠發揮應有的效果。
本文首先概述我國證券交易法第二十條關於證券詐欺行為之規範，並指出受害投資人在證券詐欺訴訟中信賴要件與因果關係之舉證所面臨的困境。接著，介紹美國證券法規對於證券詐欺的規範及其實務見解，並探索「市場詐欺理論」的基礎原理。最後，藉由分析我國引進此理論的可能性，並建議在現階段可以法官造法的方式參酌「市場詐欺理論」的原理，採取信賴要件與因果關係推定存在的方式，以減輕原告的部分舉證責任，以發揮證券交易法第二十條應有之功能。
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| 英文關鍵詞： |
reliance and causation；fraud on the market theory；Securities and Exchange Act；Rule 10b-5；Securities Exchange Act of 1934；efficient market hypothesis |
| 英文摘要： |
I. Introduction
II. The General Antifraud Provision of the Taiwanese SEA
A. The Institutional Regulatory Framework of the Taiwanese Securities Market
B. Article 20 ofthe SEA
C. Problems under Article 20 of the SEA
III. Rule 10b-5 and the Fraud on the Market Theory
A. Historical Background of Rule 10b-5
B. The Requisite Elements of a Securities Fraud Action under Rule 10b-5
C. The Development of the Fraud on the Market Theory
IV. The Underlying Rationale of the Fraud on the Market Theory
A. The Efficient Market Hypothesis
B. The Market Model of Investment Decision-making
C. A System of Quantifiable Damages Based on the Efficient Market Hypothesis
D. The Influence ofthe Fraud on the Market Theory
V. Suggestion for Establishing the Requirement ofReliance and Causation under Article 20 of the SEA
A. Whether the Taiwanese Securities Market Is an Efficient Market
B. The Purpose of Article 20 of the SEA and the Fraud on the Market Theory
C. Suggestion for Adopting the Fraud on the Market Theory
VI. Conclusion
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| 目 次： |
I. Introduction
II. The General Antifraud Provision of the Taiwanese SEA
A. The Institutional Regulatory Framework of the Taiwanese Securities Market
B. Article 20 ofthe SEA
C. Problems under Article 20 of the SEA
III. Rule 10b-5 and the Fraud on the Market Theory
A. Historical Background of Rule 10b-5
B. The Requisite Elements of a Securities Fraud Action under Rule 10b-5
C. The Development of the Fraud on the Market Theory
IV. The Underlying Rationale of the Fraud on the Market Theory
A. The Efficient Market Hypothesis
B. The Market Model of Investment Decision-making
C. A System of Quantifiable Damages Based on the Efficient Market Hypothesis
D. The Influence ofthe Fraud on the Market Theory
V. Suggestion for Establishing the Requirement ofReliance and Causation under Article 20 of the SEA
A. Whether the Taiwanese Securities Market Is an Efficient Market
B. The Purpose of Article 20 of the SEA and the Fraud on the Market Theory
C. Suggestion for Adopting the Fraud on the Market Theory
VI. Conclusion
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