| 關 鍵 詞： |
證券詐欺；交易因果關係（信賴）；對市場詐欺理論；幫助責任；被迫出賣人原則 |
| 中文摘要： |
信賴要件要求原告必須證明被告的行為使其做了原本不會做出的投資決定，也就是，若非被告的行為，原告不會進行交易。美國聯邦各級法院均對信賴要件加以承認，我國高等法院的多數見解亦同。信賴要件的存在，也可以界定幫助人責任的範圍。除了由政府所提起之訴訟例外不必證明信賴要件外，在民事案件中，也有極少數的例外情形存在，尤其是被迫出賣人原則，相當值得我國持續觀察之。
對於信賴要件的舉證責任，美國法院及我國法院均係認為須由原告負擔。美國法將信賴要件的證明分為正當信賴及合理信賴；我國法院則採相當因果關係來認定。
在隱匿類型的案件中，美國聯邦最高法院 Ute 案認為可以推定信賴要件的存在，我國高等法院有採相同見解者。至於對市場詐欺理論，美國聯邦最高法院於 1988 年 Basic 案中承認之，我國實務及學說均有主張應引進者，惟這涉及到一個先決條件，即我國證券市場是否為一半強勢效率市場之認定。
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| 英文關鍵詞： |
securities fraud；transaction causation(reliance)；fraud-on-the-market theory；aiding and abetting liability；forced seller dostrine |
| 英文摘要： |
Reliance typically requires plaintiffs to prove that alleged misrepresentations induced them to do something different from what they would otherwise have done in making investment decisions. That is to say, but for the claimed misrepresentations or omissions, the plaintiff would not have entered into the detrimental securities transaction. Federal courts admit reliance in the U.S., so does many decisions of high courts in Taiwan. The existence of reliance could help define the scope of the aiding and abetting liability. There is no need to prove reliance in the suits brought by the government, except for that, there are also a few exceptions in civil suits that do not ask to prove reliance, especially the forced seller doctrine. The forced seller doctrine is worth our continuing observation.
With regard to the burden of proof, both courts in the U.S. and Taiwan all regard it as the plaintiffs burden. The U.S. law divides the proof of reliance into justifiable reliance and reasonable reliance; the courts in Taiwan assume the approach of proximate causation relationship.
Regarding of the omitting case, Ute case thinks the reliance can be presumed, and there is one decision of high court taking the same position in Taiwan. As for the fraud-on-the-market theory, 1998 Basic case admitted it. There are many courts and scholars suggest we should introduce this theory into Taiwan, but it involves with one precondition, that is, if securities market in Taiwan is a semi-strong form of efficient capital market.
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| 目 次： |
壹、交易因果關係之概念
一、普通法上信賴要件的意義
二、證券法上信賴要件的意義
三、應否承認信賴要件？
四、信賴要件的另一項功能：證券詐欺的幫助人無須負責
五、不必具備信賴要件的情形
貳、信賴要件之舉證責任
一、美國法
二、我國法
參、信賴要件推定之類型一：隱匿類型的案件
一、起源： Ute 案
二、Ute 原則的要件
三、被告對 Ute 原則得提出抗辯
四、我國法院見解
肆、信賴要件推定之類型二：對市場詐欺理論
一、對市場詐欺理論的建立
二、對市場詐欺理論的五項要件
三、被告對對市場詐欺理論得提出之抗辯
四、我國是否適合引進對市場詐欺理論？
伍、結語
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