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論著名稱: 公開收購股權與內線交易及操縱法律適用問題之探討(A Study on the Legal Application of Law Regarding Insider Trading and Manipulation for Dealing of Illegal Tender Offer)
編著譯者: 郭土木
出版日期: 2011.12
刊登出處: 台灣/輔仁法學第 42 期 /221-284 頁
頁  數: 63 點閱次數: 2798
下載點數: 252 點 銷售明細: 權利金查詢 變更售價
授 權 者: 輔仁大學法律學院 授權者指定不分配權利金給作者)
關 鍵 詞: 企業併購非合意併購内線交易操縱市場價格安全港條款主観犯罪構成要件客観犯罪構成要件
中文摘要: 企業併購在經濟功能上主要在於淘汰效率較差之經營者,金融市場體制愈先進之國家其併購之活動愈盛行,然由於企業併購之活動影響到股東對於股價之判斷與交易之公平、公正與公開性,因此在併購程序中屢有涉及内線交易或炒作股票價格之情事發生,惟企業併購原為企業經營活動重要之環節,更是產業提升之重要原動力之一,併購案件是否構成違反證券交易法關於内線交易及操縱市場價格禁止之規定,宜有明確之界線,政府與司法機關理應提供經營者明確遵循之標準,俾使企業有所遵行並維護政府與市場之公信力,實務上因非合意併購被認為構成違反證券交易法關於内線交易及操縱市場價格禁止之規定而移送司法檢調之案件甚多,尤其是未經申報公告及依合法進行之併購程序,其買進被併購公司股份,其是否當然構成達反證券交易法關於内線交易及操縱市場價格禁止之規定,行政機關有以達反内線交易及操縱市場價格禁止之規定移送者亦有不移送之案例,司法實務之見解亦存有歧異,因此本文擬比較分析現行實務案例之見解,從行為主體與主、客觀犯罪構成要件進ー步探討,並援引美國司法實務案例之見解體提出說明,最後並以行政院函請立法院審議之證券交易法修正案為例,就所提有關安全港條款之立法草案,回顧我國現行行政與司法機關之實務規定與見解,提出可供参考之建議。
英文關鍵詞: Mergers and AcquisitionsHostile TakeoverInsider TradingManipulationSafe Harbor ProvisionsSubjective Elements of CrimeObjective Elements of Crime
英文摘要: Mergers and acquisitions in the main economic function is to eliminate the less efficient enterprise operators, in the more advanced financial market system countries, the acquisition of the more popular activities, however due to mergers and acquisitions affect the activity of the shareholders to determine the share price and trading, so frequently involved in the acquisition process in insider trading or speculation in the stock price of the occurrences, for the fair and just and open ’there are many mergers and acquisitions cases and enterprises transferred to prosecutors for prosecution and investigation, but the original merger of the important aspects of business activities, is the major driving force behind industrial upgrading,one of whether M & A cases constitute a violation of the Securities Exchange Act on insider trading and price manipulation provisions of prohibition is very important,for the boundaries should to be clear, the government and the judiciary should provide the operator a clear standard to follow, thus giving the enterprises to comply with and maintain the credibility of the government and the market,in our country the government and the judiciary deal with mergers and acquisitions practice,often hold that due to non¬consensual is considered to constitute a violation of the Securities Exchange Act of insider trading and price manipulation provisions prohibited ’ and then many cases have transferred to judicial examination, especially unreported announcement and acquisitions carried out in accordance with legal procedures, wnich buy shares of the acquired company, it is possible constitute a violation of the Securities Exchange Act prohibits insider trading and market manipulation provisions of the price, the authorities has transfer the case to the judiciary because they are violation of insider trading and price manipulation provisions prohibited,However, we also found who have not transferred to the judicial practice,so there are also exist differences of opinion, this article intends to present a comparative analysis of cases of practical insights from the suDjective meaning of human behavior and the main objective activities of a crime to explore further, citing the case of the United States Judicial opinions and comparative analysis the elements of crime body of judicial practice by a statement explaining,the final letter to the Executive Yuan and Legislative Yuan for review of the securities Exchange Act of amendment, for example, the proposed safe harbor provisions of the draft legislation, administrative and judicial review of current regulations and practice ideas, and proposed induction put forward suggestions for reference.
目  次: 壹、前言
貳、非合意併購之意義與實務運作
一、非合意併購之意義
二、非合意併購之實務蓮作
(一)自證券交易市場收購股份
(二)公開收購
(三)強制公開收購
參、公開收購股權與内線交易禁止
一、行為主體與內線消息
二、主観犯罪構成要件
三、美國司法實務上之見解
四、我國證交法有關安全港條款之増訂
肆、公開收購股權與操縱市場行情
一、操縱行為之主観犯罪構成要件
二、概括操縱條款與其他各款之適用順序
三、收購股權之行為與操縱市場之犯罪
伍、公開收購股權與操縱市場行情相關案例分析
一、以參與經營為目的而購入股票不能遽認有操縱之意圖
二、美國司法實務案例
陸、結論與建議

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