內線交易共同正犯與共犯之研究

Abstract

內線交易不會永遠僅一人為之，企業內部人多有接觸內部消息之 管道及機會，且消息具備流通性，多數行為人共同犯之的案例時有所 聞，該多數行為人犯罪參與型態之區辨、認定及論罪等問題，橫跨財 經法及刑事法領域，更牽引美國法系內線交易與大陸法系犯罪參與之 交錯適用。實務上少有判決著墨於此;學術上，財經法學者與刑法學 者在內線交易領域雖有各自長期努力研究之議題，然在亟須財經法與 刑法傾心灌注、耕耘之「內線交易共同正犯及共犯」範疇，卻偏偏是 兩大學術領域之空集合，共同正犯及共犯在內線交易領域，並非全無適用上之問題，毋寧只是被學術及實務所忽略。\n\n為研究之完整性，本文分從共同正犯及共犯理論、要件及論罪三 大層面，逐層分析討論:首先是，共同正犯及共犯與內線交易理論之競合適用，以及在不同法體系下各自必要之調整與讓步。其次，參酌內線交易犯罪特性，協助實務推認犯罪參與之成立要件，特別是有證 明困難之主觀要件。最後，從我國刑法法益侵害及不法內涵，解決實 務論罪上之意見紛亂，提出內線交易犯罪參與行為人之論罪建議，並以對台開案及勁永案之綜合評析，具體運用之。\n\n「內線交易」、「共同正犯及共犯」學術發展累積至今已有相當歷史，然該蓬勃發展之榮景均僅在單一領域內，並未跨出該領域之框架， 放眼我國整體法制環境及法體系之調和，再加上實務對於問題意識之 欠缺與被動，使得此一跨領域爭議至今未被正視，外國法制經驗雖為 值得借鏡之對象，然並非所有舶來品皆能適應我國法制生態環境、解決我國境內本土的問題，本文除期望能對共同正犯及共犯在內線交易 領域之適用，提出具有建設性之調和建議，讓內線交易得以在我國刑法犯罪參與體系下落地生根發展，同時亦希望能藉此論文喚起學術及實務對此議題之重視。

Insider trading will not always be done by one person alone, as corporate insiders have access to insider information and the information is circulating. The case is a cross-application of the common law of insider trading and the civil law of criminal participation.In the field of insider trading, although scholars of financial law and scholars of criminal law have been working on their own issues for a long time, the area of "co- principals and accomplice in insider trading", which needs to be worked on by both financial law and criminal law, is an empty collection of academic fields of both universities. In this paper, we will focus on the issues of joint offenders in the field of insider trading, which has been neglected by academics and practitioners.\n\nFor the integrity of the research, we analyze and discuss the theories of joint principal offenders and accomplice, the elements, and the criminality at three levels. First, the competing applications of the theories of joint principal offenders and accomplice and insider trading and the necessary adjustments under different legal systems; Secondly, considering the characteristics of the crime of internal transaction, the elements of the establishment of the crime should be considered, especially the elements of the main concern that are difficult to prove; Lastly, we propose to resolve the confusion of opinions on the criminalization of participants in insider trading crimes by taking into account the infringement of legal interests and the connotation of wrongdoing in our criminal law, and propose the criminalization of participants in insider trading crimes, and use the comprehensive analysis of the Taikai and Jinyong cases for specific operations.\n\nThe academic development of "insider trading" and " joint principal offenders and accomplice" has a long history, but the prosperous development of the academic development is only in a single field, not beyond the framework of the field. Although foreign legal experiences are worthy of reference, not all imported products can be adapted to our legal\nenvironment and solve local problems in our country. In addition, we hope that this paper will arouse academic and practical attention to this issue.