論公司股份回籠與內線交易; A Comment on the Company Reacquires Its Own Shares and the Problem of Insider Trading

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Title:	論公司股份回籠與內線交易;A Comment on the Company Reacquires Its Own Shares and the Problem of Insider Trading
Authors:	馮茂紘;Mao-Hong Fong
Contributors:	產業經濟研究所
Keywords:	流通市場;發行市場;內線交易;庫藏股;回籠股份;發行人;circulation market;issuer;shares of redemption;treasury stock;insider trading;issue market
Date:	2009-06-26
Issue Date:	2009-09-22 15:13:21 (UTC+8)
Publisher:	國立中央大學圖書館
Abstract:	由於發行公司本身即充分具備公司內部人身分，因此當公司取回自己公司股份時，即一般所謂的股份回籠情形，非常可能會有傷害證券市場健全性之內線交易行為產生，如何避免其中之利益衝突問題，著實須要詳細地加以研究。從而本論文內容著重於此，以我國公司法與證券交易法兩部法律規範為論述主軸，以公司股份回籠與禁止發行公司內線交易作為討論架構；比較法則以美國法制作為主要依據，並輔以美國與我國實務上之案例，探討建立禁止規範規制之必要性；另外，嘗試透過經濟與法律等不同角度作為出發點，分析說明更為開放公司股份回籠制度以及發行公司宜明文納入內線交易禁止規範之理由，最後以公司股份回籠之立法體例與其違反內線交易時之責任代作本文結論。 An issuing company totally situates in its insider status. So when company reacquires its own shares, the so-called shares of redemption, there will possibly be insider trading behavior in connection of the transaction, and it could harm the fairness of the security market. This way, how to avoid the conflicts of interest really needs to be studied in detail. Thus, this thesis will focus on this, and legal norms address two main axes by our country’s Company Act and the Securities and Exchange Act. Two basic discussion structures are issuing company reacquiring its own issued shares and prohibiting issuing company insider trading. Comparative law mainly adopts the American norms as a basis, assisting with American and our country’s practical cases to establish a ban on the need of standardizing the regulation of it. Besides, this thesis tries different economic and legal points of view as a starting point, explaining reasons of this thesis’ supporting points of more open reacquiring own issued shares system and regulating issuer insider trading behavior. The final part of thesis is the discussion about legislative style of shares redemption and liability of violation insider trading regulations as the conclusion for this article.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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