我國財報不實之實證研究—以損害賠償計算方式為中心

Abstract

我國在證券交易法上僅就第157之1條規定了內線交易擬制損害賠償計算方式，其餘如財報不實等則未有明文規定，故學術界與實務界多有討論。而當發生證券交易法上財報不實情事時，原告之損害為何？應如何計算損害賠償？實為一大難題，蓋財報不實訴訟具有以下特徵：損害賠償額之認定極為複雜以及具有高度不確定性。參考國內外對於財報不實損害賠償計算之看法有所不同、我國法院認定方式亦不一致，然總結而言基本上可歸納為毛損益法與淨損差額法。本文以為，究應採取何種見解，須從損害賠償之目的：填補損害與嚇阻不法思考此一問題。

本文之研究，將先由我國既有之規範開始探討，並以美國法為主介紹比較法之相關規定，接著針對我國法院涉及財報不實損害賠償計算之判決進行實證研究，試圖尋找我國實務之主流見解，最後透過法律經濟分析方式檢視現行法律適用情形及缺乏效率之處，並綜合以上內容闡述個人想法、試圖提出一適合我國之損害賠償計算方式，以供學術界與實務界參考。

Regarding to the Securities and Exchange Act in Taiwan, there is only Article 157-1 that regulates the calculation of damages in case of insider trading. And in other securities fraud cases, such as financial report misrepresentation, neither judges nor the parties know how to estimate the actual damages, this problem opens complex practical and theoretical questions from both practical and theoretical standpoint. What is the suffered loss of plaintiff in case of financial report misrepresentation? How does one estimate the actual damages? All offer great hurdles in measuring damages. The distinctive features of financial report misrepresentation cases are hard to estimate the actual damages and the methodology of calculateing damages is not only uncertain but unpredictable. In the securities litigation, although there are numerous approaches used by various jurisdictions, we can sum up that the main methods for measureing the damages in financial report misrepresentation cases are—gross income loss measure and out-of-pocket method. This dissertation proposes that we should rethink this problem from the goal of damages: compensation and deterrence.

This study first focuses on the regulatory scheme of financial report misrepresentation, and analyzes several foreign approaches, particularly those used in the USA, toward the measure of the damages. Second, this dissertation provides an empirical study about the measure of damages to illustrate the financial report misrepresentation law litigations in Taiwan. Last but not least, this dissertation reviews the inefficiency of lawsuits by economic analysis of law. From the discussions above, this dissertation tentatively proposes a feasible and optimal regulation to measure the damages in case of financial report misrepresentation.