從內部人交易規範理論與實證平議海峽兩岸內部人交易規範

10.6985/TBFQ.200303.0145

郭敏華

內部人交易 ； 內部人交易規範 ； 兩岸比較

台灣金融財務季刊

4卷1期（2003 / 03 / 01）

145 - 161

繁體中文

在全球化競爭趨勢下，資本市場效率性係決定國家競爭力的重要指標，資訊透明度則是決定市場效率的重要因素。在如何提升資訊透明度的討論中，內線交易又往往是最受關注的問題之一。根據瑞士洛桑管理學院的調查，台灣和中國大陸的股市內線交易均屬倒數之列，不論是對整體形象或是對實質競爭力均已造成十分不利影響，內部人交易因之成為一個必須嚴正以對的議題，值得兩岸中國人共同思索與探討。本文即以內部人交易規範理論基礎與實證發現為核心，以客觀態度對海峽兩岸內部人交易規範加以比較。就學術發展來說，本文就內部人交易議題進行法律與財金論見之系統性跨領域整合，有助於未來進一步研究思考；就政策意涵而言，本文除對兩岸關於此議題的現況與政策態度進行各面向具體探討外，並比較與評論二者優劣，同時據以提出政策建議，期能為政府施政與立法方針提供具體參考。

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