論證券交易法上非常規交易罪與特別背信罪之實證研究－－以真假交易為討論核心

Whether Real Transaction Matters - Non-arm's Length Transaction and the Breach of Trust Crime in Taiwan's Security Law

民國（下同）93年4月28日我國立法者考量企業掏空事件頻傳，企業經營者利用職務之便挪用公款或利用職權掏空公司資產情形，嚴重影響企業經營及金融安定，並損及廣大投資人權益，實有必要嚴以懲處，特立法增訂證券交易法（下稱：證交法）第171條第1項第3款特別背信罪，而實務判決中，有以證交法第171條第1項第3款特別背信罪與同項第2款非常規交易罪併列應有所區分為由，限縮證交法第171條第1項第2款非常規交易罪之規範範圍僅限於真實交易，同項第3款特別背信罪則限於虛偽交易，亦有表示只要形式上具有交易行為之外觀，實質上對公司不利益，而與一般常規交易顯不相當，自屬不合營業常規之範疇，顯見對非常規交易罪及特別背信罪之適用，是否因案係真實或虛偽交易而有所不同，實務判決並無統一之見解，本文擬就兩款之立法目的、構成要件、保護法益、法條競合等各方面加以分析，並統整學說及實務之見解，試就此爭議作一綜整。

As corporate corruption became rampant, including draining funds and misappropriating company assets,“the special breach of trust in securities”of the Subparagraph 3, Paragraph 1, Article 171 of the Taiwan Securities and Exchange Act was added and promulgated on 28 April,2004, to maintain the order of economic, finance and business activities, while protecting the investors. In recent criminal judgments, some courts hold that “the special breach of trust in securities” shall be distinguished from “the non-arm’s length transaction” of Subparagraph 2, Paragraph 1, Article 171 of the Securities and Exchange Act. The Subparagraph 2, Paragraph 1, Article 171 applies only to real transactions, while the application of Subparagraph 3, Paragraph 1, Article 171 is confined to wash sales. Also, some courts hold that if a transaction passed off as anormal trading but was in reality a trading to the detriment of the corporation, and was obviously different from general trading, such transaction shallall within the grounds of “the non-arm’s length transaction.” Whether the application of “the special breach of truth in securities” or “the non-arm’s length transaction” depends on the realness of the transaction still remains unclear as the courts do not hold a consistent opinion in this respect. This article aims to propose a solution to put an end to these legal disputes by way of analyzing the constitution, the legal interests, the legislative purposes and theoverlapping of penalties of “the non-arm’s length transaction” and “the special breach of trust in securities;” and investigating the controversies between the theories and the criminal cases.