美國內線交易法制的方法與價值

The Insider Trading Law of the United States: Method and Value

美國處罰內線交易的法制，是以禁止欺騙的條文為基礎。何謂欺騙？由於法條文義頗富彈性，過去數十年間，美國法院判決從資訊平等理論，到信賴關係理論，到私取理論，法律雖未修正，但「欺騙」的意涵卻有重大的變化這種變化和法官使用的法律解釋方法，及其對內線交易的道德評價息息相關。研讀美國法院判決時，要同時注意判決的主旨和理由，及不同意見書的見解，更要透視多數意見和不同意見所運用的解釋方法及方法背後的價值觀。從這樣的高度觀察，便會清楚認識判決的結果其實是一種價值選擇，而且是經常分歧變動的選擇。

The prohibition of insider trading in the United States is based on the anti-fraud provision. The definition of ＂fraud＂ or ＂deception＂ is broad and vague, providing a board playing field for different interpretations. A variety of theories, including parity-of-information theory, fiduciary duty theory, and misappropriation theory, have been applied in cases by the court over the pa t decades. While the text of the law as enacted by the Congress remains intact, the meaning of ＂fraud＂ or ＂deception＂ has changed significantly. The change is largely a product of differences in the method of statutory interpretation as employed by the courts, and variation in judges' value judgement on the insider trading. To gain an insight into the U.S. insider trading law, one should read both dissenting and majority opinions of the decisions, with special attention to the statutory interpretation methods and value judgement underlying the holdings and reasons thereof. The holdings are not given, but merely a choice of value among judges, and often changing and conflicting.