強制公開收購證券法制的合憲性控制——以證券交易法第43條之1第3項為論述中心

On the Constitutionality of the Mandatory Public Tender Offers: Focused on the Article 43-1 of the Securities and Exchange Act

有「股市遊戲規則」之稱的證券交易法，其立法目的在發展國民經濟、保障投資，以私人主體及私法關係為規範對象，規範架構則不脫金融監督管理的公法格局，卻又別具特色。在規範面，法律空白頻仍、授權繁多寬鬆、子法龐雜錯亂；組織面，私法組織之證券交易所及櫃檯買賣中心擔負證券交易市場管理之重任；作用面，以行政處罰為主要管制手段，並輔以刑事處罰。凡此種種，是否符合法治國家的基本原則，值得研究。本文試從公法的視角出發，擇取引發爭議及討論的證交法第43條之1強制公開收購制度作為初步探索的切入點，分從法律面與行政面二路進行合憲性控制的法學思辨，期能有助於相關法律問題之思考與法制之研修，並就教於方家，啟迪新論，俾以提升臺灣法學研究之水準。

Also known as the 'rule of the stock market', the purpose of the Securities and Exchange Act is to facilitate national economy and protect investment. The subjects of regulation are private entities and private law relations, while the structure is mainly public law oriented regulations of financial supervision and management. From a legal aspect, the regulation contains various unregulated areas, general authorization and disordered subsequent regulations; from an organizational perspective, private law organizations, namely the Taiwan Stock Exchange and the GreTai Securities Market, are responsible for the management of the stock market; as for the legal consequences, the means of control mainly consists of administrative penalties, with a few instances of criminal penalties. It should be discussed whether the situation above is concurrent with the principles of a constitutional state. This article takes a public law point of view, and chooses the controversial article 43-1 of the Securities and Exchange Act as the entry point for preliminary discussion, engaging in a jurisprudence speculation from the legal aspect and administrative aspect of constitutional control, with hopes of helping the development of relevant legal thinking, amendment of regulations, forming of new theories, and the general elevation of the standards of legal research in Taiwan.