證券詐欺責任中之因果關係與損害──實務見解之觀察

Causation and Loss in Securities Fraud Liability: Review of Court Opinions

本文以美國法為對象，就我國實務關於證券詐欺之因果關係及損害之見解，進行觀察並予以分析。關於交易因果關係，我國最高法院對此近來多有深刻論述，但在個案操作中，就交易因果關係之舉證責任分配以及檢驗機制，仍有不明，而得考慮將詐欺市場理論之運用，定位為表見證明，並參考美國法上之事件研究法，使用一定財務計量方法就價格衝擊進行量測。關於損害因果關係，近來最高法院提出應排除非因不實陳述所造成之價格影響，與美國法上Dura漸於趨同，但關於損害因果關係涵蓋區間之認定是否妥適，容有待斟酌。而在最高法院就交易因果關係與損害因果關係之架構逐漸確立下，毛損益法於我國證券詐欺之損害計算上，將幾無適用空間。

From the perspective of the US law, this article observes and analyzes the cases regarding the causation and loss in securities fraud liability in Taiwan. With respect to the transaction causation, The Supreme Court in Taiwan has issued several elaborated opinions. However, when it comes to the specific cases, the allocation of burden of proof and the examination mechanism of transaction causation remain unclear. Therefore, this article argues that the adoption of the fraud-on-the-market theory could be characterized as the so called“prima facie evidence”and refers to the US law to adopt econometrics measures such as event research to assess the price impact. Regarding the loss causation, recent opinions by the Supreme Court in Taiwan stated that the price change caused by the factors other than the misrepresentation should be excluded, showing the trend to convert with Dura. However, the suitability of whether the duration of the coverage for loss causation currently in use in Taiwan remains to be examined. Finally, this article contends that with the gradual establishment of legal structure of transaction causation and loss causation, there seems to be little room for the gross income loss method to be adopted in the securities liability in Taiwan.