財報不實損害賠償範圍之探討——以損害因果關係為觀察

A Discussion on the Damages in False Financial Statements–the Perspective of Loss Causation

依據證券交易所之統計，我國投資證券之散戶逐漸增加，當公司爆發財報不實後，一般投資人請求民事損害賠償時，如何證明損害因果關係，即其所受之損害與公司之不實行為間具有因果關係，實屬困難。本文探討財報不實案件中損害因果關係之判斷標準，介紹相關法規範中學者所提出之見解，並統整我國近十年法院就財報不實案件所採取之損害因果關係判斷標準，再參酌美國法制背景，以及2005年最高法院作成Dura案中所提及之損害因果關係判斷標準，與該案之後近期下級法院所採取之見解，針對我國現行法制環境提出本文認為妥適之損害因果關係判斷標準。
本文認為財報不實之損害發生於投資人以不當價格交易證券當下，採取事前觀點判斷損害，較貼近投資人之實際損害，不應單以更正揭露後股價變化之事後觀點判斷，因易受到其他因素影響，也可能被故意操控，故事前觀點較為妥適。並以此損害因果關係之判斷標準觀察損害賠償範圍之爭點，包含損害賠償之計算方式、得否適用損益相抵以及得否適用與有過失等，提出本文之見解。
事件研究法已常見於美國證券詐欺訴訟中，而我國於2021年施行商業事件審理法，期望商業法院就財報不實之損害因果關係與損害賠償範圍等難題，能委請專家提供意見，並在訴訟中進行攻防，促進實務就此爭議發展出更高專業性之裁判。

According to statistics from Taiwan Stock Exchange Corporation, the number of retail investors in Taiwan participating in securities investment has been gradually increasing. When companies are exposed for false financial statements, establishing“loss causation” between the damages suffered by investors and the fraudulent actions of the company proves to be challenging. This paper explores the criteria for determining causation in damages within cases of false financial statements. It introduces insights proposed by scholars in relevant regulatory frameworks and consolidates the standards employed by Taiwanese courts in the past decade for assessing loss causation in cases of false financial statements. Considering the legal background in the United States and the loss causation standards mentioned in the 2005 Dura case by the Supreme Court, along with recent rulings by lower courts following the Dura case, this paper proposes an appropriate standard for determining loss causation within the current legal environment in Taiwan.
The paper argues that damages resulting from false financial statement occur at the moment when investors improperly trade securities at an inflated price. It advocates for Ex Ante perspective in assessing damages, which aligns more closely with the actual damages suffered by investors. The paper contends that relying solely on Ex Post perspective, based on disclosure stock price changes, is less suitable as it is susceptible to other influencing factors and potential manipulation. Using this standard for determining causation in damages, the paper examines contentious issues related to the scope of damages. This includes the calculation methods for damages, benefits rule, and mutual negligence, presenting the paper’s perspective on these matters.
Event studies, commonly used in securities fraud litigation in the United States. Taiwan enacted the Commercial Case Adjudication Act in 2021. This legislation aims to address challenges related to loss causation and the scope of damages in cases of false financial statement. It encourages the Commercial Courts to seek expert opinions and engage in litigation proceedings, fostering the development of higher professional standards in the practical resolution of such disputes.