AI演算法於投資交易的運用及其刑事責任──以「市場操縱行為」與「內線交易」為中心

The Application of AI Algorithms in Investment Transactions and its Criminal Liability －Focusing on “Market Manipulation” and “Insider Trading”

隨著人工智慧和資訊技術的進展，AI技術廣泛應用於金融交易與風險監管。然而，AI演算法使交易決策的可預測性與解釋性下降，產生「黑盒效應」，可能導致金融市場產生系統性的風險，以及導致投資者損失或損害金融市場秩序。本文將以我國證券交易法的「操縱市場」及「內線交易」等犯罪為例，探討未來AI演算法替代人類進行投資決策缺觸犯本罪時，可能衍生的事實認定與歸責評價等問題，並嘗試提出前瞻性的解決方式。

With the advancement of artificial intelligence and information technology, AI technology is widely used in financial transactions and risk supervision. However, AI algorithms reduce the predictability and interpretability of trading decisions, creating a “black box effect” that may cause systemic risks in the financial market, cause investor losses, or damage the order of the financial market. This article will take the crimes of “market manipulation” and “insider trading” under China’s Securities and Exchange Law as examples to explore issues such as fact determination and liability evaluation that may arise when AI algorithms replace humans in investment decision-making in the future and violate this crime. And try to come up with proactive solutions.