August 2017

法院對是否違法炒作股票應就其連續高價買入或低價賣出特定股票行為如何導致該股票在市場買賣競價上產生異常及影響股價異常說明判斷標準(台灣)

2016.09.14
翁乃方律師

最高法院於民國105年9月14日作成105年台上字第2304號刑事判決（下稱本號判決）指出，法院對是否違法炒作股票，應就其連續高價買入或低價賣出特定股票行為，如何導致該股票在市場買賣競價上產生異常及影響股價異常說明判斷標準。

本號判決事實為原判決認定被告共同犯證券交易法犯行，依刑法想像競合關係從一重論其共犯證券交易法第171條第2項，經被告等不服提起上訴。

本號判決指出證券交易法第155條第1項第4款之操縱股票價格罪僅規定「意圖抬高或壓低集中市場某種有價證券之交易價格，自行或以他人名義，對該有價證券連續以高價買入或以低價賣出」，則就行為人連續以高價買入或低價賣出特定有價證券行為，客觀亦應一併考量是否致使該特定有價證券之價格，不能於自由市場供需競價下產生之情形。然是否成立該罪，應就行為人連續以高價買入或低價賣出特定股票行為，如何導致該股票在市場買賣競價上產生異常及影響股價異常，並應說明判斷標準。

本號判決進而認為原判決未予說明其所援用股市交易資料依憑何項交易規則或標準而為認定上訴人等之股票交易行為已有異常，足以影響股市價格或秩序，而有操縱股價之意圖，且有其他判決理由矛盾之違法，故撤銷原判決發回更審。

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