本文旨在探討我國財務報告不實民事責任之相關爭議，主要聚焦於詐欺市場理論之適用、損害賠償額之計算，以及懲罰性賠償金制度之建構，期能釐清現行法制與實務運作所面臨之問題，並提出未來制度發展之參考方向。 資料來源主要為我國與美國相關法規、立法資料、司法實務見解及國內外學術文獻。研究方法採比較法研究法、個案研究法及文獻研究法，透過整理並比較兩國財報不實民事責任之規範、理論及實務發展，檢視相關制度於我國法制下之適用可能。 交易因果關係之認定，應透過個案判斷證券價格是否受到不實資訊影響，並參考詐欺市場理論，減輕投資人就交易因果關係之舉證困難。至於損害賠償金額之計算，宜採淨損益法，並參酌證券交易法內線交易禁止之民事損害賠償計算公式認定投資人因財報不實所受之損害。 此外，考量財報不實行為對投資人權益及證券市場秩序之影響，單純填補實際損害可能不足以發揮嚇阻功能，未來或能建立適度之懲罰性賠償規範，以兼顧投資人保護與違法行為之預防，期能做為我國財報不實民事責任規範未來發展之參考。;This study examines civil liability for financial statement misrepresentation in Taiwan， focusing on the fraud-on-the-market theory， the calculation of damages， and punitive damages. The research draws on statutes， legislative materials， judicial decisions， and academic literature from Taiwan and the United States. It adopts comparative legal analysis， case study， and literature review to assess the applicability of relevant legal mechanisms in Taiwan. Transaction causation should be determined on a case-by-case basis by examining whether the securities price was affected by the misrepresentation， with reference to the fraud-on-the-market theory. Damages should be calculated under the net loss method， with reference to the civil damages calculation for insider trading under the Securities and Exchange Act. Given the impact of financial statement misrepresentation on investors and market integrity， an appropriate punitive damages regime may be considered to strengthen deterrence and investor protection.
