資本市場中，資訊是影響投資人決策的重要資訊，如何使資訊公平對等、使資訊做最有效的配置，以防止內線交易，並有效落實「公司治理」。為將內線交易構成要件明確化，證券交易法已將關於具體內容對其股票價格有重大影響，或對正當投資人之投資決定有重要影響之消息明文規範。然而隨著時代之進步與發展，重大性消息之範圍性質等事項不能再墨守成規、固守疆界，應對影響股票價格之重大消息之標準與投資人投資判斷決定之考量必須重新再定義，因此，本文先就資訊揭露與內線交易以經濟理論作正當性存在之基礎，次由外國立法例與實務發展出之理論所影響我國之部分作介紹，我國目前證券資訊公開與財務公開對於防制內線交易，藉由現有政策與建議政策作研整，最後以我國案例分析之結論給予重大資訊之資訊揭露範圍、公開方式、形成與公開時點與防制內線交易予以另一思考模式。 In the investment market, information is the key to the investors’ decision. It includes how to send out the company’s information fairly, to allocate the information the effectively to prevent insider trading, and to demonstrate「Corporate Governance」effectively. In order to clarify the components of insider trading, Securities and Exchange Law already regulated on how the actual content affects the stock price greatly, or the information about the investment decision of the investors. However, the range of crucial information can not be constantly the same. This thesis redefines the standard of information that affects the stock price and the consideration of the investors. Therefore, this thesis discusses the disclosure of information and insider trading as the basis of economic theory firstly. Secondly, the thesis introduces how our nation is affected by the theory and of foreign development, Taiwan’s disclose information of securities and disclose information of finance to prevent insider trading is integrated by current policies and suggested policies. Finally, the conclusion of the Taiwan’s case analysis gives scope of information disclosure ways of public information, formation times and prevention of insider trading, a new way of thinking.
