長久以來，我國社會大眾皆認為我國對內線交易嚇阻與偵查成效不彰。儘管我國於1988年於證券交易法中明訂禁止內線交易並對其課以刑責，刑責也逐年加重，但我國內線交易的情形仍然層出不窮。特別是與美日比較後可發現我國的內線交易無論是案件數或定罪率皆遠低於美日兩國。但就刑責與其他國家比較可以發現，我國刑責並無明顯過輕的問題。顯然重刑化政策對於內線交易之嚇阻能力不足。 文獻認為，嚇阻白領犯罪最佳手段是增加被處罰率。但公部門必定有其侷限性，必須另闢蹊徑找尋出路。本文認為長期在台灣被忽視的吹哨者是突破公部門困境，並且是強化我國內線交易禁止規定的有效手段之一。故本文針對國外美英日三國吹哨者保護法制進行探討，同時對我國現行吹哨者保護法制進行分析比較。期望藉此為健全我國證券市場找尋一條全新的出路。 ;The deterrence and investigation of insider trading are believed ineffective by society for a long time in Taiwan. Though Securities and Exchange Act has forbade and criminalized insider trading since 1988, and the sentence of insider trading has increased yearly. But insider trading in Taiwan emerges in endlessly still. Comparing with the United States and Japan, the number of cases filed and the rate of guilty are way lower than these countries, but the criminal liability is not. Obviously the policy of severe punishment can not deter insider trading. As the researches before indicate the most effective way to deter white-coller crime is increasing the rate of being punishment. But there is a limitation with the public sector; we must find another effective way. This article believes the long ignored whistleblower is an effective way to breakthrough the predicament above, and the most effective way to strengthen the insider trading prohibition in Taiwan. This article discusses the whistleblower protection act in United States, Japan, and the Commonwealth; also analyze the current whistleblower protection law in Taiwan. The goal of this article is bring a new way to build a sound securities market in Taiwan.
