東隆五金案為證券交易法上重要實務判決之一，觀諸高等法院與最高法院判決內容，關於證券交易法第一百五十五條第一項第四款連續交易操縱行為與第一百五十七條之一內線交易部分見解殊異，本文先介紹本案之案例事實，進而以學說及實務見解評析上開條文構成要件及高等法院、最高法院判決見解殊異之處，期能對於上開爭議之釐清有些許助益。再者，本文亦對連續交易操縱行為應有豁免規定、以「非自發性之行為或非可歸責於自己之事由」判斷內線交易成立與否之妥適性提出淺見。

The decision of Tong Lung metal industry Co., Ltd serves an important position in the Securities Exchange Act field. The decisions made by the Supreme Court and Taiwan High Court exist strong conflicts with regard to the interpretations of the series transactions and insider trading. This article would like to explore from the introduction statement of the case. Afterward the article comments on the issues and rules forming the basis of the holding by the related academic theories and decisions of courts. Furthermore, this article takes the position that, prohibition against manipulation of security prices by series transactions should add the exemption clause and the courts shouldn't apply administrative interpretations for the short swing trading to judge the insider trading.