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題名：由經濟觀點論金融市場上以衍生性商品進行市場投機之管制
書刊名：國立臺灣大學法學論叢
作者：陳肇鴻 引用關係
作者(外文)：Chen, Chao-hung
出版日期：2010
卷期：39:3
頁次：頁167-222
主題關鍵詞：投機；避險；衍生性商品；期貨；信用違約交換；經濟分析；系統性風險；賭博；保險利益；集中清算；Speculation；Hedging；Derivatives；Futures；Credit default swap；Economic analysis；Systemic risk；Gambling；Wagering；Insurable interest；Clearing
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(6) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:6
  • 共同引用共同引用:43
  • 點閱點閱:43
本文認為，市場投機本身係經由承擔風險以獲利的行為，經由衍生性商品進行市場投機可協助避險、撮合市場以及協助完整化投資市場，然而，純粹的投機行為可能造成市場效率的淨損失並產生外部成本，並可能衍生資訊不對稱以及濫用市場的問題，甚至可能造成系統性風險，這些可構成限制市場投機的理由。本文以為，於台灣現行法下，可維持以金融機構為中心的規範模式之上，以限制投機交易及減少風險擴大的方式來控制利用衍生性商品進行投機的潛在問題；另就零售市場方面，可更進一步採取若干程度的直接產品規範，以更明確化合約內容以及當事人間的權利義務關係，以減少一般投資人利用衍生性商品投機的不良影響。
This article argues that market speculation is a conduct to acquire benefits by undertaking risk. Derivative instruments are powerful tools for market participants to conduct market speculation, which may help hedging, market making and completing investment market. However, pure and excessive speculation might cause net loss of market efficiency and create external costs. Some speculative transactions may imply asymmetric information. Market speculation might also lead to market abuse and even systemic risk. These reasons provide the basis to regulate market speculation by derivatives trading. This paper argues that Taiwan law might build on current regulatory model centring on the type of financial institution and devise legal rules to restraint the amount of speculative transactions and to avoid risk from spreading in order to contain problems from market speculation. In addition, in the retail market, Taiwan law might employ a certain degree of direct product regulation in order to clarify terms of relevant derivative contracts and the rights and obligations of parties in order to reduce the negative consequences of speculation/investment by way of derivative instruments.
期刊論文
1.Paredes, T. A.(2006)。On the decision to regulate hedge funds: The SEC's regulatory philosophy, style, and mission。University Illinois Law Review，2006，975。  new window
2.陳肇鴻(20080800)。ISDA總契約、利率交換與消費者保護法--評高等法院96年金上字第3號判決。律師雜誌，347，65-76。  延伸查詢new window
3.Chen, Christophe Chao-hung(20090300)。Information Disclosure, Risk Trading and the Nature of Derivative Instruments: From Common Law Perspective。National Taiwan University Law Review，4(1)，1-53。new window  new window
4.陳肇鴻(20070600)。論信用違約交換之類型化風險及契約性質。月旦財經法雜誌，9，175-194。  延伸查詢new window
5.陳肇鴻(20071100)。由美國次級房貸市場風暴論信用衍生性商品及信用證券化產品之使用及管制。律師雜誌，338，77-89。  延伸查詢new window
6.Schwarcz, S. L.(2008)。Systemic Risk。Georgetown Law Journal，97(1)，193-249。  new window
7.Stout, L. A.(1999)。Why the Law Hates Speculators: Regulation and Private Ordering in the Market for OTC Derivatives。Duke Law Journal，48，701-786。  new window
8.曾宛如(20090500)。金融海嘯下金融監理之反思。月旦法學，168，81-92。new window  延伸查詢new window
9.Fischel, Daniel R.、Ross, David J.(1991)。Should the Law Prohibit "Manipulation" in Financial Markets?。Harvard Law Review，105(2)，503-553。  new window
10.王澤鑑(19950100)。商品製造者責任與純粹經濟上損失--最高法院二則判決的評釋及消費者保護法第七條的解釋適用。法學叢刊，40(1)=157，13-23。new window  延伸查詢new window
11.王澤鑑(19941000)。商品製造者責任與純粹經濟上損失--最高法院二則判決的評釋及消費者保護法第七條的解釋適用。法學叢刊，39(4)=156，17-28。new window  延伸查詢new window
12.陳肇鴻(20090600)。論結構債之法律關係及指定用途金錢信託之法律性質。軍法專刊，55(3)，111-133。new window  延伸查詢new window
13.陳肇鴻(20090200)。論權益交換與大股東持股揭露之法律問題。法學新論，7，105-130。new window  延伸查詢new window
14.林美惠(20020600)。侵權行為法上交易安全義務的保護客體--以純粹經濟上損失為主。政大法學評論，70，53-86。new window  延伸查詢new window
15.黃立(2003)。純粹經濟上損失之賠償問題。台灣本土法學雜誌，49期，頁 134-138。  延伸查詢new window
16.Aranson, P. H.,、Miller, R. L.(1980)。Economic aspects of public gaming。Conneticut Law Review，12，822-853。  new window
17.Bair, S. C.(1995)。Lessons from the Barings collapse。Fordham Law Review，64，1-10。  new window
18.Bianco, J. J.(1977)。The mechanics of futures trading: Speculation and manipulation。Hofstra Law Review，6，27-40。  new window
19.Chen, C.-h. C.(2009)。The boundary of futures regulation: From UK and US judgments regarding commodity forward contracts。Soochow Law Journal，6(1)，165-197。  new window
20.Clark, G. W.(1978)。Genealogy and genetics of “contract of sale of a commodity for future delivery” in the Commodity Exchange Act。Emory Law Journal，27，1175-1223。  new window
21.Eppel, D.(2002)。Risky business: Responding to OTC derivative crises。Columbia Journal of Transnational Law，40，677。  new window
22.Gerding, E. F.(2007)。Laws against bubbles: An experimental-asset-market approach to analyzing financial regulation。Wisconsin Law Review，2007，977-1039。  new window
23.Giddens, A.(1999)。Risk and responsibility。The Modern Law Review，62 (1)，1-10。  new window
24.Hazen, T. L.(2005)。Disparate regulatory schemes for parallel activities: Securities regulation, derivatives regulation, gambling, and insurance。Anniversary Review of Banking & Financial Law，24，375-441。  new window
25.Hu, H. T. C.、Black, Bernard(2006)。The new vote buying: Empty voting and hidden (morphable) ownership。Southern California Law Review，79，811-908。  new window
26.Hu, H. T. C.、Black, Bernard(2008)。Equity and debt decoupling and empty voting II: Importance and extensions。University of Pennsylvania Law Review，156，625-739。  new window
27.Huang, Peter H.(2000)。A normative analysis of new financially engineered derivatives。Southern California Law Review，73，471-521。  new window
28.Hurt, C.(2006)。Regulating public morals and private markets: Online securities trading, internet gambling, and the speculation paradox。Boston University Law Review，86，371-441。  new window
29.Lejot, P.(2008)。Dictum non meum pactum: Lehman's minibond transactions。Hong Kong Law Journal，38，585-591。  new window
30.Martin, Shaun、Partnoy, Frank(2005)。Encumbered shares。University of Illinois Law Review，2005，775-814。  new window
31.Moloney, N.(2007)。Large-scale reform of investor protection regulation: The European Union experience。Macquarie Journal of Business Law，4，147-178。  new window
32.Partnoy, Frank、Skeel, David A. Jr.(2007)。The promise and perils of credit derivatives。University of Cincinnati Law Review，75(3)，1019-1051。  new window
33.Perdue, W. C.(1987)。Manipulation of futures markets: Redefining the offense。Fordham Law Review，56，345-401。  new window
34.Pickens, C. T.(2006)。Of bookies and brokerss: Are sports futures gambling or investing, and does it even matter?。George Mason Law Review，14，227-270。  new window
35.Tomasic, R.(2008)。Corporate rescue, governance and risk-taking in Northern Rock: Part 1。Company Lawyer，28 (9)，297-303。  new window
學位論文
1.邱琦(2002)。純粹經濟上損失之研究(博士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.Das, Satyajit(2006)。Derivative Products & Pricing。Singapore：John Wiley & Sons。  new window
2.Henderson, S. K.(2003)。Henderson on derivatives。London：Lexis Nexis Butterworths。  new window
3.Rescher, N.(1983)。Risk: A Philosophical Introduction to the Theory of Risk Evaluation and Management。Lanham, MD：University Press of America。  new window
4.Das, Satyajit(2006)。Risk Management。Singapore：John Wiley & Sons。  new window
5.Cooter, Robert、Ulen, Thomas(2000)。Law and Economics。Addison-Wesley。  new window
6.Avgouleas, Emilios(2005)。The mechanics and regulation of market abuse: A legal and economic analysis。Oxford University Press。  new window
7.Das, S.(2006)。Traders, guns & money : Knowns and unknowns in the dazzling world of derivatives。Harlow。  new window
8.Das, S.(2006)。Structured products volume 2: Equity; commodity; credit & new markets (3rd ed. Rev. ed.)。Singapore。  new window
9.HMSO(1951)。Report of the royal commission on betting, lotteries and gaming, 1949-1951。London。  new window
10.Hudson, Alastair(2006)。The law on financial derivatives。London：Sweet & Maxwell。  new window
11.Long, D.(1995)。Oil trading manual。Cambridge。  new window
12.Lowry, J.,、Rawlings, P.(2003)。Re-thinking insurable interest。Commercial Law and Commercial Practice。Oxford。  new window
13.Markham, J. W.(1987)。The history of commodity futures trading and its regulation。New York。  new window
14.Tarring, T.(1999)。Wolff's guide to the London metal exchange (6th ed)。Worcester Park。  new window
 
 
 
 
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