證券市場是企業取得營運資金最主要的管道，也是國民資金投資最佳的選擇，惟前提是必須有一個健全的證券市場，使投資人能安心地將資金投入其中。為了建立這樣的一個投資環境，就必須有要完善的證券法規，當中，主要職司這個功能的就是「證券詐欺法制」。 基於證券詐欺法制在證券法規中所居的關鍵性地位，其良莠不能不說是與國家經濟的健全與否息息相關，因此，本文便以此一主題為研究對象，主要的研究範圍設定在證券詐欺之「構成要件」，定名為「證券詐欺構成要件論」。而「因果關係」只是在證明請求權的存在與否，可與「構成要件」切割，故本文並不包含此一議題。 本文所使用之資料，有相當大的比例是美國(1934年證券交易法Section 10(b))與我國(證券交易法第二十條第一項)的法院判決，以增進本文的實證價值。依據本文之研究，無論是行為要件、客體要件、主觀要件或主體要件，都著實存在相當的瑕疵待修補。希冀本文所得出之研究結論，能為修補這些瑕疵盡到些許的功效。 / The securities market is the most important channel that enterprises gain their business capital; it is also the best option that nationals invest their money to. But this is on the premise that there is a sound securities market. In order to establish this kind of investment environment, a set of flawless securities statutes is needed. Within this legal system, this major function is exercised through the “securities fraud regime.” The securities fraud regime is decisive of the soundness of the securities statute and nation’s economy. Therefore, this dissertation selects this topic as research subject. The scope of this dissertation is restricted in the “requirement ” of the securities fraud. The title is: “The Requirements of Securities Fraud.” The causation element is just an attestation of plaintiff’s plea, it can be separated from “requirement,” therefore, this issue is excluded in this dissertation. The references this dissertation cited are mainly from U.S. and Taiwan’s court decisions. According to the research this dissertation did, no matter behavior requirement, object requirement, mental requirement or subject requirement, there are quite some loopholes that need to be fixed. The writer hopes the conclusion that this dissertation comes up with can somewhat fixed these loopholes.