財務報表不實證券詐欺訴訟是近年來新崛起的經濟犯罪型態之一，行為人的詐欺行為不僅要負擔相關刑事責任，更必須對投資人負擔民事損害賠償的責任，而對財務報表出具查核報告書的簽證會計師而言，近年來亦是投資人提出民事損害賠償的對象，顯見會計師的執業風險已有逐漸升高趨勢。 財務報表資訊重大不實，是民事損害賠償訴訟成立的先決要件。但財務報表審計是一項專業複雜的工作，發生財務報表資訊不實，並無法據此即逕行認定簽證會計師有故意或過失，其癥結點仍須回歸到會計師在審計過程中是否有善盡善良管理人注意義務，以及專業上應有之注意義務。因此，本文將以執業會計師的觀點，對於會計師如何進行審計工作做一介紹，包括審計應遵循的法令規範以及一般公認審計準則等，讓一般大眾可以初步瞭解會計師並非是財務報表正確性的保證人，會計師的查核工作仍存有先天上與後天上的限制，而且並非是公司財務報表之編製主體。 投資人以證券交易法第20條之1作為請求權基礎提出民事損害賠償訴訟時，投資人所必須面臨的，即是所謂的「交易因果關係」與「損失因果關係」的舉證問題。為了達到證券交易法保護投資的目的，近年來我國法院開始引進美國司法實務判決發展出的「詐欺市場理論」，藉以解決上述舉證困難的問題。據此，本文除了將蒐集論述美國與我國關於證券詐欺的法規範，包括美國聯邦最高法院對於「詐欺市場理論」之最新見解與發展，並分成以下的主題分別論述： 一、效率市場的認定問題 包括美國司法實務判決對於效率市場的認定指標，以及我國司法實務判決對於我國證券市場是否為效率市場的見解。 二、交易因果關係 「交易因果關係」是否可以推定，歷來即是證券詐欺訴訟兩造攻防的重點。本文將對比較美國與我國證券法制對於因果關係的規範，包括「詐欺市場理論」對於「交易因果關係」的推定，以及被告可以提出反證的例示情形。此外，本文亦將蒐集比較我國司法實務判決對於「交易因果關係」的見解。 三、損失因果關係 「損失因果關係」是否可以採用推定方式認定？或是應由原告負擔起舉證責任？這一部分的認定往往涉及損害賠償範圍計算的認定，亦是曾經造成美國司法判決至為困擾的議題。對此議題，在2005年美國聯邦最高法院於Dura案中已經獲得一致性之見解，確認「損失因果關係」採用推定是一種錯誤後，已經豁然開朗。但我國司法實務判決對於「損失因果關係」係採用推定？或是如同美國私法實務採用由原告舉證證明的方式認定，本文將蒐集我國近年來之司法實務判決予以分析、歸納與討論。 四、損害賠償計算範圍 在對於此部分的認定上，一般有「毛損益法」與「淨損差額法」兩種方法。本文將介紹這兩種方法之優劣，以及美國與我國司法實務判決對於這兩種方法之見解。 五、會計師民事損害賠償因果關係 在證券詐欺案件中，社會大眾常常對簽證會計師予以非難之程度甚高，會計師若要在此等地雷股案件全身而退，在執行審計業務過程中必須確實遵守證券法令以及一般公認審計準則的相關規範，保有專業上之警覺與注意義務，才能將損害與執業風險降到最低。本文蒐集我國司法實務判決對於會計師是否具有故意或過失之判決，以明瞭會計師在審計過程的過失內容與型態。

本研究的主要目的在幫助學生發展更主動與建構取向的科學本質觀。以42位修習「自然科學概論」通識課程的大學生為對象，採用「知識論壇」(Knowledge Forum, KF)的線上學習帄台，透過集體共構與分享知識讓學生學習自然科學，並在線上進行知識翻新（knowledge-building）。 研究資料主要來自(1)帄台上的貼文--以此分析學生知識建構與合作分享的情形；(2)「科學本質問卷」--以此分析學生在期初與期末對自然科學本質概念的轉變；(3)科學理論開放問卷--以此探討學生在期初與期末對科學理論概念的差異；以及(4)學生自我反思--藉此了解學生科學觀點轉變的過程。資料分析主要為推論統計之單因子變異數分析及質性的內容分析法。根據分析結果，本研究提出以下四點結論： 一、相較於傳統課堂，學生表現出比較多的同儕互動，特別是在知識論壇帄台中的活動。透過分享與想法的連結(每人帄均貼文14.5篇，貼文連結度達26.9％)，帄台中呈現出密切的知識建構與互動學習。而隨著時間的增長，同儕之間的互動密集度亦呈現逐步增加的趨勢(期初10.1％，期末16.6％)。此外，除了互動學習，學生也在課室中扮演科學史的探索者，透過自身與同儕資訊分享的力量，建構對科學理論發展的認知。根據研究結果，在知識論壇中的活動顯示出學生合作學習與互動頻繁，並能透過多元的學習模式進行知識翻新。 二、學生的科學本質觀產生轉變。在科學本質中的「暫時性」、「理論蘊涵」、「多元化」、「發明觀」、「想像力使用」、「科學知識檢證」與「主觀性」等陎向，期末呈現顯著的轉變，從比較實證的觀點轉變為比較建構的取向。此結果顯示出學生對於科學本質逐漸具備較多元的 看法，認為科學是多元發展的。 三、學生對科學理論的認識也漸趨「建構取向」。針對科學理論在「科學理論知識」、「科學理論探究方法」、「科學理論來源」、「科學理論與科學事業發展」以及「科學理論價值性」等五個陎向，期末時學生對於科學理論的認識逐漸呈現多元與建構的觀點。研究結果顯示，學生認為科學理論是可以從不同角度去進行探究，藉由不同觀點的研究方法或程序，它是可以被不斷翻新與修正的；每個人也都可以透過集體合作、討論、發想來形成新的科學理論概念。 四、從期末反思中發現學生的科學態度亦產生變化。學生了解到理論與想法的進步是需要經過不斷的修改與翻新。再者，學生也認知到理論與理論之間關係緊密，科學家、科學理論之間的不斷互動是促進科學理論演化的動力；最後，學生也瞭解到科學學習應秉持質疑、創新的態度，適時批判權威理論而不照單全收，並且應培養主動學習、勇敢懷疑的態度，以及應能提出自己的想法與他人激盪等，如此方能真正認識科學理論的本質，並有助於推動科學的進步。 本研究根據研究結果及發現，在科學教學與學習方陎提出下列六點建議：(1)擺脫記憶、背誦的科學學習方式；(2)儘量不給標準答案，強調學習者間腦力激盪；(3)建構式科學學習，融入科學史，讓學習者自我建構並認知科學知識；(4)創造互動與合作的知識建構環境；(5)教師應多引導想法的討論與激盪，刺激學生以多元觀點進行對話與知識翻新；(6)脫離制式、標準的教學程序，營建開放的學習環境並促進多元想法。 / The purpose of this study was to help college students develop more informed and sophisticated scientific epistemological beliefs. Forty-two undergraduates who took a college course titled ―Introduction to Natural Sciences‖ participated in the study. An online collaborative knowledge building environment, enabled by a software program called Knowledge Forum, was provided for students’ knowledge work. Data primarily came from (1) Students’ online discourse: which was posted in the form of notes, recorded in a Knowledge Forum database, and was used to analyze students’ collaborative learning and knowledge building. (2) A questionnaire—View on Science and Education Questionnaire (VOSE): which was originally designed and validated by Chen (2006) and it was used to analyze the differences of students’ view of nature of science between the beginning and the end of the course. (3) A open-ended survey with regard to the nature of scientific theory: which was employed to triangulate the findings derived from the VOSE and was administered in the beginning and at the end of the course. (4) Students’ self-reflection on what they learned from this course. To analyze, quantitative statistics (e.g., ANOVA) was employed to explore students’ online activities. Additionally, an open-coding procedure was adapted to content-analyze students’ notes. There were four main findings as follows: (1) Students shared ideas constantly, developed connections among ideas, and worked collaboratively and closely with knowledge in Knowledge Forum (with mean number of notes posted being 14.5 and percentage of notes linked being 26.9％). Furthermore, there was an gradual increase in students’ online discourse as reflected by the density of network interaction (10.1 % in the beginning of the course vs. 16.6% at the end of the course). In addition, students served as explorers by reconstructing stories of natural science history in Knowledge Forum, in order to develop a deeper understanding of the process of scientific theory development. The findings suggest that students worked closely together in collaborative learning and interaction, and were able to build knowledge using multiple methods in Knowledge Forum. (2) Students also changed their view of nature of science. It was found that there were significant pre-post change between their view in the beginning and that at the end of the course, in terms of the following seven dimensions: ―tentativeness‖, ―nature of observations‖, ―scientific methods‖, ―theories and laws‖, ―use of imagination‖, ―validation of scientific knowledge‖, and ―subjectivity and objectivity‖. Overall, students’ view shifted from more positivism-oriented to more constructivism-oriented. It was found that towards the end of the course, students started to possess more multiplistic view of nature of science. Students thought that science is advanced by means of multiplistic ways with no standardized methods. (3) In terms of students’ view of scientific theory, it became more ―constructivism-oriented‖ and more multiplistic towards the end of semester, in terms of the following five dimensions: ―knowledge about scientific theory-building‖, ―method of scientific theory-building‖, ―source of scientific theory‖, ―scientific theory and science as an enterprise‖ and ―value of scientific theory‖. It was found that student thought that scientific theory is developed through inquisition from many perspectives. Scientific theory is falsifiable, rather than fixed knowledge entity, and it should not be associated with pre-determined research procedure and standardized answers. Scientific theory can be improved by collaboration discussion and use of imagination. (4) In terms of students’ self-reflection on what they learned from this course, it was found that students demonstrated better understanding that theories are improvable, and that it is important to relate one theory to another for the purpose of creating new knowledge. Moreover, students also realized that it is important to possess critical and creative attitude towards studying science. Building on the above results, this study made the following six suggestions: (1) science learning must go beyond memorization and rote learning; (2) science learning should avoid the pursuit of standardized answers and encourage idea brainstorming; (3) science teachers should promote more constructive way of science learning, try to integrate history of science into science teaching, and help learners construct their own understanding of science; (4) it is important to cultivate a more creative and collaborative learning environment; (5) science teachers should also help students learn how to work with ideas, discuss together, and solve conflicting views; and (6) science teachers should help create an open environment to promote multiple scientific views.

本研究以整體性的方式來分析目前國內在董監事及重要職員責任保險的市場發展情況。分別就目前的環境與法令制度、董監事及重要職員責任保險之供給情形、以及董監事及重要職員責任保險之需求等三方面，做進一步的分析探討。透過整合性的分析可以瞭解國內企業對於董監事及重要職員責任保險的真正需求，同時將分析的結果提供作為參考的依據。 本文首先歸納摘要環境與法令制度，其次針對董監事及重要職員責任保險之供給面進行實際訪談；而在董監事及重要職員責任保險需求方面，則建立三項實證分析模型。模型一是以購買D&O保險之保險金額為依變數與自變數之間的關係;模型二是以購買D&O保險之保險費為依變數與自變數之間的關係，來探討董監事及重要職員責任保險之需求情形。模型三是以D&O保險之保險費除以保險金額，即保險費率為依變數與自變數間的關係。自變數方面則分成三大類，分別為公司特色、代理問題、以及財務結構等三項進行迴歸分析。 結果顯示國內D&O保險需求的最主要影響因素為股東總數與內部董事持股數兩項顯著變數。在保險費率釐訂方面，影響費率的主要因素為資本額(Capital)與董監事報酬(D&O payments)兩項變數。透過實證分析結果可知董監事及重要職員責任保險除了供給與需求兩方面外，也必須有環境因素與法令規定等因素的考量，彼此間環環相扣下，才能詳盡地瞭解國內董監事及重要職員責任保險。

金融科技在近年來已成為企業界與學術界所討論的顯學，但如何有效兼顧監理、法令遵循與促進產業發展，並因應創新商業模式，設計出法規與監理措施，已成為一道難題。基於上述背景，監理沙盒的概念與制度應運而生。我國版的金融監理沙盒，已於2018年1月31日公布。然而，除了金融科技創新，其他產業同樣有創新的必要，在面臨既有法規的限制，同樣有所掣肘。金融科技以外的領域，是否有類似「監理沙盒」的機制，在不分產業別的狀況下，應用在創新的實驗？日本在2014年1月20日起施行的「產業競爭力強化法」，用於創新技術或服務的「企業實證特例制度」及「灰色地帶消除制度」兩項機制，即為不限金融科技領域，適用於各個產業的沙盒制度。 本研究透過檢視日本產業競爭力強化法，深究其內容及機制的優缺點，與推行實績及具體的兩個個案後，據以反思我國是否可透過參考「灰色地帶消除制度」、「企業實證特例制度」的運作，與各產業內的潛在創新者更緊密合作，以有利於未來當主管機關面臨創新與法規的衝撞時，掌握對於各產業的影響。回歸我國法制，本研究針對「金融科技發展與創新實驗條例草案」，包括立法目的、概要，條例中的申請及審查、監督及管理，及實驗期間法令之排除適用及法律責任豁免等議題進行研析，並針對日本推動新事業活動特例措施，與我國金融科技發展與創新實驗條例，進行比較。同時亦將監理沙盒模擬演練的過程中，針對演練的架構、步驟、實際狀況、回饋與心得，提出歸納成果，並針對業者與主管機關進行協商與溝通的階段，歸納出具有邏輯性與合理性的執行步驟與方法論，做為當業者在準備階段與主管機關往返溝通與提案時的參考。 本研究認為，當創新與科技在與金融結合時，創新服務與法規監管的本質不同，所造成的緊張與衝突在所難免，也因此更應該體認到數位時代下主管機關對於法規調適與鬆綁之必要性。在臚列我國於發展第三方支付立法的經驗作為前車之鑑，及剖析日本產業競爭強化法的制度與實績作為他山之石後，本研究認為新創事業無論在籌備階段、實驗階段、營運階段，對於法規的特例需求的確不同於一般事業。因此政府應秉持以下三項原則予以協助：(一)法規對新創企業應更友善且主動輔導、(二)抱持產業永續發展的思維看待新創產業、(三)消費者權益維護與企業營運必須兼顧。 本研究的另一研究結果為，經過個案模擬演練的操作後，歸納並提出七個執行步驟，並建議業者可針對此七個步驟進行腦力激盪與預先演練模擬，在有限的時間內以最高的效率備齊相關文件，以減少審核等待期。最後，本研究認為，業者與主管機關在議題協商時須充分考量有關於創新、業務、消保、法遵等四個面向的議題，且以公私協力的前提下，隨時調整並良性溝通。而主管機關更應加速金融科技的法規革新速度，並適度鬆綁不適用的法規，創造一個對於新創產業相對友善的法規環境，協助新創業者在業務上的發展，使我國能在金融科技戰場上決勝。 / In recent years, financial technology, aka FinTech, has become a significant study discussed by industries and academics. However, how to effectively manage supervisory, compliance with laws and promote industrial development, and how to design regulatory and supervisory measures in response to innovative business models have become a big challenge. Based on the abovementioned facts, the concept of Regulatory Sandbox came into being. Taiwan’s Act on Financial Technology Innovations and Experiments was released on January 31, 2018. Besides FinTech, innovation is equally necessary and indispensable for other industries that also restrained by the limitations of the existing laws and regulations. Are there any mechanisms similar with Regulatory Sandbox for those innovators in other industries? Japan released the Act on Strengthening Industrial Competitiveness on January 20, 2014, which provided two mechanisms, Special System for Corporate Field Tests and System to Remove Gray Zone Areas, for innovative technologies and services for all industries. This essay targets Japan’s and Taiwan’s Acts on Financial Technology Innovations as research objectives, discusses the investigations in both countuires, and provides suggestions for future works. Firstly, this study explores the strengths and weaknesses of its contents and mechanisms by examining Japan’s Act on Strengthening Industrial Competitiveness, and aims at extending the practical angle to Taiwan for the future when facing the conflict between innovation and regulation. Secondly, the essay aims at studying Taiwan’s Act on Financial Technology Innovations and Experiments, and comparing the differences between Japan’s and Taiwan’s Acts. Finally, by observing the results of sandbox simulation exercises, this study elaborates implemental procedures, and logical methodologies as a reference for practitioners to communicate with and submit proposals to the authorities during the preparatory phase. Due to the nature difference of innovation technology and financial supervision, it is considered that the tensions and conflicts are inevitable. Therefore, it is more necessary to amend the existing regulations or even deregulate for start-up. Furthermore, by learning from Taiwan's experience in developing third-party payment legislation and Japan's legislations and actual practices released, this study obtains that deregulation and coordination from government agencies considered highly important to startup operators in every stage. In terms of industry development, further suggestions are concluded in this research for government agencies, including (1) laws and regulations should be more friendly for new start-up, (2) to maintain the sustainable development of start-up industries and operators, and (3)-to achieve balance between the protection of consumer rights and business continuity. After conducting sandbox case simulation exercises, this essay proposes seven procedures for start-up to efficiently go through with internal brainstorming while in preparation stage under a limited time. The last part of the study sets out four topics for practitioners and the competent authorities that are related to innovation, business, consumer protection and law compliance when negotiating the regulatory issues during experiments, hoping to provide a solid methodology beneficial to FinTech practitioners.