「強制性財務預測」不但規範在何種情況下須發布財務預測，同時也規範在何種狀況下須作財務預測更新。不論第一次預測或更新均需經會計師核閱。因此，「強制性財務預測」比自願性揭露要審慎得多，但其資訊成本也高。盈餘預測的準確性為其是否有用的先決條件。一個高成本的規範，如其所產生資訊的準確性不高，則其必要性便存疑。本研究首先對此一問題加以探討。實證結果顯示， 「強制性財務預測」規範下的第一次盈餘預測和 「天真模型」(Naive Model)下的盈餘預測比較，其準確性較高。由此可推論「強制性財務預測規範」對盈餘預測資訊約有用性應有助益。 　　「財務預測更新」會增加資訊成本，而「財務預測更新與否」係依據「預測盈餘」與將來「公告盈餘」的差距來決定。「財務第一次預測準確性」影響「預測盈餘」，而「盈餘操縱」則影響「公告盈餘」。因此，「財務第一次預測準確性」、「盈餘操縱」均與 「財務預測更新與否」有關，而且「盈餘操縱」的需要性亦受「財務第一次預測準確性」的影響。本研究以單因子多變量變異數分析對此一問題加以實證。結果顯示，「財務預測未更新組」的「財務第一次預測準確性」較高，但其「盈餘操縱」情形亦較嚴重。 　　受規範公司的「盈餘操縱」會影響「預測更新」成本，因而其經濟實質。投資人投資這類股票，其投資報酬的影響因素為何？本研究以「行業別股價指數變動」代表總體面及行業面因素，以「當期盈餘」代表個別公司面因素，以「盈餘操縱」代表「財務預測成本」，並以迴歸分析探討各因素對股票投資報酬的影響。實證結果顯示，「行業別股價指數變動」、「當期盈餘」、「盈餘操縱」與「股票投資報酬」均呈正相關。 　　「盈餘操縱」除與「財務預測更新」的資訊成本有關外，尚可能影響其他契約成本。本研究懷疑「盈餘操縱」會因「財務預測曾否更新」而有不同的目的。本研究以虛擬變數迴歸分析為工具，探討「盈餘操縱」對股價變動的影響力是否會因「財務預測更新與否」而不同？實證結果顯示，「盈餘操縱」對股價變動的影響力並不因「財務預測更新與否」而不同。 　　此外，「使用一般公認會計原則的經驗」應有助於相對準確性的提升。本研究實證「盈餘第一次預測準確性」的同時，額外針對這個問題加以實證，結果顯示「非新上市年度樣本」的盈餘第一次預測準確性優於「新上市年度樣本」。此一結論應能給證管會若干鼓舞，只要持續推動「強制性財務預測規範」，「盈餘預測準確性」將因受規範公司經驗的累積而提升，預測資訊約有用性會因而加強。

本研究旨在探討管理當局發佈自願性盈餘預測意願、預測精確度、預測型態與管理當局能力之關聯性，並進一步檢測能力較佳之管理當局所發佈之盈餘預測對投資人是否具增額資訊內涵。 實證分析結果顯示管理當局能力與管理當局發佈盈餘預測之機率呈顯著正相關，亦即管理當局能力愈好，發佈盈餘預測之機率愈高；再者，本研究發現能力愈佳之管理當局，其盈餘預測之精確度亦會較高；而實證結果亦顯示當管理當局能力較好時，較願意以資訊量較多之完整式財務預測型態發佈財務預測。增額測試結果則顯示市場對於能力較佳之管理當局發佈之自願性盈餘預測反應程度較高。 / The primary objective of this thesis is to explore whether the managerial ability is related to management earnings forecast, earnings forecast accuracy , and disclosure format. Additionally, this thesis investigates whether managerial ability increases the informativeness of management earnings forecast for (potential) investors. Empirical results show that managers with superior ability tend to announce management earnings forecast and when managers have better ability, they shall announce more precise management earnings forecast. About disclosure format, this thesis finds that managers with superior ability prefer to announce complete earnings forecasts than simple ones. Additionally, market reaction will be more to the informativeness of management earnings forecast which made by managers with better ability.

加盟實務運作上，常見加盟業主為勸誘民眾進入加盟體系，而違反資訊提供義務的情形，致生不少糾紛。有鑑於此，主管機關訂有「公平交易委員會對於加盟業主經營行為案件之處理原則」，要求加盟業主應揭露特定資訊予加盟者。惟此管理規範有其極限，違反效果難以直接連結至民事賠償責任。故個案救濟上，仍需回歸民事法領域觀察。本文即嘗試探究加盟業主各違反行為於判決實務之具體問題，以建構相關民事賠償責任。 觀察我國實務，會發現締約前後資訊提供義務實有同一化之傾向。例如多被認為屬契約上義務之加盟店地點評估，亦為締約前資訊提供義務內容。另參考日本法，也有見解認為財務性預測資訊，與加盟者後來支付的加盟金間具有對價關係。故針對民事賠償責任之建構，本文認為現行法下，應以民法第227條不完全給付，作為資訊提供義務的請求權基礎。本於此前提，針對加盟業主未提供資訊的違反態樣，應提供資訊範圍有以民法債各規範相繩之可能。又當加盟業主提供不實資訊時，判斷重點則應由加盟業主有無為保證業績行為，移至預測過程的誠實性。單純的預測偏差雖不致生損害賠償責任，但就財務性預測資訊的預測手法及適用過程等，應要求具有相當合理性，不應有預測數值經人為操作、對商圈的錯誤認識及恣意的數值設定等情況。同時，並將加盟者的經歷條件移至法律效果之與有過失階段考量。在責任成立階層無庸檢討其經歷條件。最後就損害賠償的範圍，再透過與有過失及損益相抵等手段調節。

企業因為經濟自由化、貿易國際化潮流之影響，逐漸成為資本集中與技術密集之經營型態。為求擴充生產規模、增加產品種類、分散投資風險、拓展國際市場等目的，因而成立新公司或兼併其他公司，或購買其他公司之股份，或母公司與子公司交叉持股，而形成關係企業之組織型態，已成為普遍趨勢。職是，關係企業之經濟發展與經營模式，已然占有重要之地位。 關係企業具有特殊屬性，舉凡管理組織、生產規劃、人事制度、市場行銷、財務風險、獲利能力、公共事務與社會歸屬，均有相當程度之影響力。我國公司法對於關係企業專章之規範，仍有不足之處，導致受一九九八年亞洲金融風暴影響所及，爆發若干關係企業之經營弊端，其中以股票流通市場之證券交易違法行為，最為嚴重。綜觀其原因，除肇始於東南亞金融危機及國際不景氣環境外，亦顯示關係企業在股票市場存有許多問題，諸如負責人欠缺誠信、掏空公司資產，造成企業發生危機，發生多起上市或上櫃公司之經營弊端，嚴重損害公司、股東權益與債權人利益，並衝擊社會投資人與整體經濟，值得探討研究。 本論文研究方向，以法制理論、比較法學及實證案例為基礎，論述關係企業證券交易之違法行為，以股票流通市場為中心，並闡述近年來若干重要之關係企業案例，分析法院裁判之論處法律邏輯。包括關係企業之市場操縱行為（違約交割、沖洗買賣、相對委託、連續交易炒作行為）、關係企業「護盤」之違法性、關係企業之內線交易行為，等重要項目。亦討論關係企業藉由無形資產之高估或低估而買賣有價證券之非常規交易行為，兼述國際會計準則公報之規範，佐以實際案例研究。此外，亦闡論關係企業財務預測制度與證券交易違法行為之牽連、證券投資人之保護。 本論文內容之參考文獻資料，包括學位論文（例如前輩先進之博碩士論文）、教授學者之著作書籍、著名期刊與國內外網站資訊。所參考資料則以我國與美國法制文獻為主，至於其他國家之部分，則略以要旨參酌。最後，再針對作者執業律師參與關係企業案例之辯護瞭解，提出若干防弊機制之建議，俾供各界參考。 / UNLAWFUL ACTS BY AFFILIATED ENTERPRISES RESPECTING SECURITIES TRANSACTIONS WITH A FOCUS ON THE STOCK EXCHANGE MARKET Abstract Due to the impact of economic liberalization and trade internationalization, operations of enterprises have gradually become capital-intensive and technology-intensive. In order to increase production, expand product line, spread out investment risks, and develop international markets, enterprises have established new companies, merged with others, and purchased shares of other companies, or have engaged in cross-holding of shares between parent companies and subsidiaries. As a result, the formation of affiliated enterprises has become a popular trend. The economic development and business model of affiliated enterprises have likewise become important issues. Affiliated enterprises have their unique attributes; their management organization, production planning, personnel policy, marketing, financial risks, profitability, public affairs, and social affiliation have significant impact on enterprises. Due to inadequacies in the regulations on affiliated enterprises in Taiwan’s Company Law, several affiliated enterprises were exposed to have engaged in fraudulent business operations as a result of the 1998 Asian financial crisis. Among these, most serious were cases involving unlawful securities transactions in the stock market. An analysis of the factors leading to such anomaly shows that in addition to the Southeast Asian financial crisis and international economic slowdown, problems caused by of affiliated enterprises in the stock market, such as integrity and credibility issues on the part of the persons-in-charge and their swindling of company assets, resulted in corporate crises. Many incidents of business malpractices in public or OTC companies occurred, severely undermining the interests of companies, shareholders, and creditors, as well as those of the public investors and the overall economy. All these are worthy of further exploration and study. This paper uses legal theories, comparative jurisprudence, and empirical studies to discuss the unlawful activities in securities transactions by affiliated enterprises. This paper focuses on the stock market to explain the major cases involving affiliated enterprises in recent years and to analyze the legal grounds in the court’s decision on punishment. The cases covered include market manipulation by enterprises, default of securities delivery, wash sales, matched order, manipulation of series of transactions, the unlawfulness of stock market intervention by affiliated enterprises, and insider trading by affiliated enterprises. In addition, this paper discusses the transaction anomalies resulting from overvalue or undervalue of intangible assets by affiliated enterprises. Regulations on the International Accounting Standards gazette are explained and supplemented by actual case studies. In addition, this paper explores the inter-relation between financial forecast systems in affiliated enterprises, unlawful activities in securities transaction, and investor protection. Reference literature used in this paper includes academic dissertations, publications by professors and scholars, periodicals, and information from local and foreign Web sites. Reference materials are based primarily on literature on Taiwan and U.S. laws, supplemented by summary of information from other countries. Finally, recommendations of mechanisms to prevent malpractices are put forward, drawing on the author’s experience as defense lawyer for affiliated enterprises.