交易

The themes of this thesis are as the following: chapterⅠdiscusses the differences between a material information and an inside information, and then points out the legislative error of the insider trading regulation in Taiwan; chapter II briefly introduces the legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan; chapterⅢ points out the source of law of the "insider trading" regulation and its punishability; chapter Ⅳ analyzes the "insider trading" regulation based on the criminal "Tatbestand" theory in Taiwan.

本文的架构如下：第一章，主要在说明重大消息与内线消息的不同，并点出现行证券交易法对於内线交易规范的立法错误；第二章，简介证券交易法第157条之1的立法沿革；第三章，探讨「内线交易」构成要件及其「可罚性」的法律依据；第四章，则是本文的重心所在，即以我国的刑事构成要件理论剖析「内线交易」构成要件，并同时以法治国刑事法的法理探讨其相关解释、适用疑义暨重新检讨其立法妥当性，乃至於提出修法建议；第五章，评析内线交易的若干实务见解；第六章，则是本文结论与内线交易相关修法建议──以刑事责任为限。

InDiablo 2 you had to stop what you were doing and had to leave the gameand find a Trade Game or Trade Channal and spam what you are lookingfor or what you have to offer for trade and for Trade Games you makegame names like "Shako here" with the Trade House not only you can usegold to buy items from the Trade House but the item may not only justbe sold for gold but certain items and the Trade House system is likean WoW Auction House but not only it connects within your game serverwith 6 people for example one guy is in Kurast and the other guy is inLut Gulin it connects to all the other game servers within YOUR Realm.

交易所系统。在D2中，如果你要寻找交易程序或者交易频道并贴上你想要的东西或者想要出售的物品的名字你就不得不暂停游戏，而且你还要为你的交易程序起一个名字，比如说"这里有Shako"。但是有了交易所之后，你不仅仅可以用金币来买物品，还可以以某种特定的物品来交易。交易所类似于WOW的拍卖行，但是这个拍卖行不仅仅局限于你所在的6人游戏服务器。举个例子，一个人在Kurast，而另一个人在LutGulin，这个交易所能够供你所在的整个大区的人进行交易。

The Chinese small merchandise city is the large and industrial second degree merchandise of a comprehensive to wholesale a market and cry a bargain merchandise category numerous and low the value easily consumes, trade businessman numerous dispersions combine often the year trade a single time bargain the scale not big but again and again multifarious bargain to wait basic circulate characteristics.

中国小商品城作为一个综合性大型工业秒度商品批发市场，哭有交易商品种类繁多且低值易耗，交易客商众多分散并常年交易单次交易规模不大但反复频繁交易等基本运行特点。

From a new perspective of contract law and reviewing the development of securities exchange system, the dissertation explores the whole process of securities exchanging on the basis of the introduction of the basic course of securities exchange in our nation and veining from contracting to performing, then it points out that the legal nature of the securities exchanging course is a special commercial sales contract which sets the securities as the object, so the analysis of this chapter provides a technical platform for the following analysis.

本文的主体部分结构框架安排如下：第一章是对证券交易流程的法律解释，本章站在全新的合同法视角上，通过对证券交易制度变迁的回顾，在介绍我国证券交易基本流程的基础上，以从缔约到履约为脉络，分析了证券交易的全过程，并进而指出证券交易流程的法律本质就是以证券为标的物的特殊商事买卖合同，从而为全文的分析搭建了一个技术平台。

The composition of the dissertation is arranged with five chapters.Chapter One is the legal expounding for the course o...f securities exchange. From a new perspective of contract law and reviewing the development of securities exchange system, the dissertation explores the whole process of securities exchanging on the basis of the introduction of the basic course of securities exchange in our nation and veining from contracting to performing, then it points out that the legal nature of the securities exchanging course is a special commercial sales contract which sets the securities as the object, so the analysis of this chapter provides a technical platform for the following analysis.

本文的主体部分结构框架安排如下：第一章是对证券交易流程的法律解释，本章站在全新的合同法视角上，通过对证券交易制度变迁的回顾，在介绍我国证券交易基本流程的基础上，以从缔约到履约为脉络，分析了证券交易的全过程，并进而指出证券交易流程的法律本质就是以证券为标的物的特殊商事买卖合同，从而为全文的分析搭建了一个技术平台。

I. Background, intention and the scope of the studying With the development of information and communication technology, especially the development of networking technology, the consumers' way of shopping has also changed (traditional aspectant trading → purchasing for commodities and services at any time and anywhere, surpassing time and space → buying commodities in the virtual world).

一、研究背景，目的和研究范围随着信息通信技术的发展，特别是网络技术的发展在人们的日常生活与企业活动中有了很多变化。消费者的购买方式也变化了。（传统的面对面方式→超越时间与空间随时随地可以购买商品-在虚拟世界中购买商品）。这样的发展环境下电子交易成为了21世纪世界交易的新趋向。随着通信技术与电脑技术的飞跃发展出现了没有时空限制的新交易类型，而这种类型的新交易实现了交易的多样化，大量化，信用化，国际化等。

Tapping his 20-year industry experience and leadership with electronic trading systems, Greifeld has led a significant enhancement of NASDAQ's trading offerings. In March 2004, he oversaw the launch of NASDAQ's market center—a newly integrated system capable of trading of NASDAQ, NYSE, AMEX-listed securities and exchange traded funds on a single electronic platform. Most recently, in May 2004, Greifeld led NASDAQ's decision to acquire BRUT ECN from SunGard Data Systems.

格雷费尔德利用自己20年来积累的行业经验和在电子交易系统的领导才能，使纳斯达克的交易产品数量有了显著增加。2004年3月，他发起创立了纳斯达克市场中心，使在纳斯达克、纽约证券交易所、美国证券交易所上市的证券和交易所交易基金都能在同一个电子交易平台上进行交易。2004年5月，格雷费尔德领导下的纳斯达克决定收购SunGard数据系统公司旗下的BRUT ECN。

The fourth part is aiming at regulating the transactions between the controlling shareholders and the company. The author first expounds on the theoreticalfoundations of such regulation--the principle of shareholder equality and thefiduciary duties of the controlling shareholder. Then he compares the three different modes of legislation concerning the regulations on the transactions between the controlling shareholder and the company. After that ,the author concludes that we can borrow from the USA and Germany their relevant institutions. That is, disapplying the rule of exclusion of voting rights of the controlling shareholder, perfecting the recission system of the decision of the shareholders meeting and the rule of shifting the burden of production of proof. The author thinks that the adoption of those measures will achieve a reasonable balance between the efficiency and fairness of the RPT with the controlling shareholder.

第四部分针对控制股东与上市公司的关联交易，首先论述了规制此类交易的公司法理论基础——股东平等原则和控制股东诚信义务，接着在对美国、德国和韩国三国相关规制模式进行了比较之后，认为我国可以借鉴美国和德国的相关制度，取消控制股东在关联交易决议中的表决回避制度，并辅以股东大会决议撤销制度的完善、交易公平性的举证责任转换制度的采纳和损害赔偿制度的设立，以确保控制股东与上市公司的关联交易能够在效率和公平之间达到合理平衡。

In the course of giving full scope to its functions, we must resolve such problems as ensuring the regularity of floor transactions of state-owned enterprises' property rights, clearly positioning property-right exchange, and dovetailing floor transaction and other modes of transaction of state-owned property rights.

在产权交易市场发挥其应有功能的过程中，必须解决好确保国企产权进场交易的规范性、对产权交易市场进行明确定位、国有产权进场交易与其他交易方式的衔接等重要问题。

Therefore, transaction costs must be considered in security investment,furthermore,haling no consideration of transaction costs might lead to invalid portfolios.

在实际的投资中，无论是买进证券还是卖出证券，都要求投资者支付一定的交易费用，交易费用的支付会影响到投资者最终的收益，因此将交易费用考虑到证券投资组合模型中十分必要；不仅如此忽略交易费用还可能导致非有效的证券组合，而文[1]在证券投资理论研究中没有考虑交易费用。

Methods: Five patients with parkinsonism or dystonia were assigned to general anesthesia using an modified endotracheal tube.

本实验依照人体实验之相关规定进行，五位患有帕金森氏症或肌张力异常的病人接受神经立体定位手术。

If you can benefit from this book, it is our honour.

如果您能从本书获益，这将是我们的荣幸。