不僅一般證券詐欺，且特殊類型證券詐欺例如資訊不實或市場操縱等，民事賠償責任於現行 證交法中皆明文規定。然依不法侵權行為責任追及之法理，資訊不實或市場操縱等基於證券市場 之特殊性，此等行為實施與損害間之因果關係或損害金額之舉證，對於投資人而言並非易事。職 是以故，法院實務見解分歧，其中雖可發現法院判決以美國見解為據使賠償責任成立者，但其適 用之立論未必令人苟同，甚至將資訊不實之損賠計算方式直接適用於市場操縱等情事。 美國對於證券詐欺之禁止經由判例累積，確立市場詐欺理論、損害額計算方式等，並依1995 年證券訴訟改革法進行損賠制度之改革。本研究計畫除探討美國之市場詐欺理論適用界限、損害 額計算方式理論依據、損賠改革內容外，同時考察日本為減輕投資人之舉證責任，如何擷取美國 判例所確立之原則而於金融商品交易法中增訂相關規定並「推定」損賠金額，及實際案例之適用 情形。日本與我國同屬大陸法系國家，民事責任實効性之發揮，乃有待於法規範之完備，所以本 研究計畫對美國之判例所確立原則之理論性探討，及對日本之實定法內容之考察，換言之由美、 日兩國如何有効的追及證券詐欺民事責任之探討中，以所獲啟示進而作為我國之修法參考，才能 有助於達成投資人保護目的。 Liability of damages compensation such as disclosure of false information and market manipulation is clearly regulated in current security exchange regulations. However, because of the uniqueness of security market, the falseness of disclosure and market manipulation that is difficult for investors to provide evidences for loss causations, as well as amount of damages for the frauds. As a result, there are diver’s views in practices of court. But in US by accumulating cases in forbidding securities frauds, fraud on the market theory and methods for calculating the damages for market frauds were established. And reforms on compensation systems were made based on 1995 Private Securities Litigation Reform Act. They will be discussed by this study . In addition, examination will be made of estimation of damages and applicability of cases in Addendum in Japan Financial Products Exchange Law established using the principles made from court decisions in US cases, in order to relief the responsibility of investors to provide evidences. Both Japan and ROC exercise continental law systems where fulfillment of effectiveness in civil liability relies on completeness of regulations. The objective is to investigate principles established in US cases and to examine the content of Japan regulations. By examining how imposition of civil liability of securities frauds in US and Japan are fulfilled, references can be made in the future revision of ROC regulations in order to protect the interest of investors.