本文透過比較法分析，簡介美國法上有關量刑準則之運作與量刑程序之進行，希望借鏡美國實務之經驗，針對我國證券犯罪量刑實體法與程序法提出立法建議，並以質性訪談研究方法，訪談實務界法官與律師對於本研究所提立法建議之看法。在實體法上，本文提出「量刑建議表」模式，將量刑因子與以抽象化，搭配程序法之修正，將認定有罪與否之審判程序與量刑程序分離，並要求被告與其辯護人、檢察官針對量刑建議表於該個案中應具體適用之量型因子以書狀表示意見、提出證據並進行辯論，以供法院裁量並進行量刑判決。法官於判決書內應詳述量刑理由，以供兩造上訴時得以具體爭執。本文就我國現行實務運作現況為呈現，並提出立法建議，期為我國學術與實務界之參考。
Through examining the sentencing guideline and sentencing procedure in the United States legal system, this article, based on comparative law research, aims to provide legislative suggestion to Taiwan's substantive and procedure of the Securities Exchange Act Sentencing Policy under Paragraph 1 of Article 171 by learning from the United States' experience. To deeply understand the legal system and litigation situation in Taiwan, this study adopted the interview research method and provided the judges and the litigation attorneys' perspectives. In substantive law, this article designs a sentencing table to analyze the sentencing factors. Regarding procedural law, this article suggests to separate the adjudication and sentencing procedure and require judges to state the rationales of their decisions. Therefore, the defendants and prosecutors can argue the legality of the sentencing decision in the appeal. This study hopes to establish a systematic structure for the sentencing policy and contributes to improving Taiwan's legal system.
