美國德拉瓦法上股份收買請求權的計算方式與衍生問題

Abstract

本文以美國德拉瓦（Delaware）法為中心，探討公司法上反對股東股份收買請求權相關的實體與程序規定。其次，本文針對具體案例中，公平價格的計算方式，分別討論不同的計算公式背後所呈現出的歧異性與相互間如何調整的問題。最後，本文就股份收買請求權幾個備受爭議的概念性問題，予以分析：其中特別包括了價格的主觀與客觀、增生利益得否計入與控制溢價及少數折扣三組問題，並提供作者的觀察。

This article discusses dissent shareholder’s appraisal right in the context of corporate law and several of its conceptual issues. Based on the legal framework developed in Delaware, this article provides a detailed account of the substantive and procedural rules concerning the right of appraisal, and analyzes the different formulas used by Delaware courts in history as well as their criticism. It then turns to three core issues surrounding the right of appraisal and its actual calculation: the legitimacy of using objective price, the inclusion of value created from merger for appraisal, and the control premium/minority discount dilemma. Lastly, the author compares Taiwan’s own rule and summarizes these debates with his own observations.