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題名 企業併購風險管理之新工具──聲明與保證保險
A New Risk Management Tool for M&A: Representations and Warranties Insurance
作者 農志潔
Nung, Chih-Chieh
貢獻者 張冠群
Chang, Kuan-Chun
農志潔
Nung, Chih-Chieh
關鍵詞 聲明與保證保險
保證與補償保險
企業併購保險
聲明與保證
聲明與擔保
估價不確定性
責任保險
契約責任
過失不實聲明
侵權行為
損害賠償之計算時點
後見之明
representations & warranties insurance
warranties & indemnities insurance
M&A insurance
mergers & acquisitions
valuation uncertainty
liability insurance
time for assessment of loss
hindsight
日期 2020
上傳時間 5-May-2020 11:58:07 (UTC+8)
摘要 企業併購為現今全球最重要之商業活動之一，無論進行企業併購之目的是單純投資，或是為了改善企業體質發揮集團綜效，企業併購皆可替併購雙方帶來可觀之獲利。然而，除了獲利之可能外，企業併購往往亦伴隨巨大的交易風險。為處理企業併購之交易風險，長年來，企業併購實務上發展出以聲明與保證條款為核心之風險管理方式，惟此一基本之風險分配機制，在日新月異的併購環境中，逐漸不敷使用。
為了滿足併購雙方不同之風險承受能力及風險管理需求，保險之運用逐漸被引進企業併購交易之中，進而衍生了新形態的企業併購風險管理工具──聲明與保證保險。聲明與保證保險，藉由將企業併購中估價不確定之風險移轉予保險人承擔，衡平併購雙方對併購契約中風險管理條款之齟齬，並進而促進併購交易之成立。於全球，聲明與保證保險之運用已逐年上升，然於我國則仍在初期引進階段，不但實務之運用罕見，文獻之著墨亦尚非透徹。本文認為，於全球化浪潮之下，聲明與保證保險於我國之發展應具潛力，故聲明與保證保險之運作、對企業併購帶來之影響，以及可能衍生之法律問題等，應有探究之價值。
研究聲明與保證保險，首先須理解併購契約中之聲明與保證條款，以及其所處理之交易風險為何。因此，本文將從企業併購之交易風險談起，並說明企業併購傳統之風險管理方式。於聲明與保證保險之討論中，本文首先將介紹美國聲明與保證保險之運作，其後分析聲明與保證保險對企業併購契約條款之影響，並探討美國法及英國法中，與聲明與保證保險相關之法律議題。最後，本文將分析聲明與保證保險於我國之發展性，並就英美法上已浮現之問題，提出於我國法下之解方。
Merger & acquisition is arguably one of the most important business activities in today’s economic landscape. Despite the considerable profits to be made, an M&A deal has the potential to put transaction parties at risk. Whether the purpose of a deal is merely investing, or pursuing “synergy” by reorganizing business structure, M&A transactions always come with risks. To deal with these transactional risks, a set of risk management tools based upon representations and warranties have been developed. However, with M&A norms changing rapidly, such traditional risk management methods are no longer seen as panaceas in today’s market.
To better meet the risk tolerance levels of each transaction party and fulfill risk management needs, a new type of risk management tool was created—Representations and Warranties Insurance (RWI). By transferring the valuation uncertainty risk in M&A deals to insurers, RWI helps to bridge the gap between transaction parties and to accelerate the completion of M&A deals. Although there has been a gradual but steady uptick in the use of RWI globally, it was only recently that RWI was introduced in Taiwan. At present, the adoption of RWI in Taiwanese-based deals is rare and literature discussing the utility and benefits of RWI is regrettably incomprehensive in Taiwan. Nonetheless, as Taiwan continues to integrate itself into the global economy, it is highly conceivable that RWI will find considerable application in Taiwan. It is thus worth discussing how RWI works, how RWI affects M&A contracts, as well as considering what issues might arise with the implementation of RWI in Taiwan, and how these issues might be handled under Taiwan’s legal system.
To study RWI, it is essential to have an understanding of its underlying representation and warranty, as well as the risks it was designed to cope with. Accordingly, this thesis will begin with an investigation into the transaction risks faced by M&A parties and the traditional risk management portfolios to which M&A parties have had access. Following, this thesis will discuss how RWI currently operates in the United States, the effect it has had on M&A contracts in the United States, and how associated problems and issues have been dealt with under American and British law. Finally, this thesis will analyze the prospect of the use of RWI in Taiwan and, in the context of Taiwan’s legal system, provide potential solutions to issues that have been previously considered under US or British law.
參考文獻 一、 中文部分
(一) 書籍
1. 王文宇(2018)。公司法論。臺北市：元照。
2. 王澤鑑(2011)。民法總則。中和市 : 王慕華。
3. 王澤鑑(2018)。損害賠償。臺北市 : 王慕華。
4. 江朝國(2015)。保險法逐條釋義第三卷財產保險。臺北市：元照。
5. 林群弼(2008)。保險法論。臺北市 : 三民。
6. 柯芳枝(2012)。公司法論（上）。臺北市：三民。
7. 陳自強(1998)。無因債權契約論。臺北市 : 學林文化。
8. 梁宇賢(1995)。保險法。臺北市 : 中興法商。
9. 葉啟洲(2013)。保險法實例研習。臺北市：元照。
10. 楊誠對(2015)。財產保險(II)─汽車、工程、責任及其他保險。臺北市 : 保險事業發展中心。
11. 劉宗榮(2016)。保險法。臺北市 : 劉宗榮。
12. 劉連煜(2018)。現代公司法。臺北市：劉連煜。

(二) 專書之篇章
1. 陳民強、詹致瑋(2016)。併購合約與相關合約之協商與簽訂。載於黃日燦(主編)，企業併購的十堂必修課(68-91頁)。臺北市 : 臺灣併購與私募股權協會。

(三) 期刊論文
1. 王文宇(2002)。企業併購法總評。月旦法學雜誌，83，70-85。
2. 王文宇(2010)。併購交易的資訊角力—談聲明與保證條款。會計研究月刊，296，86-94。
3. 王澤鑑(1982)。意思表示之詐欺與侵權行為。立法院院聞，10(1)，40-44。
4. 林鳳、詹凱惟(2015)。產業併購風險與控管。螺絲世界，155，94-95。
5. 黃帥升(2014)。投資及併購交易中法律盡職調查之介紹。萬國法律，197，79-91。
6. 游啟璋(2014)。現金逐出合併時少數股東的股份收買請求權。政大法學評論，136，209-279。
7. 楊淑文(2001)。論人事保證之從屬性與債權人之附隨注意義務─兼評民法債編關於「人事保證」之增訂條文。台灣本土法學雜誌，29，1-20。
8. 潘維大(1995)。中美侵權行為法中不實表示民事責任之比較(上)。東吳法律學報，8(2)，233-285。
9. 潘維大(1995)。侵權行為法對於因不實表示產生的經濟上損失之保護。軍法專刊，41(7)，16-23。
10. 應式文(1987)。責任保險是否包括契約責任: 兼論代位求償權是否限於侵權行為。保險專刊，10，68-73。

(四) 研究及統計報告
1. 勤業眾信(2018)。2018台灣私募基金白皮書－台灣私募基金市場回顧與展望。取自https://www2.deloitte.com/tw/tc/pages/finance/articles/private-equity-white-paper.html?fbclid=IwAR0BsWXmrJT7RBq6455sVnqlZ62IIAzIyGGDecTDT78PARyY73sNhvgzKJo (最後瀏覽日: 2020年4月8日)。
2. 資誠聯合會計師事務所(2018)。2018臺灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2018-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
3. 資誠聯合會計師事務所(2019)。2019台灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2019-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
4. 經濟部(2014-2018)。企業併購案件統計表。取自https://gcis.nat.gov.tw/mainNew/subclassNAction.do?method=list&pk=126 (最後瀏覽日: 2020年4月8日)。

(五) 報紙及新聞稿
1. 金融監督管理委員會新聞稿(2017年8月1日)。開放投信事業轉投資子公司設立私募股權基金（PE Fund）、辦理受託管理或引介投資PE Fund相關業務。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201708010005&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News (最後瀏覽日: 2020年4月8日)。
2. 金融監督管理委員會新聞稿(2018年5月31日)。放寬證券商轉投資創業投資事業及私募股權基金相關規範，支援實體經濟發展。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201805310002&toolsflag=Y&dtable=News (最後瀏覽日: 2020年4月8日)。
3. 黃日燦(2007年5月27日)。企業併購合約之四:聲明與保證。經濟日報，第6版。

(六) 網路資源
1. 鄭伊芳(2016年8月20日)。賣方之陳述及保證(台灣)【網路文章】。取自理慈網站 https://www.leetsai.com/%E5%B0%88%E8%AB%96/%E8%B3%A3%E6%96%B9%E4%B9%8B%E9%99%B3%E8%BF%B0%E5%8F%8A%E4%BF%9D%E8%AD%89%E5%8F%B0%E7%81%A3?lang=zh-hant (最後瀏覽日: 2020年4月8日)。

(七) 保單條款
1. 富邦產物商業綜合責任保險(事故發生基礎)契約責任(排除疏忽)附加條款，104.05.13 富保業字第 1040000741 號函。取自https://b2c.518fb.com/fubon518/content/201510211427131.pdf (最後瀏覽日: 2020年4月8日)。
2. 華南產物董監事及重要職員責任保險，109.02.24(109)華產企字第056號函。取自https://www.south-china.com.tw/p7-2/%E6%84%8F%E5%A4%96%E9%9A%AA/%E8%8F%AF%E5%8D%97%E7%94%A2%E7%89%A9%E8%91%A3%E7%9B%A3%E4%BA%8B%E5%8F%8A%E9%87%8D%E8%A6%81%E8%81%B7%E5%93%A1%E8%B2%AC%E4%BB%BB%E4%BF%9D%E9%9A%AA.pdf (最後瀏覽日: 2020年4月8日)。

(八) 法院判決
1. 最高法院43年台上字第639號判例。
2. 最高法院43年度台上字第752號判例。
3. 最高法院64年11月11日64年度第6次民庭庭推總會決議。
4. 最高法院73年台上字第209號判決。
5. 最高法院77年度第19次民事庭會議決議（二）。
6. 最高法院105年度台上字第1036號判決。
7. 臺灣高等法院91年度保險上字第44號判決。
8. 臺灣士林地方法院106年度士簡字第1181號判決。

(九) 行政函釋
1. 經濟部94年7月26日經商字第09402095620號函。
 
二、 英文部分
(一) 書籍
1. ABRAHAM, K. S. (2005). INSURANCE LAW AND REGULATION CASES AND MATERIALS. N.Y.: Foundation Press.
2. BAINBRIDGE, S. M. (2015). CORPORATE LAW. MN: Foundation Press.
3. BAINBRIDGE, S. M. (2009). MERGERS AND ACQUISITIONS. N.Y.: Foundation Press.
4. COX, J. D., & HAZEN, T. L. (2003), CORPORATIONS. N.Y.: Aspen Publishers.
5. DOBBYN, J. F. (2003). INSURANCE LAW. MN: Thomson/West.
6. JERRY II R. H., & RICHMOND D. R. (2007) UNDERSTANDING INSURANCE LAW. N.J.: LexisNexis Matthew Bender.
7. KRAMER, A. (2017). THE LAW OF CONTRACT DAMAGES. LONDON, England: Hart Publishing.
8. KEETON, R. E., & WIDISS, A. I. (1988). INSURANCE LAW: A GUIDE TO FUNDAMENTAL PRINCIPLES, LEGAL DOCTRINES, AND COMMERCIAL PRACTICES. Minn.: West Pub.
9. POOLE, J. (2016). TEXTBOOK ON CONTRACT LAW. Oxford, England: Oxford University Press.
10. REJDA, G. E. (2003). PRINCIPLES OF RISK MANAGEMENT AND INSURANCE. Mass.: Addison Wesley.
11. RUMBERGER, E. T. (2018). THE ACQUISITION AND SALE OF EMERGING GROWTH COMPANIES: THE M & A EXIT. MN: Thomson/West.
12. WESTON, J. F., SIU, J. A., & JOHNSON, B. A. (2011). TAKEOVERS, RESTRUCTURING, AND CORPORATE GOVERNANCE. N.J.: Prentice Hall.

(二) 專書之篇章
1. Bridgeman, R. A. (2015). Representation and Warranty Insurance: A Primer on Its Uses and Features. In Insurance Law 2015: Top Lawyers on Trends and Key Strategies for the Upcoming Year (PP. 8-1 - 8-2). Thomson Reuters.
2. Davis, M. H. (2012), Adding Value While Minimizing Risk in The M&A Due Diligence Process. In Business Due Diligence Strategies 2012 Edition (pp. 1-15). Thomson Reuters Westlaw.
3. Dobbs, J. M., & Villarreal, D. J. (2016). Getting What You Paid for: Representations and Warranties. In Oil & Gas Agreements: Purchase and Sale Agreements (pp. 10-1 - 10-36). CO: Rocky Mountain Mineral Law Foundation.
4. Duffy M. M. (2009). Representations & Warranties Insurance: Five Issues to Consider Before Charging Ahead. In Understanding Insurance Law 2009 (pp, 487-500). N.Y.: Practising Law Institute.
5. Holme Roberts & Owen LLP (2010). Sample Form Due Diligence Checklists and Forms. In Hand Book of Due Diligence Checklists (pp. 3-64). CO: Rocky Mountain Mineral Law Foundation.
6. Kishner. I. A. (2013). Market Trends, Legal Developments, and Their Effect on M&A Documentation. In Mergers and Acquisitions Law 2013: Top Lawyers On Trends and Key Strategies for the Upcoming Year. Thomson Reuters/Aspatore.
7. Vergilii, J. L.; Whitford, N. J. (2014). Keeping Up with the Times: Recent Development in Due Diligence. In Business Due Diligence Strategies 2014 Edition (pp. 17-30). United States of America: Thomson Reuters Westlaw.

(三) 期刊論文
1. Antion D. S., & Lang P. (2013). Representations and warranties insurance: an innovative solution. Westlaw Journal Delaware Corporate, 28(10), 1-5.
2. Bittle, L. F., Sutherland, J. M., Barnhouse, S., & Pocsik, S. (2011). Insurance and indemnification of directors and oficers: avoiding pitfalls 2011. Corporate Counsel Review, 30, 197-228.
3. Bohrer, S. D. (2018). Representation and warranty insurance in Japanese M&A transactions. M&A Lawyer, 22(7), 13-21.
4. C., S. (1933). Tort liability for negligent misrepresentation. University of Pennsylvania Law Review and American Law Register, 81(4), 435-441.
5. Cavico, F. J. (1997). Fraudulent, negligent, and innocent misrepresentation in the employment context: The deceitful, careless, and thoughtless employer. Campbell Law Review, 20(1), 1-90.
6. Cheng, D. (2009). Interpretation of material adverse change clauses in an adverse economy. Columbia Business Law Review, 2009(2), 564-604.
7. Cozen, S. A.; Bennett, R. C. (1984). Folrtuity: The unnamed exclusion. Forum, 20(2), 222-255.
8. Crupi, J. (2010). Addressing buyer`s or seller`s remorse: Pre-bankruptcy considerations involving post-signing/pre-closing strategic transactions in volatile economic environment. American Bankruptcy Institute Law Review, 18(2), 495-534.
9. Cole, B. (2016). Knowledge is not necessarily power: Sandbagging in new york m&a transactions. Journal of Corporation Law, 42(2), 445-460.
10. Davis, T. (2009). Ucc breach of warranty and contract claims: Clarifying the distinction. Baylor Law Review, 61(3), 783-817.
11. Dempsey, T. B. (2008). Seller beware: Potential pitfalls and unintended consequences of the ‘Materiality Scrape’. M & A Lawyer, 12(6), 16.
12. Dorff, M. (1997). Attaching tort claims to contract actions: An economic analysis of contort. Seton Hall Law Review, 28(2), 390-429.
13. Epstein, H. B.; Keyes, T. A. (2017). Representations and warranty insurance comes of age. Practical Lawyer, 63, 21-23.
14. Ferrara, D. (2000). Beyond D&O. Risk Management, 47(2), 8-8.
15. Fisch, P., & Berg, M. (2017). Representation and warranty insurance. New York Law Journal, 258(75).
16. Gallozzi, M. S.; Phillips, E. (2002). Representations and warranties insurance. Environmental Claims Law Journal, 14(4), 455-468.
17. Garrett, M. (2010). Efficiency and certainty in uncertain times: The material adverse change clause revisited. Columbia Journal of Law and Social Problems, 43(3), 333-362.
18. Gill, M. & Mascari, F. (2016). Confusion Reigns: Applying the multiplied damages exception in representations and warranties insurance policies. Mergers & Acquisitions Law Report 19, 137-139.
19. Griffith, S. J. (in press). Deal insurance: Representation & warranty insurance in mergers & acquisitions. University of Minnesota Law Review 104. Retrieved from https://ir.lawnet.fordham.edu/faculty_scholarship/973 (last visited Apr. 8, 2020).
20. Gurionv, M. (2016) Representation and warranty insurance: Five areas of focus. Partnering Perspectives, 16-19.
21. Heinz, M., & Wolf, M. T. (2018). Representation and warranty insurance should be part of every strategic buyer’s toolbox. ACC Docket, 36(8), 50-54.
22. Hyatt, M. (2017). Warranty and indemnity insurance: Proliferation of moral hazard or legitimate risk mitigation tool. University of San Francisco Law Review, 51(1), 127-146.
23. Iovine III, L. P. (2012). Sandbagging in M&A deals: Silence may not be Golden. M & A Lawyer, 16, 10.
24. Kim, S. (2014). Corporate parenthood: Private equity duties and portfolio company rights. Review of Banking and Financial Law, 34(1), 317-336.
25. Liu, F. (2016). Applying the fraud-exclusion provision under d&o insurance policies: Adjudication or in fact which is better. Western Michigan University Cooley Journal of Practical & Clinical Law, 17(3), 247-264.
26. Logue, K. D. (2005). Tax law uncertainty and the role of tax insurance. Virginia Tax Review, 25(2), 339-414.
27. Lux, M D. (2014). Purchase price adjustments in M&A Deals. Practical Lawyer, 60(1), 19-29.
28. Mishra, R. (2019). Transaction liability insurance: Optimising the risk allocation in new-age M&A deals. Business Law International, 20(2), 165-93.
29. Quinn, B. J. (2012). Putting your money where your mouth is: The performance of earnouts in corporate acquisitions. University of Cincinnati Law Review, 81(1), 127-172.
30. Rowe, B. (2018) A Small World After All: R&W Insurance in Cross-Border M&A. Deal Lawyers, 12(3).
31. Sandgrund, R. M., & Tuft, L. A. (2007). Liability insurance coverage for breach of contract damages. Colorado Lawyer, 36(2), 39-50.
32. Sautter, C. M. (2008). Shopping during extended store hours: From no shops to go-shops the development, effectiveness, and implications of go-shop provisions in change of control transactions. Brooklyn Law Review, 73(2), 525-578.
33. Schwartz, G. (1990). The Ethics and the Economics of Tort Liability Insurance. Cornell Law Review, 75, 313-365.
34. Siegel, S. (1966). When corporations divide: Statutory and financial analysis. Harvard Law Review, 79(3), 534-570.
35. Stone, D. A. (1999). Beyond moral hazard: Insurance as moral opportunity. Connecticut Insurance Law Journal, 6(1), 11-46.
36. Trautman, L. J.; Altenbaumer-Price, K. (2011). D&O insurance: primer. American University Business Law Review, 1(2), 337-367.
37. Whitehead, C. K. (2011). Sandbagging: Default rules and acquisition agreements. Delaware Journal of Corporate Law, 36(3), 1081-1116.
38. West, G. D., & Shah, K. M. (2007). Debunking the myth of the sandbagging buyer: When sellers ask buyers to agree to anti-sandbagging clauses, who is sandbagging whom. M & A Lawyer, 11, 3-7.

(四) 研究及統計報告
1. AIG (2014). Warranty and Indemnity Insurance in Southeast Asia. Retrieved from https://www.aig.com.ph/content/dam/aig/apac/philippines/documents/brochures/warranty-and-indemnity-insurance-in-southeast-asia-2014-brochure.pdf (last visited Apr. 8, 2020).
2. AIG (2018). M&A Insurance – The new normal? Retrieved from https://www.aig.com/content/dam/aig/america-canada/us/documents/insights/aig-manda-claimsintelligence-2018-w-and-i.pdf (last visited Apr. 8, 2020).
3. AIG (2019). Mergers and Acquisitions 2019 Claims Report Taxing times for M&A Insurance. Retrieved from https://www.aig.com/business/insurance/mergers-and-acquisitions/mergers-acquisitions-claims-reports (last visited Apr. 8, 2020).
4. Aon (2015). Transaction Insurance as a M&A Strategic Tool. Retrieved from https://www.aon.com/risk-services/asats/aon-insights/transaction-insurance.jsp (last visited Apr. 8, 2020).
5. Aon (2018). M&A and Transaction Solutions: Risk in Review. Retrieved from https://www.aon.com/getmedia/0c91accf-ab1e-44a1-9587-4bfa3a01ce1c/Aon-Risk-in-Review-Report-2018.aspx (last visited Apr. 8, 2020).
6. Aon (2019). Asia-Pacific M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/apac2019.aspx (last visited Apr. 8, 2020).
7. Aon (2019). North America M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/northamerica2019 (last visited Apr. 8, 2020).
8. Marsh (2015). Annual Transactional Risk Report 2014. Retrieved from https://www.marsh.com/uk/insights/research/annual-transactional-risk-report.html (last visited Apr. 8, 2020).
9. Marsh (2016). Annual Transactional Risk Report 2015. Retrieved from https://www.marsh.com/uk/insights/research/demand-for-transactional-risk-insurance-hits-record-highs-in-2015.html (last visited Apr. 8, 2020).
10. Marsh (2018). Transactional Risk Report 2017. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-update-2017.html (last visited Apr. 8, 2020).
11. Marsh (2019). Transactional Risk Insurance Report. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-insurance-outpaced-global-deal-activity.html (last visited Apr. 8, 2020).
12. Ryan, K. (2012). 2012 M&A Holdback Escrow Report. Retrieved from J.P Morgan website: https://www.velocitylaw.com/Library/BuyingOrSellingABusiness/MA%20Holdback%20Report_FINAL_KMRx%202012.pdf (last visited Apr. 8, 2020).
13. SRS Acquiom Inc. (2018). Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2018-buy-side-rwi-deal-terms-study/ (last visited Apr. 8, 2020).
14. SRS Acquiom Inc. (2019). 2019 Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2019-buy-side-reps-warranties-insurance-deal-terms-study/#downloadform (last visited Apr. 8, 2020).

(五) 未出版之專論
1. Omri, E. T., & James, R. (2019). Representations and Warranties Insurance in Mergers and Acquisitions. Retrieved from https://ssrn.com/abstract=3361184 or http://dx.doi.org/10.2139/ssrn.3361184 (last visited Apr. 8, 2020).
2. Bhagat, S., Klasa, S., & Litov, L. P. (2014). The use of escrow contracts in acquisition agreements. Retrieved from https://ssrn.com/abstract=2271394 (last visited Apr. 8, 2020).

(六) 網路資源
1. Aufses III, A. H. (Apr. 02, 2018). Paying the Price for Reps and Warranties Breaches [Website article]. Retrieved from https://www.kramerlevin.com/en/perspectives-search/paying-the-price-for-reps-warranties-breaches.html (last visited Apr. 8, 2020).
2. Avery, D.; Lingenfelter, L. (Jan. 2018). Trends in Private Company M&A Provisions: The “Materiality Scrape” [Website article]. Retrieved from https://www.goulstonstorrs.com/publications/trends-in-private-company-ma-provisions-the-materiality-scrape/ (last visited Apr. 8, 2020).
3. Franchini, J. & Mackey, T. (Apr. 2014) Re-Allocation of Risk in Asian M&A: The Case for Considering Representations and Warranties Insurance [Website article]. Retrieved from Milbank website: https://www.milbank.com/images/content/1/6/16292/Article-The-Lawyers-Representations-and-Warranties-in-M-A-Apri.pdf (last visited Apr. 8, 2020).
4. Gibson Dunn & Crutcher (May 15, 2019). Insuring the Deal: Key Considerations when Utilizing Transactional Insurance [Presentation powerpoint file]. Retrieved from https://www.gibsondunn.com/wp-content/uploads/2019/05/WebcastSlides-Insuring-the-Deal-Key-Considerations-when-Utilizing-Transactional-Insurance-15-MAY-2019.pdf (last visited Apr. 8, 2020).
5. Goodwin Procter LLP (Mar. 22, 2018). M&A Trends: Representations and Warranties Insurance [Website article]. Retrieved from https://www.goodwinlaw.com/publications/2018/03/m-and-a-trends-representations (last visited Apr. 8, 2020).
6. LaCroix, K. (Mar. 16, 2009). D&O Insurance: The Contract Exclusion [Website article]. Retrieved from https://www.dandodiary.com/2009/03/articles/d-o-insurance/do-insurance-the-contract-exclusion/ (last visited Apr. 8, 2020).
7. Legge J., McNally J., & Kucera B. (2014). Facilitating M&A Transactions [Presentation powerpoint file]. Retrieved from http://wk.ixueshu.com/file/051d8160344752c9.html (last visited Apr. 8, 2020).
8. Marsh (2019). Transactional Risk Insurance Using Transactional Risk Solutions to Close the Deal [Presentation powerpoint file]. Retrieved from https://goquantive.com/wp-content/uploads//2019/05/Marsh-TR-Presentation-3-19.pptx (last visited Apr. 8, 2020).
9. McDonald, J. J. & Warpula, C. C. (Apr. 19, 2018). Zero Seller Recourse Deals and Other Emerging Trends: The Latest Developments in Representation And Warranty Insurance [Website article]. Retrieved from http://www.mondaq.com/unitedstates/x/693640/Insurance/Zero+Seller+Recourse+Deals+and+Other+Emerging+Trends+The+Latest+Developments+in+Representation+and+Warranty+Insurance (last visited Apr. 8, 2020).
10. Mercer, Z. C. (1999). Financial vs. Strategic Buyers [Website article]. Retrieved from https://mercercapital.com/article/financial-vs-strategic-buyers/ (last visited Apr. 8, 2020).
11. Private Equity International (2002). Non-Recourse Warranty and Indemnity Insurance [Website article]. Retrieved from https://www.privateequityinternational.com/non-recourse-warranty-and-indemnity-insurance/?fbclid=iwar1wyfuehefz8sb5k9wzv54rttmg4cddwu7mubtrn1ebmmoeo6cczkto2do (last visited Apr. 8, 2020).
12. Rittberg, J., Hettinger, G., & McNellie, S. (Mar. 26, 2015). M&A in 2015: Reps and Warranties Insurance [Presentation powerpoint file]. Retrieved from Norton Rose Fulbright & AIG website: https://docplayer.net/16510402-M-a-in-2015-reps-and-warranties-insurance-norton-rose-fulbright-thursday-march-26-2015.html (last visited Apr. 8, 2020).
13. Schwabe Williamson & Wyatt (Nov. 22, 2016). Getting the Purchase Price Right: Earn-outs, Escrows, and Post-Closing Adjustments in M&A transactions [Website article]. Retrieved from https://www.schwabe.com/newsroom-publications-earn-outs-escrows-post-closing-adjustments-m-and-a-transactions (last visited Apr. 8, 2020).
14. Verdesca, J., Ferrillo, P., & Gershowitz, G. (Jan. 15, 2016). Representations and Warranties Insurance: What Every Buyer and Seller Needs to Know [Website article]. Retrieved from https://www.lexisnexis.com/communities/corporatecounselnewsletter/b/newsletter/archive/2016/01/15/representations-and-warranties-insurance-what-every-buyer-and-seller-needs-to-know.aspx (last visited Apr. 8, 2020).
15. Vinson & Elkins LLP (2018). Representations and Warranties Insurance in Energy M&A: An Old Product Gets a New Look [Presentation powerpoint file]. Retrieved from https://www.velaw.com/Insights/Representations-and-Warranties-Insurance-in-Energy-M-A--An-Old-Product-Gets-a-New-Look/?platform=hootsuite (last visited Apr. 8, 2020).
16. Wang, G. H. (Apr. 29, 2015). Transaction Liability Insurance - Representation and Warranty Insurance in Cross-Border Transactions [Website article PDF file]. Retrieved from Haynes and Boone website: https://www.haynesboone.com/alerts/representation-and-warranty-insurance-in-cross-border-transactions (last visited Apr. 8, 2020).
17. Wildeboer Dellelce LLP (Apr. 25, 2017). Structuring Earn-Outs in M&A Transactions [Website article]. Retrieved from https://www.wildlaw.ca/resource-centre/legal-updates/2017/structuring-earn-outs-in-ma-transactions/ (last visited Apr. 8, 2020).
18. Willis Towers Watson (Oct. 29, 2018). Transactional Insurance – Market Overview and Key Issues. In Representations & Warranties Insurance in M&A Transactions [Presentation powerpoint file]. Retrieved from https://www.ctbar.org/docs/default-source/education/materials/2018-2019-cle-materials/eyl181029-rwi-in-ma-transactions-final-materials (last visited Apr. 8, 2020).
19. Willis Towers Watson (May 16, 2019). Use of Transactional Risk Insurance and “W&I Stapling” Is on the Rise Despite a Slowdown in the Global M&A Markets [Website article]. Retrieved from https://willistowerswatsonupdate.es/gestion-de-riesgos/transactional-risk-insurance-wi-stapling/ (last visited Apr. 8, 2020).
20. Winston & Strawn LLP (Nov. 18, 2014) The Real Deal Webinar Series: Representation & Warranty Insurance [Presentation powerpoint file]. Retrieved from https://www.winston.com/en/thought-leadership/the-real-deal-webinar-series-representation-warranty-insurance.html (last visited Apr. 8, 2020).
21. Yu K.H., & Lu, Y. (Oct. 2019). Private M&A [Survay respond]. Retrieved from Getting The Deal Through website: https://gettingthedealthrough.com/area/101/jurisdiction/45/private-m-a-taiwan/ (last visited Apr. 8, 2020).

(七) 保險契約範本
1. AIG. Buyer-side Representations and Warranties Insurance Policy Specimen. Retrieved from https://pdfslide.us/documents/american-international-specialty-lines-repsthis-buyer-side-representations.html?h=docslide.com.br (last visited Apr. 8, 2020).
2. AIG. Seller-side Representations and Warranties Insurance Policy Specimen. Retrieved from http://www.hedgefundinsurance.com/Publications/AIG%20Reps%20and%20Warranties_Sell%20Side%20policy%20form.pdf (last visited Apr. 8, 2020).

(八) 美國法院判決
1. Action Ads, Inc. v. Great Am. Ins. Co., 685 P.2d 42 (Wyo. 1984).
2. American Family Mut. Ins. Co. v. American Girl, Inc., 268 Wis.2d 16 (Wis. 2004).
3. August Entertainment, Inc. v. Philadelphia Indemnity Ins. Co., 146 Cal.App.4th 565 (Cal. Ct. App. 2007)
4. CBS Inc. v. Ziff-Davis Pub. Co., 553 N.E.2d 997 (N.Y. 1990).
5. C.R. Anthony Co. v. Loretto Mall Partners, 817 P.2d 238 (N.M. 1991).
6. D`Amelio v. Federal Ins. Co., 2004 WL 937328 (D. Mass. Apr. 28, 2004).
7. Enserch Corp. v. Shand Morahan & Co., 952 F. 2d 1485. (5th Cir. 1992).
8. Essex Group, Inc. v. Nill, 594 N.E.2d 503 (Ind. Ct. App. 1992).
9. Federal Ins. Co. v KDW Restructuring and Liquidation Services, LLC, 889 F.Supp.2d 694 (M.D. Pa. 2012).
10. Gibson & Associates, Inc. v. Home Ins. Co., 966 F.Supp. 468 (N.D. Tex. 1997).
11. Home Ins. Co. v. St. Paul Fire & Marine Ins. Co., 229 F.3d 56 (1st Cir.2000).
12. House of Clean, Inc. v. St. Paul Fire and Marine Ins. Co., 775 F.Supp.2d 302 (D. Mass 2011).
13. In re IBP, Inc. v. Tyson Foods, Inc, 789 A.2d 14 (Del. Ch. 2001).
14. Interim Healthcare, Inc. v. Spherion Corp., 884 A.2d 513 (Del. Super. Ct. 2005).
15. Kazerouni v. DeSatnick, 279 Cal. Rptr. 74 (Cal. Ct. App. 1991).
16. Kelly v. McKesson HBOC, Inc., 2002 WL 88939 (Del. Super. Ct. 2002).
17. Kirby v. NMC/Continue Care, 993 P.2d 951 (Wyo. 1999).
18. Lazaro v. San Lazaro Park Properties, 864 P.2d 111 (Colo. 1993).
19. Massey-Ferguson, Inc. v. Laird, 432 So. 2d 1259 (Ala. 1983).
20. Murphy v. Nat`l Iron & Metal Co., 227 P.2d 219 (Ariz. 1951).
21. Nationwide Property & Cas. v. Comer, 559 F.Supp.2d 685 (S.D.W. Va. 2008).
22. Richards v. Saveway Oil Co., Inc., 314 N.E. 2d 923 (Mass. App. Ct. 1974).
23. Sterilite Corp. v. Continental Cas. Co., 458 N.E.2d 338 (Mass. App. Ct. 1983).
24. St. Paul Fire & Marine Ins. Co. v. Jacobsen, 826 F. Supp. 155 (E.D. Va. 1993).
25. TranSched Systems Ltd. v.Federal Ins. Co., 67 F.Supp.3d 523 (D.R.I. 2014).
26. Travelers Ins. Co. v. Waltham Indus. Labs. Corp., 883 F.2d 1092 (1st Cir.1989).
27. Vandenberg v. Super. Ct., 982 P.2d 229 (Cal. 1999).
28. Waste Corp. of Am., Inc. v. Genesis Ins. Co., 382 F. Supp. 2d 1349 (S. D. Fla. 2005).
29. West Tex. Refinery v. Commissioner, 68 F.2d 77, (10th Cir. 1933).
30. Winnacunnet Coop. Sch. Dist. v. Nat`l Union Fire Ins. Co., 84 F.3d 32 (1st Cir.1996)

(九) 英國法院判決
1. Ageas (UK) Ltd v. Kwik-Fit (GB) Ltd & Anor [2014] EWHC 2178 (QB).
2. Buckingham v. Francis [1986] 2 All ER 738.
3. Golden Strait Corporation v. Nippon Yusen Kubishka Kaisha [2007] UKHL 12, [2007] 2 AC 353.
4. Infiniteland Ltd v. Artisan Contracting Ltd [2004] EWHC 955 (Ch).
5. Ng v. Crabtree [2011] EWHC 1834 (Ch).
描述 碩士
國立政治大學
法律學系
104651035
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104651035
資料類型 thesis
dc.contributor.advisor 張冠群zh_TW
dc.contributor.advisor Chang, Kuan-Chunen_US
dc.contributor.author (Authors) 農志潔zh_TW
dc.contributor.author (Authors) Nung, Chih-Chiehen_US
dc.creator (作者) 農志潔zh_TW
dc.creator (作者) Nung, Chih-Chiehen_US
dc.date (日期) 2020en_US
dc.date.accessioned 5-May-2020 11:58:07 (UTC+8)-
dc.date.available 5-May-2020 11:58:07 (UTC+8)-
dc.date.issued (上傳時間) 5-May-2020 11:58:07 (UTC+8)-
dc.identifier (Other Identifiers) G0104651035en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/129654-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 法律學系zh_TW
dc.description (描述) 104651035zh_TW
dc.description.abstract (摘要) 企業併購為現今全球最重要之商業活動之一，無論進行企業併購之目的是單純投資，或是為了改善企業體質發揮集團綜效，企業併購皆可替併購雙方帶來可觀之獲利。然而，除了獲利之可能外，企業併購往往亦伴隨巨大的交易風險。為處理企業併購之交易風險，長年來，企業併購實務上發展出以聲明與保證條款為核心之風險管理方式，惟此一基本之風險分配機制，在日新月異的併購環境中，逐漸不敷使用。
為了滿足併購雙方不同之風險承受能力及風險管理需求，保險之運用逐漸被引進企業併購交易之中，進而衍生了新形態的企業併購風險管理工具──聲明與保證保險。聲明與保證保險，藉由將企業併購中估價不確定之風險移轉予保險人承擔，衡平併購雙方對併購契約中風險管理條款之齟齬，並進而促進併購交易之成立。於全球，聲明與保證保險之運用已逐年上升，然於我國則仍在初期引進階段，不但實務之運用罕見，文獻之著墨亦尚非透徹。本文認為，於全球化浪潮之下，聲明與保證保險於我國之發展應具潛力，故聲明與保證保險之運作、對企業併購帶來之影響，以及可能衍生之法律問題等，應有探究之價值。
研究聲明與保證保險，首先須理解併購契約中之聲明與保證條款，以及其所處理之交易風險為何。因此，本文將從企業併購之交易風險談起，並說明企業併購傳統之風險管理方式。於聲明與保證保險之討論中，本文首先將介紹美國聲明與保證保險之運作，其後分析聲明與保證保險對企業併購契約條款之影響，並探討美國法及英國法中，與聲明與保證保險相關之法律議題。最後，本文將分析聲明與保證保險於我國之發展性，並就英美法上已浮現之問題，提出於我國法下之解方。		zh_TW
dc.description.abstract (摘要) Merger & acquisition is arguably one of the most important business activities in today’s economic landscape. Despite the considerable profits to be made, an M&A deal has the potential to put transaction parties at risk. Whether the purpose of a deal is merely investing, or pursuing “synergy” by reorganizing business structure, M&A transactions always come with risks. To deal with these transactional risks, a set of risk management tools based upon representations and warranties have been developed. However, with M&A norms changing rapidly, such traditional risk management methods are no longer seen as panaceas in today’s market.
To better meet the risk tolerance levels of each transaction party and fulfill risk management needs, a new type of risk management tool was created—Representations and Warranties Insurance (RWI). By transferring the valuation uncertainty risk in M&A deals to insurers, RWI helps to bridge the gap between transaction parties and to accelerate the completion of M&A deals. Although there has been a gradual but steady uptick in the use of RWI globally, it was only recently that RWI was introduced in Taiwan. At present, the adoption of RWI in Taiwanese-based deals is rare and literature discussing the utility and benefits of RWI is regrettably incomprehensive in Taiwan. Nonetheless, as Taiwan continues to integrate itself into the global economy, it is highly conceivable that RWI will find considerable application in Taiwan. It is thus worth discussing how RWI works, how RWI affects M&A contracts, as well as considering what issues might arise with the implementation of RWI in Taiwan, and how these issues might be handled under Taiwan’s legal system.
To study RWI, it is essential to have an understanding of its underlying representation and warranty, as well as the risks it was designed to cope with. Accordingly, this thesis will begin with an investigation into the transaction risks faced by M&A parties and the traditional risk management portfolios to which M&A parties have had access. Following, this thesis will discuss how RWI currently operates in the United States, the effect it has had on M&A contracts in the United States, and how associated problems and issues have been dealt with under American and British law. Finally, this thesis will analyze the prospect of the use of RWI in Taiwan and, in the context of Taiwan’s legal system, provide potential solutions to issues that have been previously considered under US or British law.		en_US
dc.description.tableofcontents 第壹章、 緒論 1
第一節 研究動機與目的 1
第二節 研究範圍及方法 2
第三節 研究架構 3
第貳章、 企業併購概述 5
第一節 企業併購之態樣 5
第一項 我國法上之態樣 5
第一款 公司合併 5
第一目 合併之類型 6
第二目 公司合併之效力 7
第二款 公司收購 8
第一目 股份收購與資產收購 8
第二目 收購之效力 8
第三款 公司分割 9
第一目 分割之類型 9
第二目 分割之效力 10
第四款 股分轉換、股份交換及股份收購 11
第二項 美國法上之態樣 11
第一款 公司合併 11
第二款 收購 12
第三款 分割 12
第四款 股份轉換 13
第三項 我國法與美國法之比較 13
第二節 企業併購之交易風險 13
第一項 買方之風險 14
第一款 併購競價者之風險 14
第二款 標的公司估價不確定之風險 15
第二項 賣方之風險 16
第一項 機密資訊洩漏或被不當利用之風險 16
第二項 併購公司之股份或資產估價不確定之風險 16
第三項 交易風險之成因 17
第參章、 企業併購之風險管理 20
第一節 盡職調查程序 20
第一項 盡職調查之目的 20
第二項 盡職調查之內容 21
第三項 盡職調查之程序 22
第四項 保密協議(non-disclosure agreement) 23
第五項 排他條款(exclusivity clause) 23
第二節 聲明與保證條款 25
第一項 聲明與保證條款之意義與常見內容 26
第二項 聲明與保證條款與賠償條款之限縮 28
第一款 揭露表 28
第二款 賣方所知事項 29
第三款 重大性要件 30
第四款 賠償門檻與賠償上限 31
第五款 存續期間 33
第三項 沙袋條款(pro-sandbagging provision)與反沙帶條款(anti-sandbagging provision) 34
第一款 美國法院就沙袋之處理 35
第二款 併購雙方就沙袋之約定條款 37
第四項 聲明與保證條款與資訊不完全 38
第一款 分配資訊產出之責任 38
第二款 劃定資訊產出之範圍 39
第五項 保留款及託管契約 40
第三節 其他相關風險控管條款 43
第一項 交割前提條件（conditions precedent） 43
第一款 重大不利變化條款 44
第二款 重大不利變化條款之契約設計 44
第三款 重大定義之模糊 45
第二項 交割後價格調整機制 46
第一款 買價調整 46
第二款 獲利計酬 47
第三款 買價調整與獲利計酬之異同 49
第三項 各類風險控管條款之比較 49
第肆章、 聲明與保證保險 51
第一節 聲明與保證保險之運作 52
第一項 聲明與保證保險之內容 52
第一款 買方保單 53
第一目 承保範圍 54
第二目 除外事項 55
第三目 保險理賠、保險費、自留額及保險期間 57
第四目 抗辯費用、第三人請求及和解 58
第五目 保險代位權 59
第四款 無賣方賠償架構 59
第二款 賣方保單 60
第一目 承保範圍 61
第二目 除外事項 62
第三目 抗辯費用、聲明與保證賠償請求及和解 63
第二項 聲明與保證保險之目的 64
第三項 聲明與保證保險之需求 67
第四項 聲明與保證保險之可保性 70
第一款 估價不確定風險之可保性 70
第一目 該風險存有大量之曝險單位 71
第二目 所造成之損失屬意外及非故意 72
第三目 損失可確定及度量 72
第四目 非巨量損失 72
第五目 損失之機率可計算 73
第六目 保費具經濟上之可行性 73
第二款 聲明與保證保險之保險標的及保險利益 73
第五項 聲明與保證保險之承保程序 74
第六項 聲明與保證保險於全球之發展 77
第二節 聲明與保證保險對併購契約條款擬定之影響 84
第一項 賠償義務之數額及託管帳戶之數額 86
第二項 賠償門檻 88
第三項 重大性去除條款 91
第四項 沙袋條款 93
第五項 綜合各併購契約條款影響之觀察 93
第三節 逆選擇及道德危險之問題 94
第一項 聲明與保證保險之逆選擇及道德危險 95
第二項 保險人之因應措施 97
第四節 聲明與保證保險之法律問題 101
第一項 第三人責任保險可否承保違反擔保之責任 102
第一款 加州保險法 102
第二款 美國判例法 103
第一目 Action Ads, Inc. v. Great American Ins. Co.一案 104
第二目 Gibson & Associates, Inc. v. Home Ins. Co.一案 105
第三目 Waste Corp. of America, Inc. v. Genesis Ins. Co.一案 106
第四目 Vandenberg v. Superior Court一案 107
第五目 American Family Mut. Ins. Co. v. American Girl, Inc.一案 108
第三款 評析 110
第二項 聲明與保證保險與董監事及重要職員保險之競合 113
第一款 D`Amelio v Federal Ins Co.一案 115
第一目 背景事實 116
第二目 兩造主張 118
第三目 法院見解 119
第二款 評析 121
第三項 違反聲明與保證條款損害賠償數額之計算可否考量後見之明 122
第一款 Ageas (UK) Ltd v Kwik-Fit (GB) Ltd一案 124
第一目 背景事實 125
第二目 兩造主張 126
第三目 法院見解 127
第二款 評析 130
第五節 聲明與保證保險於我國之展望 131
第一項 聲明與保證保險於我國之發展性 132
第二項 估價不確定性危險於我國之可保性 138
第三項 聲明與保證保險法律問題於我國法下之處理 139
第一款 第三人責任保險可否承保擔保責任 139
第一目 賣方保單承保之責任 140
第二目 責任保險之承保責任 141
第二款 聲明與保證保險與董監事及重要職員保險之競合 143
第一目 過失不實聲明於我國法之侵權責任 144
第二目 我國D&O責任保險之承保範圍 145
第三目 過失不實聲明與違反聲明與保證於我國法下之賠償方法 146
第三款 違反聲明與保證條款損害賠償數額之計算可否考量後見之明 148
第伍章、 結論 151
參考文獻 155		zh_TW
dc.format.extent 6193296 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104651035en_US
dc.subject (關鍵詞) 聲明與保證保險zh_TW
dc.subject (關鍵詞) 保證與補償保險zh_TW
dc.subject (關鍵詞) 企業併購保險zh_TW
dc.subject (關鍵詞) 聲明與保證zh_TW
dc.subject (關鍵詞) 聲明與擔保zh_TW
dc.subject (關鍵詞) 估價不確定性zh_TW
dc.subject (關鍵詞) 責任保險zh_TW
dc.subject (關鍵詞) 契約責任zh_TW
dc.subject (關鍵詞) 過失不實聲明zh_TW
dc.subject (關鍵詞) 侵權行為zh_TW
dc.subject (關鍵詞) 損害賠償之計算時點zh_TW
dc.subject (關鍵詞) 後見之明zh_TW
dc.subject (關鍵詞) representations & warranties insuranceen_US
dc.subject (關鍵詞) warranties & indemnities insuranceen_US
dc.subject (關鍵詞) M&A insuranceen_US
dc.subject (關鍵詞) mergers & acquisitionsen_US
dc.subject (關鍵詞) valuation uncertaintyen_US
dc.subject (關鍵詞) liability insuranceen_US
dc.subject (關鍵詞) time for assessment of lossen_US
dc.subject (關鍵詞) hindsighten_US
dc.title (題名) 企業併購風險管理之新工具──聲明與保證保險zh_TW
dc.title (題名) A New Risk Management Tool for M&A: Representations and Warranties Insuranceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文部分
(一) 書籍
1. 王文宇(2018)。公司法論。臺北市：元照。
2. 王澤鑑(2011)。民法總則。中和市 : 王慕華。
3. 王澤鑑(2018)。損害賠償。臺北市 : 王慕華。
4. 江朝國(2015)。保險法逐條釋義第三卷財產保險。臺北市：元照。
5. 林群弼(2008)。保險法論。臺北市 : 三民。
6. 柯芳枝(2012)。公司法論（上）。臺北市：三民。
7. 陳自強(1998)。無因債權契約論。臺北市 : 學林文化。
8. 梁宇賢(1995)。保險法。臺北市 : 中興法商。
9. 葉啟洲(2013)。保險法實例研習。臺北市：元照。
10. 楊誠對(2015)。財產保險(II)─汽車、工程、責任及其他保險。臺北市 : 保險事業發展中心。
11. 劉宗榮(2016)。保險法。臺北市 : 劉宗榮。
12. 劉連煜(2018)。現代公司法。臺北市：劉連煜。

(二) 專書之篇章
1. 陳民強、詹致瑋(2016)。併購合約與相關合約之協商與簽訂。載於黃日燦(主編)，企業併購的十堂必修課(68-91頁)。臺北市 : 臺灣併購與私募股權協會。

(三) 期刊論文
1. 王文宇(2002)。企業併購法總評。月旦法學雜誌，83，70-85。
2. 王文宇(2010)。併購交易的資訊角力—談聲明與保證條款。會計研究月刊，296，86-94。
3. 王澤鑑(1982)。意思表示之詐欺與侵權行為。立法院院聞，10(1)，40-44。
4. 林鳳、詹凱惟(2015)。產業併購風險與控管。螺絲世界，155，94-95。
5. 黃帥升(2014)。投資及併購交易中法律盡職調查之介紹。萬國法律，197，79-91。
6. 游啟璋(2014)。現金逐出合併時少數股東的股份收買請求權。政大法學評論，136，209-279。
7. 楊淑文(2001)。論人事保證之從屬性與債權人之附隨注意義務─兼評民法債編關於「人事保證」之增訂條文。台灣本土法學雜誌，29，1-20。
8. 潘維大(1995)。中美侵權行為法中不實表示民事責任之比較(上)。東吳法律學報，8(2)，233-285。
9. 潘維大(1995)。侵權行為法對於因不實表示產生的經濟上損失之保護。軍法專刊，41(7)，16-23。
10. 應式文(1987)。責任保險是否包括契約責任: 兼論代位求償權是否限於侵權行為。保險專刊，10，68-73。

(四) 研究及統計報告
1. 勤業眾信(2018)。2018台灣私募基金白皮書－台灣私募基金市場回顧與展望。取自https://www2.deloitte.com/tw/tc/pages/finance/articles/private-equity-white-paper.html?fbclid=IwAR0BsWXmrJT7RBq6455sVnqlZ62IIAzIyGGDecTDT78PARyY73sNhvgzKJo (最後瀏覽日: 2020年4月8日)。
2. 資誠聯合會計師事務所(2018)。2018臺灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2018-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
3. 資誠聯合會計師事務所(2019)。2019台灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2019-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
4. 經濟部(2014-2018)。企業併購案件統計表。取自https://gcis.nat.gov.tw/mainNew/subclassNAction.do?method=list&pk=126 (最後瀏覽日: 2020年4月8日)。

(五) 報紙及新聞稿
1. 金融監督管理委員會新聞稿(2017年8月1日)。開放投信事業轉投資子公司設立私募股權基金（PE Fund）、辦理受託管理或引介投資PE Fund相關業務。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201708010005&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News (最後瀏覽日: 2020年4月8日)。
2. 金融監督管理委員會新聞稿(2018年5月31日)。放寬證券商轉投資創業投資事業及私募股權基金相關規範，支援實體經濟發展。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201805310002&toolsflag=Y&dtable=News (最後瀏覽日: 2020年4月8日)。
3. 黃日燦(2007年5月27日)。企業併購合約之四:聲明與保證。經濟日報，第6版。

(六) 網路資源
1. 鄭伊芳(2016年8月20日)。賣方之陳述及保證(台灣)【網路文章】。取自理慈網站 https://www.leetsai.com/%E5%B0%88%E8%AB%96/%E8%B3%A3%E6%96%B9%E4%B9%8B%E9%99%B3%E8%BF%B0%E5%8F%8A%E4%BF%9D%E8%AD%89%E5%8F%B0%E7%81%A3?lang=zh-hant (最後瀏覽日: 2020年4月8日)。

(七) 保單條款
1. 富邦產物商業綜合責任保險(事故發生基礎)契約責任(排除疏忽)附加條款，104.05.13 富保業字第 1040000741 號函。取自https://b2c.518fb.com/fubon518/content/201510211427131.pdf (最後瀏覽日: 2020年4月8日)。
2. 華南產物董監事及重要職員責任保險，109.02.24(109)華產企字第056號函。取自https://www.south-china.com.tw/p7-2/%E6%84%8F%E5%A4%96%E9%9A%AA/%E8%8F%AF%E5%8D%97%E7%94%A2%E7%89%A9%E8%91%A3%E7%9B%A3%E4%BA%8B%E5%8F%8A%E9%87%8D%E8%A6%81%E8%81%B7%E5%93%A1%E8%B2%AC%E4%BB%BB%E4%BF%9D%E9%9A%AA.pdf (最後瀏覽日: 2020年4月8日)。

(八) 法院判決
1. 最高法院43年台上字第639號判例。
2. 最高法院43年度台上字第752號判例。
3. 最高法院64年11月11日64年度第6次民庭庭推總會決議。
4. 最高法院73年台上字第209號判決。
5. 最高法院77年度第19次民事庭會議決議（二）。
6. 最高法院105年度台上字第1036號判決。
7. 臺灣高等法院91年度保險上字第44號判決。
8. 臺灣士林地方法院106年度士簡字第1181號判決。

(九) 行政函釋
1. 經濟部94年7月26日經商字第09402095620號函。
 
二、 英文部分
(一) 書籍
1. ABRAHAM, K. S. (2005). INSURANCE LAW AND REGULATION CASES AND MATERIALS. N.Y.: Foundation Press.
2. BAINBRIDGE, S. M. (2015). CORPORATE LAW. MN: Foundation Press.
3. BAINBRIDGE, S. M. (2009). MERGERS AND ACQUISITIONS. N.Y.: Foundation Press.
4. COX, J. D., & HAZEN, T. L. (2003), CORPORATIONS. N.Y.: Aspen Publishers.
5. DOBBYN, J. F. (2003). INSURANCE LAW. MN: Thomson/West.
6. JERRY II R. H., & RICHMOND D. R. (2007) UNDERSTANDING INSURANCE LAW. N.J.: LexisNexis Matthew Bender.
7. KRAMER, A. (2017). THE LAW OF CONTRACT DAMAGES. LONDON, England: Hart Publishing.
8. KEETON, R. E., & WIDISS, A. I. (1988). INSURANCE LAW: A GUIDE TO FUNDAMENTAL PRINCIPLES, LEGAL DOCTRINES, AND COMMERCIAL PRACTICES. Minn.: West Pub.
9. POOLE, J. (2016). TEXTBOOK ON CONTRACT LAW. Oxford, England: Oxford University Press.
10. REJDA, G. E. (2003). PRINCIPLES OF RISK MANAGEMENT AND INSURANCE. Mass.: Addison Wesley.
11. RUMBERGER, E. T. (2018). THE ACQUISITION AND SALE OF EMERGING GROWTH COMPANIES: THE M & A EXIT. MN: Thomson/West.
12. WESTON, J. F., SIU, J. A., & JOHNSON, B. A. (2011). TAKEOVERS, RESTRUCTURING, AND CORPORATE GOVERNANCE. N.J.: Prentice Hall.

(二) 專書之篇章
1. Bridgeman, R. A. (2015). Representation and Warranty Insurance: A Primer on Its Uses and Features. In Insurance Law 2015: Top Lawyers on Trends and Key Strategies for the Upcoming Year (PP. 8-1 - 8-2). Thomson Reuters.
2. Davis, M. H. (2012), Adding Value While Minimizing Risk in The M&A Due Diligence Process. In Business Due Diligence Strategies 2012 Edition (pp. 1-15). Thomson Reuters Westlaw.
3. Dobbs, J. M., & Villarreal, D. J. (2016). Getting What You Paid for: Representations and Warranties. In Oil & Gas Agreements: Purchase and Sale Agreements (pp. 10-1 - 10-36). CO: Rocky Mountain Mineral Law Foundation.
4. Duffy M. M. (2009). Representations & Warranties Insurance: Five Issues to Consider Before Charging Ahead. In Understanding Insurance Law 2009 (pp, 487-500). N.Y.: Practising Law Institute.
5. Holme Roberts & Owen LLP (2010). Sample Form Due Diligence Checklists and Forms. In Hand Book of Due Diligence Checklists (pp. 3-64). CO: Rocky Mountain Mineral Law Foundation.
6. Kishner. I. A. (2013). Market Trends, Legal Developments, and Their Effect on M&A Documentation. In Mergers and Acquisitions Law 2013: Top Lawyers On Trends and Key Strategies for the Upcoming Year. Thomson Reuters/Aspatore.
7. Vergilii, J. L.; Whitford, N. J. (2014). Keeping Up with the Times: Recent Development in Due Diligence. In Business Due Diligence Strategies 2014 Edition (pp. 17-30). United States of America: Thomson Reuters Westlaw.

(三) 期刊論文
1. Antion D. S., & Lang P. (2013). Representations and warranties insurance: an innovative solution. Westlaw Journal Delaware Corporate, 28(10), 1-5.
2. Bittle, L. F., Sutherland, J. M., Barnhouse, S., & Pocsik, S. (2011). Insurance and indemnification of directors and oficers: avoiding pitfalls 2011. Corporate Counsel Review, 30, 197-228.
3. Bohrer, S. D. (2018). Representation and warranty insurance in Japanese M&A transactions. M&A Lawyer, 22(7), 13-21.
4. C., S. (1933). Tort liability for negligent misrepresentation. University of Pennsylvania Law Review and American Law Register, 81(4), 435-441.
5. Cavico, F. J. (1997). Fraudulent, negligent, and innocent misrepresentation in the employment context: The deceitful, careless, and thoughtless employer. Campbell Law Review, 20(1), 1-90.
6. Cheng, D. (2009). Interpretation of material adverse change clauses in an adverse economy. Columbia Business Law Review, 2009(2), 564-604.
7. Cozen, S. A.; Bennett, R. C. (1984). Folrtuity: The unnamed exclusion. Forum, 20(2), 222-255.
8. Crupi, J. (2010). Addressing buyer`s or seller`s remorse: Pre-bankruptcy considerations involving post-signing/pre-closing strategic transactions in volatile economic environment. American Bankruptcy Institute Law Review, 18(2), 495-534.
9. Cole, B. (2016). Knowledge is not necessarily power: Sandbagging in new york m&a transactions. Journal of Corporation Law, 42(2), 445-460.
10. Davis, T. (2009). Ucc breach of warranty and contract claims: Clarifying the distinction. Baylor Law Review, 61(3), 783-817.
11. Dempsey, T. B. (2008). Seller beware: Potential pitfalls and unintended consequences of the ‘Materiality Scrape’. M & A Lawyer, 12(6), 16.
12. Dorff, M. (1997). Attaching tort claims to contract actions: An economic analysis of contort. Seton Hall Law Review, 28(2), 390-429.
13. Epstein, H. B.; Keyes, T. A. (2017). Representations and warranty insurance comes of age. Practical Lawyer, 63, 21-23.
14. Ferrara, D. (2000). Beyond D&O. Risk Management, 47(2), 8-8.
15. Fisch, P., & Berg, M. (2017). Representation and warranty insurance. New York Law Journal, 258(75).
16. Gallozzi, M. S.; Phillips, E. (2002). Representations and warranties insurance. Environmental Claims Law Journal, 14(4), 455-468.
17. Garrett, M. (2010). Efficiency and certainty in uncertain times: The material adverse change clause revisited. Columbia Journal of Law and Social Problems, 43(3), 333-362.
18. Gill, M. & Mascari, F. (2016). Confusion Reigns: Applying the multiplied damages exception in representations and warranties insurance policies. Mergers & Acquisitions Law Report 19, 137-139.
19. Griffith, S. J. (in press). Deal insurance: Representation & warranty insurance in mergers & acquisitions. University of Minnesota Law Review 104. Retrieved from https://ir.lawnet.fordham.edu/faculty_scholarship/973 (last visited Apr. 8, 2020).
20. Gurionv, M. (2016) Representation and warranty insurance: Five areas of focus. Partnering Perspectives, 16-19.
21. Heinz, M., & Wolf, M. T. (2018). Representation and warranty insurance should be part of every strategic buyer’s toolbox. ACC Docket, 36(8), 50-54.
22. Hyatt, M. (2017). Warranty and indemnity insurance: Proliferation of moral hazard or legitimate risk mitigation tool. University of San Francisco Law Review, 51(1), 127-146.
23. Iovine III, L. P. (2012). Sandbagging in M&A deals: Silence may not be Golden. M & A Lawyer, 16, 10.
24. Kim, S. (2014). Corporate parenthood: Private equity duties and portfolio company rights. Review of Banking and Financial Law, 34(1), 317-336.
25. Liu, F. (2016). Applying the fraud-exclusion provision under d&o insurance policies: Adjudication or in fact which is better. Western Michigan University Cooley Journal of Practical & Clinical Law, 17(3), 247-264.
26. Logue, K. D. (2005). Tax law uncertainty and the role of tax insurance. Virginia Tax Review, 25(2), 339-414.
27. Lux, M D. (2014). Purchase price adjustments in M&A Deals. Practical Lawyer, 60(1), 19-29.
28. Mishra, R. (2019). Transaction liability insurance: Optimising the risk allocation in new-age M&A deals. Business Law International, 20(2), 165-93.
29. Quinn, B. J. (2012). Putting your money where your mouth is: The performance of earnouts in corporate acquisitions. University of Cincinnati Law Review, 81(1), 127-172.
30. Rowe, B. (2018) A Small World After All: R&W Insurance in Cross-Border M&A. Deal Lawyers, 12(3).
31. Sandgrund, R. M., & Tuft, L. A. (2007). Liability insurance coverage for breach of contract damages. Colorado Lawyer, 36(2), 39-50.
32. Sautter, C. M. (2008). Shopping during extended store hours: From no shops to go-shops the development, effectiveness, and implications of go-shop provisions in change of control transactions. Brooklyn Law Review, 73(2), 525-578.
33. Schwartz, G. (1990). The Ethics and the Economics of Tort Liability Insurance. Cornell Law Review, 75, 313-365.
34. Siegel, S. (1966). When corporations divide: Statutory and financial analysis. Harvard Law Review, 79(3), 534-570.
35. Stone, D. A. (1999). Beyond moral hazard: Insurance as moral opportunity. Connecticut Insurance Law Journal, 6(1), 11-46.
36. Trautman, L. J.; Altenbaumer-Price, K. (2011). D&O insurance: primer. American University Business Law Review, 1(2), 337-367.
37. Whitehead, C. K. (2011). Sandbagging: Default rules and acquisition agreements. Delaware Journal of Corporate Law, 36(3), 1081-1116.
38. West, G. D., & Shah, K. M. (2007). Debunking the myth of the sandbagging buyer: When sellers ask buyers to agree to anti-sandbagging clauses, who is sandbagging whom. M & A Lawyer, 11, 3-7.

(四) 研究及統計報告
1. AIG (2014). Warranty and Indemnity Insurance in Southeast Asia. Retrieved from https://www.aig.com.ph/content/dam/aig/apac/philippines/documents/brochures/warranty-and-indemnity-insurance-in-southeast-asia-2014-brochure.pdf (last visited Apr. 8, 2020).
2. AIG (2018). M&A Insurance – The new normal? Retrieved from https://www.aig.com/content/dam/aig/america-canada/us/documents/insights/aig-manda-claimsintelligence-2018-w-and-i.pdf (last visited Apr. 8, 2020).
3. AIG (2019). Mergers and Acquisitions 2019 Claims Report Taxing times for M&A Insurance. Retrieved from https://www.aig.com/business/insurance/mergers-and-acquisitions/mergers-acquisitions-claims-reports (last visited Apr. 8, 2020).
4. Aon (2015). Transaction Insurance as a M&A Strategic Tool. Retrieved from https://www.aon.com/risk-services/asats/aon-insights/transaction-insurance.jsp (last visited Apr. 8, 2020).
5. Aon (2018). M&A and Transaction Solutions: Risk in Review. Retrieved from https://www.aon.com/getmedia/0c91accf-ab1e-44a1-9587-4bfa3a01ce1c/Aon-Risk-in-Review-Report-2018.aspx (last visited Apr. 8, 2020).
6. Aon (2019). Asia-Pacific M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/apac2019.aspx (last visited Apr. 8, 2020).
7. Aon (2019). North America M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/northamerica2019 (last visited Apr. 8, 2020).
8. Marsh (2015). Annual Transactional Risk Report 2014. Retrieved from https://www.marsh.com/uk/insights/research/annual-transactional-risk-report.html (last visited Apr. 8, 2020).
9. Marsh (2016). Annual Transactional Risk Report 2015. Retrieved from https://www.marsh.com/uk/insights/research/demand-for-transactional-risk-insurance-hits-record-highs-in-2015.html (last visited Apr. 8, 2020).
10. Marsh (2018). Transactional Risk Report 2017. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-update-2017.html (last visited Apr. 8, 2020).
11. Marsh (2019). Transactional Risk Insurance Report. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-insurance-outpaced-global-deal-activity.html (last visited Apr. 8, 2020).
12. Ryan, K. (2012). 2012 M&A Holdback Escrow Report. Retrieved from J.P Morgan website: https://www.velocitylaw.com/Library/BuyingOrSellingABusiness/MA%20Holdback%20Report_FINAL_KMRx%202012.pdf (last visited Apr. 8, 2020).
13. SRS Acquiom Inc. (2018). Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2018-buy-side-rwi-deal-terms-study/ (last visited Apr. 8, 2020).
14. SRS Acquiom Inc. (2019). 2019 Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2019-buy-side-reps-warranties-insurance-deal-terms-study/#downloadform (last visited Apr. 8, 2020).

(五) 未出版之專論
1. Omri, E. T., & James, R. (2019). Representations and Warranties Insurance in Mergers and Acquisitions. Retrieved from https://ssrn.com/abstract=3361184 or http://dx.doi.org/10.2139/ssrn.3361184 (last visited Apr. 8, 2020).
2. Bhagat, S., Klasa, S., & Litov, L. P. (2014). The use of escrow contracts in acquisition agreements. Retrieved from https://ssrn.com/abstract=2271394 (last visited Apr. 8, 2020).

(六) 網路資源
1. Aufses III, A. H. (Apr. 02, 2018). Paying the Price for Reps and Warranties Breaches [Website article]. Retrieved from https://www.kramerlevin.com/en/perspectives-search/paying-the-price-for-reps-warranties-breaches.html (last visited Apr. 8, 2020).
2. Avery, D.; Lingenfelter, L. (Jan. 2018). Trends in Private Company M&A Provisions: The “Materiality Scrape” [Website article]. Retrieved from https://www.goulstonstorrs.com/publications/trends-in-private-company-ma-provisions-the-materiality-scrape/ (last visited Apr. 8, 2020).
3. Franchini, J. & Mackey, T. (Apr. 2014) Re-Allocation of Risk in Asian M&A: The Case for Considering Representations and Warranties Insurance [Website article]. Retrieved from Milbank website: https://www.milbank.com/images/content/1/6/16292/Article-The-Lawyers-Representations-and-Warranties-in-M-A-Apri.pdf (last visited Apr. 8, 2020).
4. Gibson Dunn & Crutcher (May 15, 2019). Insuring the Deal: Key Considerations when Utilizing Transactional Insurance [Presentation powerpoint file]. Retrieved from https://www.gibsondunn.com/wp-content/uploads/2019/05/WebcastSlides-Insuring-the-Deal-Key-Considerations-when-Utilizing-Transactional-Insurance-15-MAY-2019.pdf (last visited Apr. 8, 2020).
5. Goodwin Procter LLP (Mar. 22, 2018). M&A Trends: Representations and Warranties Insurance [Website article]. Retrieved from https://www.goodwinlaw.com/publications/2018/03/m-and-a-trends-representations (last visited Apr. 8, 2020).
6. LaCroix, K. (Mar. 16, 2009). D&O Insurance: The Contract Exclusion [Website article]. Retrieved from https://www.dandodiary.com/2009/03/articles/d-o-insurance/do-insurance-the-contract-exclusion/ (last visited Apr. 8, 2020).
7. Legge J., McNally J., & Kucera B. (2014). Facilitating M&A Transactions [Presentation powerpoint file]. Retrieved from http://wk.ixueshu.com/file/051d8160344752c9.html (last visited Apr. 8, 2020).
8. Marsh (2019). Transactional Risk Insurance Using Transactional Risk Solutions to Close the Deal [Presentation powerpoint file]. Retrieved from https://goquantive.com/wp-content/uploads//2019/05/Marsh-TR-Presentation-3-19.pptx (last visited Apr. 8, 2020).
9. McDonald, J. J. & Warpula, C. C. (Apr. 19, 2018). Zero Seller Recourse Deals and Other Emerging Trends: The Latest Developments in Representation And Warranty Insurance [Website article]. Retrieved from http://www.mondaq.com/unitedstates/x/693640/Insurance/Zero+Seller+Recourse+Deals+and+Other+Emerging+Trends+The+Latest+Developments+in+Representation+and+Warranty+Insurance (last visited Apr. 8, 2020).
10. Mercer, Z. C. (1999). Financial vs. Strategic Buyers [Website article]. Retrieved from https://mercercapital.com/article/financial-vs-strategic-buyers/ (last visited Apr. 8, 2020).
11. Private Equity International (2002). Non-Recourse Warranty and Indemnity Insurance [Website article]. Retrieved from https://www.privateequityinternational.com/non-recourse-warranty-and-indemnity-insurance/?fbclid=iwar1wyfuehefz8sb5k9wzv54rttmg4cddwu7mubtrn1ebmmoeo6cczkto2do (last visited Apr. 8, 2020).
12. Rittberg, J., Hettinger, G., & McNellie, S. (Mar. 26, 2015). M&A in 2015: Reps and Warranties Insurance [Presentation powerpoint file]. Retrieved from Norton Rose Fulbright & AIG website: https://docplayer.net/16510402-M-a-in-2015-reps-and-warranties-insurance-norton-rose-fulbright-thursday-march-26-2015.html (last visited Apr. 8, 2020).
13. Schwabe Williamson & Wyatt (Nov. 22, 2016). Getting the Purchase Price Right: Earn-outs, Escrows, and Post-Closing Adjustments in M&A transactions [Website article]. Retrieved from https://www.schwabe.com/newsroom-publications-earn-outs-escrows-post-closing-adjustments-m-and-a-transactions (last visited Apr. 8, 2020).
14. Verdesca, J., Ferrillo, P., & Gershowitz, G. (Jan. 15, 2016). Representations and Warranties Insurance: What Every Buyer and Seller Needs to Know [Website article]. Retrieved from https://www.lexisnexis.com/communities/corporatecounselnewsletter/b/newsletter/archive/2016/01/15/representations-and-warranties-insurance-what-every-buyer-and-seller-needs-to-know.aspx (last visited Apr. 8, 2020).
15. Vinson & Elkins LLP (2018). Representations and Warranties Insurance in Energy M&A: An Old Product Gets a New Look [Presentation powerpoint file]. Retrieved from https://www.velaw.com/Insights/Representations-and-Warranties-Insurance-in-Energy-M-A--An-Old-Product-Gets-a-New-Look/?platform=hootsuite (last visited Apr. 8, 2020).
16. Wang, G. H. (Apr. 29, 2015). Transaction Liability Insurance - Representation and Warranty Insurance in Cross-Border Transactions [Website article PDF file]. Retrieved from Haynes and Boone website: https://www.haynesboone.com/alerts/representation-and-warranty-insurance-in-cross-border-transactions (last visited Apr. 8, 2020).
17. Wildeboer Dellelce LLP (Apr. 25, 2017). Structuring Earn-Outs in M&A Transactions [Website article]. Retrieved from https://www.wildlaw.ca/resource-centre/legal-updates/2017/structuring-earn-outs-in-ma-transactions/ (last visited Apr. 8, 2020).
18. Willis Towers Watson (Oct. 29, 2018). Transactional Insurance – Market Overview and Key Issues. In Representations & Warranties Insurance in M&A Transactions [Presentation powerpoint file]. Retrieved from https://www.ctbar.org/docs/default-source/education/materials/2018-2019-cle-materials/eyl181029-rwi-in-ma-transactions-final-materials (last visited Apr. 8, 2020).
19. Willis Towers Watson (May 16, 2019). Use of Transactional Risk Insurance and “W&I Stapling” Is on the Rise Despite a Slowdown in the Global M&A Markets [Website article]. Retrieved from https://willistowerswatsonupdate.es/gestion-de-riesgos/transactional-risk-insurance-wi-stapling/ (last visited Apr. 8, 2020).
20. Winston & Strawn LLP (Nov. 18, 2014) The Real Deal Webinar Series: Representation & Warranty Insurance [Presentation powerpoint file]. Retrieved from https://www.winston.com/en/thought-leadership/the-real-deal-webinar-series-representation-warranty-insurance.html (last visited Apr. 8, 2020).
21. Yu K.H., & Lu, Y. (Oct. 2019). Private M&A [Survay respond]. Retrieved from Getting The Deal Through website: https://gettingthedealthrough.com/area/101/jurisdiction/45/private-m-a-taiwan/ (last visited Apr. 8, 2020).

(七) 保險契約範本
1. AIG. Buyer-side Representations and Warranties Insurance Policy Specimen. Retrieved from https://pdfslide.us/documents/american-international-specialty-lines-repsthis-buyer-side-representations.html?h=docslide.com.br (last visited Apr. 8, 2020).
2. AIG. Seller-side Representations and Warranties Insurance Policy Specimen. Retrieved from http://www.hedgefundinsurance.com/Publications/AIG%20Reps%20and%20Warranties_Sell%20Side%20policy%20form.pdf (last visited Apr. 8, 2020).

(八) 美國法院判決
1. Action Ads, Inc. v. Great Am. Ins. Co., 685 P.2d 42 (Wyo. 1984).
2. American Family Mut. Ins. Co. v. American Girl, Inc., 268 Wis.2d 16 (Wis. 2004).
3. August Entertainment, Inc. v. Philadelphia Indemnity Ins. Co., 146 Cal.App.4th 565 (Cal. Ct. App. 2007)
4. CBS Inc. v. Ziff-Davis Pub. Co., 553 N.E.2d 997 (N.Y. 1990).
5. C.R. Anthony Co. v. Loretto Mall Partners, 817 P.2d 238 (N.M. 1991).
6. D`Amelio v. Federal Ins. Co., 2004 WL 937328 (D. Mass. Apr. 28, 2004).
7. Enserch Corp. v. Shand Morahan & Co., 952 F. 2d 1485. (5th Cir. 1992).
8. Essex Group, Inc. v. Nill, 594 N.E.2d 503 (Ind. Ct. App. 1992).
9. Federal Ins. Co. v KDW Restructuring and Liquidation Services, LLC, 889 F.Supp.2d 694 (M.D. Pa. 2012).
10. Gibson & Associates, Inc. v. Home Ins. Co., 966 F.Supp. 468 (N.D. Tex. 1997).
11. Home Ins. Co. v. St. Paul Fire & Marine Ins. Co., 229 F.3d 56 (1st Cir.2000).
12. House of Clean, Inc. v. St. Paul Fire and Marine Ins. Co., 775 F.Supp.2d 302 (D. Mass 2011).
13. In re IBP, Inc. v. Tyson Foods, Inc, 789 A.2d 14 (Del. Ch. 2001).
14. Interim Healthcare, Inc. v. Spherion Corp., 884 A.2d 513 (Del. Super. Ct. 2005).
15. Kazerouni v. DeSatnick, 279 Cal. Rptr. 74 (Cal. Ct. App. 1991).
16. Kelly v. McKesson HBOC, Inc., 2002 WL 88939 (Del. Super. Ct. 2002).
17. Kirby v. NMC/Continue Care, 993 P.2d 951 (Wyo. 1999).
18. Lazaro v. San Lazaro Park Properties, 864 P.2d 111 (Colo. 1993).
19. Massey-Ferguson, Inc. v. Laird, 432 So. 2d 1259 (Ala. 1983).
20. Murphy v. Nat`l Iron & Metal Co., 227 P.2d 219 (Ariz. 1951).
21. Nationwide Property & Cas. v. Comer, 559 F.Supp.2d 685 (S.D.W. Va. 2008).
22. Richards v. Saveway Oil Co., Inc., 314 N.E. 2d 923 (Mass. App. Ct. 1974).
23. Sterilite Corp. v. Continental Cas. Co., 458 N.E.2d 338 (Mass. App. Ct. 1983).
24. St. Paul Fire & Marine Ins. Co. v. Jacobsen, 826 F. Supp. 155 (E.D. Va. 1993).
25. TranSched Systems Ltd. v.Federal Ins. Co., 67 F.Supp.3d 523 (D.R.I. 2014).
26. Travelers Ins. Co. v. Waltham Indus. Labs. Corp., 883 F.2d 1092 (1st Cir.1989).
27. Vandenberg v. Super. Ct., 982 P.2d 229 (Cal. 1999).
28. Waste Corp. of Am., Inc. v. Genesis Ins. Co., 382 F. Supp. 2d 1349 (S. D. Fla. 2005).
29. West Tex. Refinery v. Commissioner, 68 F.2d 77, (10th Cir. 1933).
30. Winnacunnet Coop. Sch. Dist. v. Nat`l Union Fire Ins. Co., 84 F.3d 32 (1st Cir.1996)

(九) 英國法院判決
1. Ageas (UK) Ltd v. Kwik-Fit (GB) Ltd & Anor [2014] EWHC 2178 (QB).
2. Buckingham v. Francis [1986] 2 All ER 738.
3. Golden Strait Corporation v. Nippon Yusen Kubishka Kaisha [2007] UKHL 12, [2007] 2 AC 353.
4. Infiniteland Ltd v. Artisan Contracting Ltd [2004] EWHC 955 (Ch).
5. Ng v. Crabtree [2011] EWHC 1834 (Ch).		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202000425en_US