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題名 關係企業合併利益衝突之管制與案例介紹
作者 方嘉麟
關鍵詞 受任人義務;注意義務;忠實義務;經營判斷法則;母子公司合併;換股合併;現金逐出合併;簡易合併;反對股東股份收買請求權;禁制令;撤銷合併;回復原狀之損害賠償
Fiduciary duty;Duty of care;Duty of loyalty;Business Judgment Rule;Parent/subsidiary merger;Stock-for-stock merger;Cash-out merger;Short form merger;Appraisal right;Injunction;Rescission of merger;Rescissory damage
日期 2002
上傳時間 18-Apr-2007 16:51:39 (UTC+8)
Publisher 臺北市:國立政治大學法律學系
摘要 本研究計畫主要以關係企業合併利益衝突之管制與案例介紹。參考比較美國的規範設計及發展經驗,並進一步探討在我國現行公司法及證券交易法下,有無適當的規範方式,或是否有立法修正之必要。自從民國八十八年之「聯電五合一」一案後,我國之資本市場已陸續完成幾樁關係企業合併之案例,從這些案例中,似乎可找出一項共通點,亦即,利益衝突之特徵在合併交涉的過程裡異常凸顯。不是控制公司的經營者被懷疑利用與從屬公司合併之機會,將其自身持有從屬公司的股份,換取實際價值與流動性更高的上市公司股份,藉由低估控制公司資產之方式中飽私囊;就是從屬公司在合併過程中,因欠缺適當的客觀第三人之參與,以致在外觀上,控制股東似乎全盤主導了整個談判協議。而因為兩公司之間,少了如同在常規交易場合之敵意式相互議價,從屬公司之少數股東不免對於兩公司換股比例(或非普通股之其他對價)之公平性產生質疑,認為合併條件不過是控制公司片面決定的結果,不能真正代表從屬公司股份的公平價值。對此,在參考、比較美國法制後,似乎在短期內,應該重新思考股份收買請求權的評價方式,並鼓勵法官將合併談判的程序納入工評價質的評價因素;未來在立法上,則應該加強我國公司法對於控制股東的規範,以使權責相符。此外,自己交易的規範設計更應採用安全港的規範模式,法院在舉證責任分配上,也應該賦予為踐行常規交易協商模式的母公司更重的舉證責任。
The subject of the present project is focusing on study of "The protection of minority shareholders under parent/subsidiary merger". Referring to and comparing with the regulation experience developed in US, we think that it is appropriate to adopt the "approximately arm`s length bargaining model" generally used under the self-dealing transactions cases into our regulation system. The contents of this research report includes four parts summarized as follows:(1) the introduction of the parent/subsidiary merger cases in Taiwan and the basic analysis of our company law, securities law and company merger/acquisition law; (2) the introduction of the unique regulation policy or principle "Business judgment Rule" under US state court; (3) the development and regulation experience on the parent/subsidiary merger in US court and statutory code, and (4) based on the US regulation experience, we try to submit the conclusion and suggestion to our regulation system.
描述 核定金額:407200元
資料類型 report
dc.coverage.temporal 計畫年度:91 起迄日期:20020801~20031231en_US
dc.creator (作者) 方嘉麟zh_TW
dc.date (日期) 2002en_US
dc.date.accessioned 18-Apr-2007 16:51:39 (UTC+8)en_US
dc.date.accessioned 2008-09-08-
dc.date.available 18-Apr-2007 16:51:39 (UTC+8)en_US
dc.date.available 2008-09-08-
dc.date.issued (上傳時間) 18-Apr-2007 16:51:39 (UTC+8)en_US
dc.identifier (Other Identifiers) 912414H004021.pdfen_US
dc.identifier.uri (URI) http://tair.lib.ntu.edu.tw:8000/123456789/4339en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/4339-
dc.description (描述) 核定金額:407200元en_US
dc.description.abstract (摘要) 本研究計畫主要以關係企業合併利益衝突之管制與案例介紹。參考比較美國的規範設計及發展經驗,並進一步探討在我國現行公司法及證券交易法下,有無適當的規範方式,或是否有立法修正之必要。自從民國八十八年之「聯電五合一」一案後,我國之資本市場已陸續完成幾樁關係企業合併之案例,從這些案例中,似乎可找出一項共通點,亦即,利益衝突之特徵在合併交涉的過程裡異常凸顯。不是控制公司的經營者被懷疑利用與從屬公司合併之機會,將其自身持有從屬公司的股份,換取實際價值與流動性更高的上市公司股份,藉由低估控制公司資產之方式中飽私囊;就是從屬公司在合併過程中,因欠缺適當的客觀第三人之參與,以致在外觀上,控制股東似乎全盤主導了整個談判協議。而因為兩公司之間,少了如同在常規交易場合之敵意式相互議價,從屬公司之少數股東不免對於兩公司換股比例(或非普通股之其他對價)之公平性產生質疑,認為合併條件不過是控制公司片面決定的結果,不能真正代表從屬公司股份的公平價值。對此,在參考、比較美國法制後,似乎在短期內,應該重新思考股份收買請求權的評價方式,並鼓勵法官將合併談判的程序納入工評價質的評價因素;未來在立法上,則應該加強我國公司法對於控制股東的規範,以使權責相符。此外,自己交易的規範設計更應採用安全港的規範模式,法院在舉證責任分配上,也應該賦予為踐行常規交易協商模式的母公司更重的舉證責任。-
dc.description.abstract (摘要) The subject of the present project is focusing on study of "The protection of minority shareholders under parent/subsidiary merger". Referring to and comparing with the regulation experience developed in US, we think that it is appropriate to adopt the "approximately arm`s length bargaining model" generally used under the self-dealing transactions cases into our regulation system. The contents of this research report includes four parts summarized as follows:(1) the introduction of the parent/subsidiary merger cases in Taiwan and the basic analysis of our company law, securities law and company merger/acquisition law; (2) the introduction of the unique regulation policy or principle "Business judgment Rule" under US state court; (3) the development and regulation experience on the parent/subsidiary merger in US court and statutory code, and (4) based on the US regulation experience, we try to submit the conclusion and suggestion to our regulation system.-
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dc.language zh-TWen_US
dc.language.iso zh-TWen_US
dc.publisher (Publisher) 臺北市:國立政治大學法律學系en_US
dc.rights (Rights) 行政院國家科學委員會en_US
dc.subject (關鍵詞) 受任人義務;注意義務;忠實義務;經營判斷法則;母子公司合併;換股合併;現金逐出合併;簡易合併;反對股東股份收買請求權;禁制令;撤銷合併;回復原狀之損害賠償-
dc.subject (關鍵詞) Fiduciary duty;Duty of care;Duty of loyalty;Business Judgment Rule;Parent/subsidiary merger;Stock-for-stock merger;Cash-out merger;Short form merger;Appraisal right;Injunction;Rescission of merger;Rescissory damage-
dc.title (題名) 關係企業合併利益衝突之管制與案例介紹zh_TW
dc.type (資料類型) reporten