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標題: | 股份收買請求權制度再建構—與美日之比較 Reconstruction of Appraisal Rights: Comparing with the United States and Japan |
作者: | Pei-Ching Huang 黃旆靖 |
指導教授: | 蔡英欣(Ying-Hsin Tsai) |
關鍵字: | 股份收買請求權,異議股東,價格裁定程序,公平價格,公平價值,控制權議價,少數股權折價。, Appraisal rights,Appraisal arbitrage,Fair value,Control premium,Dissenting shareholders,Minority discount,Fair price, |
出版年 : | 2019 |
學位: | 碩士 |
摘要: | 我國現行股份收買請求權制度係分別由公司法與企業併購法進行規範。其中企業併購法經2015年修法後,現行規範方式以及其與公司法間之差異成為關注重點之一。除此之外,對於公平價格之認定仍缺少細部相關因素與標準之探討,而計算方式與基準日之選擇亦通常僅以認定上便宜作為目的。本文欲藉由與美日二國共三立法例之比較,為我國股份收買請求權程序以及公平價格確認提出建議。
本文將從股份收買請求權最初產生背景、對由不同觀察面向而生之學說見解、常見限制等討論為始;經確認我國現行程序方面以及公平價格評價問題後,分別整理美國德拉瓦州公司法、模範商業公司法以及日本公司法三者規範與公平價格操作上之相關認定。藉由對不同法規範下公平價格操作模式進行分析後,確認德拉瓦州公司法之公平價格方式為法院評價時,依其職權決定計算方法外,並分別決定是否將特定因素納入考量。而日本法下股份收買請求權制度,雖係繼受美國德拉瓦州公司法而來,卻因引進當時背景差異,造成其價格認定操作上發展出兩種標準,分別適用之判斷上亦強烈受交易公司間關係、程序及對價公正性與否之影響。此外,日本學說對基準日之探討,相較於我國而言,其觀察角度較為豐富,具有極高參考價值。 最終本文將綜合前述三立法例之理論功能、程序規範以及對公平價值之認定,提出對我國現行制度與公平價值認定方面提出建議。 Shareholder Appraisal rights are currently stipulated in The Company Act and Business Mergers and Acquisitions Act in Taiwan. After Business Mergers and Acquisitions Act was revised in 2015, its current codes and the difference between The Company Act have caused great concern. In addition, the recognition of fair value is not only still lacks with certain related factors and standards, designation of calculation methods and discussions about base date usually just based merely on convenience. Therefore, by comparing with Delaware General Corporation Law, Model Business Corporation Act and Japan’s Companies Act, this thesis aims to provide suggestions to both the procedure of Appraisal arbitrage and some possible arrangements about fair value. Begin with the introduction of Appraisal rights, theories for its functions from various types of views, common restrictions, then shift the focus to Taiwan’s current problems in arbitrage and fair value determination. And by organizing Delaware General Corporation Law, Model Business Corporation Act and Japan’s Companies Act, each different definitions, related factors and standards of fair value, one can conclude that while Delaware General Corporation Law allows the court to determine the calculation methods and whether or not to take certain factors into account, Japan’s Companies Act, however, although adopted the whole Appraisal system from Delaware, due to its unique background, theories toward its functions and the determinations of fair value in Japan are very different from what it adopted from and has developed two different standards when determining fair value. And the choose of standards is highly associated with the relationship between companies during the transaction, the fairness for both the procedure and the quid-pro-quo. Additionally, comparing discussions of base date in Japan and Taiwan, the former has more copious observing aspects and that makes them highly referential. Finally, this thesis will integrate all the theories of functions, procedures and the determination of fair value from the three different laws and try to make some suggestions to our current procedure and determination of fair value. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/21819 |
DOI: | 10.6342/NTU201900047 |
全文授權: | 未授權 |
顯示於系所單位: | 法律學系 |
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