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標題: | 逐出少數股東法制之比較與研究 A Comparative Study on Freeze-out Regulation |
作者: | Fang-Chi Chang 張方綺 |
指導教授: | 王文宇(Wen-Yeu Wang) |
關鍵字: | 逐出少數股東,控制股東,現金逐出合併,釋字770號解釋,私有化交易,受託義務,公平價格, Freeze-Out,Controlling Shareholder,Cash-Out Merger,J.Y. Interpretation No. 770,Going Private Transaction,Fiduciary Duty,Fair Price, |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 司法院大法官釋字第770號解釋罕見地以企業併購法作為審查客體,透過現金逐出合併指出我國逐出少數股東法制的缺陷與隱憂。所謂「逐出少數股東」係指控制股東利用控制權強迫非控制股東出售股份,少數股東礙於股份劣勢而無從選擇。此類交易涉及利益衝突與自我交易,同時也攸關人民財產權保護。毋寧應當思考的是,當法律面對公平正義與經濟發展,該如何作出平衡與妥協?
本文透過比較法的探尋,試圖從中取得法律移植的契機。文中觀察到美國法以受託義務為核心,透過特別委員會的核准與少數股東多數同意作為雙重程序淨化機制,將利益衝突態樣模擬成常規交易,其中的彈性、靈活及開放值得我們效法;相反的,英國法體系的高門檻及強制性的利益迴避、乃至於賦予少數股東否決權,其中對於財產權的保護及尊重也值得我們學習。 然而,法律的移植必當經過長期的孕育與扎根,尚且需考慮本國的商業環境、股權結構及司法制度等,一昧的禁止或採取保守策略,可能有礙資本市場運作;相反的,未經思考而囫圇吞棗式的廣納也可能讓法體系如脫韁野馬紊亂失控。因此,本文透過評估與比較,釐清管制規則與標準分際,對於應否借鏡及如何吸收外國法制提出分析,並配合我國政策方向及法制條件,嘗試提出配套措施與改革方向。 最後,希冀藉由本文的研究,能為我國逐出少股東法制的管制提供一些新的觀點。 Uncommonly, Judicial Yuan Interpretation No.770 of The Constitutional Court took the Business Mergers and Acquisitions Act as the reviewed subject and pointed out the deficiency and potential problems of the minority shareholder buyout regime under Taiwan laws. “Minority shareholder buyout” refers to the situation that controlling shareholders using their controlling power to force non-controlling shareholders to sell their shares, and the minority shareholders do not have alternatives due to their inferior power. Such transactions involve a conflict of interest and self-dealing and are also related to the protection of property rights. Having said so, the critical question here is how the laws balance fairness and economic growth? This thesis takes a comparative approach to find out the rationale behind the legal transplant. Under such an approach, this thesis observed that the U.S. law adopts a fiduciary duty based double purifying mechanism, which requires approval from special committees and prevailing agreement from minority shareholders. If the requirements are fulfilled, the conflict of interest transaction will be deemed as a regular one. The flexibility, mobility, and openness of the U.S. law are worthy of reference for Taiwan law. On the contrary, British law requires a strict and mandatory recusal from conflict of interests and even gives the minority shareholders veto right. The spirit of the British law in regards to respecting and protecting property rights is also worthy of reference for Taiwan law. However, the legal transplant needs to go through long-term nurturing and converging, with consideration of the local business environment, equity structures, and the judicial system. A universal prohibition or conservative strategy may hinder the development of the capital market. On the other hand, embracing foreign laws without deliberation may also cause chaos to the legal system. In the light of the foregoing, this thesis evaluates and compares the merit of the foreign laws, and clarifies relevant foreign regulation and standards, to provide an analysis on whether to learn or adopt the foreign laws, furthered with consideration of Taiwan policy direction and legal system, to try providing a thoughtful solution and reform direction for Taiwan law. In the end, this thesis hopes to provide some new perspectives on the minority shareholder buyout regime of Taiwan. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15207 |
DOI: | 10.6342/NTU202000858 |
全文授權: | 未授權 |
顯示於系所單位: | 法律學系 |
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