股份收買請求權之公平價格探討

Abstract

股份收買請求權制度包含公司法幾個相當核心的議題。例如公平價格、公平交易、控制權溢價、公司治理、少數股東之保障等重要議題。而本文認為如何評估收買之公平價格，實為此制度能否完善之根基。 本文藉由分析文獻之方式，主要著眼於股份收買請求權之公平價格、控制權溢價之歸屬、評價時應考量之因素及會計上之評價技術。 我國股份收買請求權制度之運作未能發揮其應有功能，其原因與公平價格之核定過度依賴股份之市價，使小股東未能取得持股之實際價值。因此如何便利小股東權利之行使，並確保小股東取得其持股實際價值，應為我國股份收買請求權制度能否完善發揮的關鍵。 最後介紹我國2006年凱雷併購東媒體科技一案並提出本文之觀點與見解。

Appraisal right contains core issues of Corporate Law. It includes fair value, fair trade, control premium, corporate governance and minority shareholders’ interest. The valuation of appraisal right’s fair value is crucial for appraisal right to function effectively. This thesis focuses on the valuation of appraisal right’s fair value by asking“Should the control premium share with minority shareholders or belong to controlling shareholders only?” “What elements need to be consider in appraisal procedure?” Appraisal right has received very little attention in Taiwan. One reason is that the courts in Taiwan will not award the dissenting shareholder the fair value of their shares, because they defer to market price when fixing fair value. It is important that minority shareholders’ interest should be ensured for appraisal right to function effectively. Finally, this thesis will introduce the leading case about appraisal right in Taiwan- The Carlyle Group acquired Eastern Media International Corporation, and proposes my opinion about the case.