企業收購制度之研究暨敵意併購與防禦策略之探討

Abstract

隨著經濟環境的變遷與產業結構的改變，產業升級與全球化已成驅勢，而併購活動正可於其中扮演重要角色。而這一波併購熱潮之目的與過去顯著不同，過去著重的是擴大市場佔有率、多角化經營等目標。而這一波併購熱潮卻是基於國際競爭之考量，強調的是爭取時效、降低成本、智慧財產權的取得及高附加價值的品牌與通路。這種與過去不同的經濟驅勢，使得併購成為企業成長與發展的重要策略。 因此如何藉由國外數十年來企業併購發展之寶貴經驗及國內現行之法令規章之探討補強，以提供國內企業一個公平而有效率之併購環境。進而協助台商在全球化的經濟趨勢下，能夠藉由跨國併購的方式，迅速取得發展所需之技術、智慧財產權、原料、產能、通路、品牌及市場，而形成國際級企業，為台灣在世界經濟舞台上爭取更亮麗的成績。 由於企業併購活動的類型及範圍包涵極為廣泛，為避免本文失焦，擬針對企業併購類型之「收購」-含資產收購及股權收購有關之法令意涵、租稅優惠及實務運用加以探討。並針對近來台灣企業開始關心的「公開收購」、「敵意併購與防禦措施」，並配合實際案例加以剖析，從而發現在實務運作過程中可能衍生之問題，以提出具體建議，期能抛磚引玉，喚起企業妥善運用併購工具，並提供政府未來修正「企業併購法」、「金融機構合併法」及「金融控股公司法」之參考。

Following the changes in economic environment and the transformation of the industrial structure, the upgrading of industry and the globalization of business have become important new trends. In the process, the merging of companies plays an important role. The purpose of these mergers is obviously different from those in the past. Previously, companies intended to expand their market share and to diversify their operations. In contrast, the current mergers, which take international competition into consideration, focus on timing control, cost reduction, acquisition of intellectual property rights and obtainment of high value-added brands and channels. The new trends have made mergers become important strategies for business development. In response to these trends, it is essential for Taiwanese companies to utilize the extensive foreign experiences in merging activities over the past years for research and reinforcing the domestic regulations in regard to mergers. It is vital to provide a fair and efficient merging environment for Taiwanese companies in order to assist them in acquiring the necessary techniques, intellectual property rights, raw materials, capacities, production capacity, channels, brands and markets, and hence become successful international enterprises and make Taiwan more visible in the world. As the kinds of mergers are varied and extensive, this thesis intends to focus on the study of “ Acquisition”, including the definition of acquiring assets and shares from legal perspective, the related tax preferences and the practice of acquisition. Additionally, as the public are concerned about issues regarding “ Public Tender Offer” and “ Hostile Acquisition and its defense strategy” in recent years, we also analyze these two practices in conjunction with the illustration of case studies. We hope that this research will provide valuable information to companies that utilize the related merging tools, and to regulators who need a clearer direction when amending “ Business Mergers and Acquisitions Act”, “The Financial Institutions Merger Act” and “The Financial Holding Company Act”