台灣公司掏空資產問題之研究：三家上市公司個案分析

Abstract

在訊息不全下，經營階層能夠掏空公司資產甚至迫使公司倒閉，主要原因就在公司管控與監控機制出現漏洞，追根究柢即在於國內《公司法》、《證券交易法》及相關法規的規範不夠周延，董事與監察人未能善盡應有責任，而行政院金融監督管理委員會證期局未積極監理或濫用行政裁量權，也扮演推波助瀾角色。由於現行公司監理制度存在重大漏洞，從而提供公司董事、監察人或大股東經常透過關係人非常規交易或不法交易等操作方式，達到掏空公司資產的目的。是以本文研究目的如下： （1）以存在於集團企業間各種掏空資產手法為事實依據，進而歸納成為掏空類型，並釐清相類似之經濟領域概念。 （2）以掏空公司案例（太電、博達及力霸）為基礎，深究當中原因，提供金融監理當局、公司董事、監察人及高階管理階層參考，用以提升公司管控與監控機制運作效率，促使上市（櫃）公司營運更為健全，從而保障投資人權益及維持市場秩序穩定性。 （3）為減輕經營階層從事掏空活動的可能性，如何建立公司治理制度將是當務之急的任務，是以本研究將探討公司治理的內容，進而探討公司治理與公司績效的關係。 建議事項：似應於法令部分再增訂下述方向： （1）獨立董事範圍應予擴大 （2）命令設置審計委員會替代監察人 （3）提供誘因鼓勵新上市櫃公司通過公司治理評量 （4）設置審計委員會必須設立溝通管道，以利公司員工能直接檢舉弊端，並修法保護坦承犯罪或檢舉公司犯罪之受雇人、職員。

With incomplete disclosure of information, a company’s managing director may have the chance to hollow out the company’s assets and force the company into bankruptcy because of loopholes in the management and monitoring mechanisms. To get to the bottom of it, loopholes in the domestic “Companies Act”, “Securities Exchange Act”, and related laws and regulations, the board of directors and controllers’ failure to fulfill their duties, and the Securities and Futures Bureau, Financial Supervisory Commission, Executive Yuan’s failure to implement active monitoring or abuse of administrative discretion have aggravated the complicated situation. Since major loopholes exist in the current company monitoring system, the company board, controllers, or shareholders tend to hollow out a company’s assets through non-arm's-length transaction or illegal transaction. Therefore, the study purposes include the following: （1）Classify the types of hollow-out based on the hollow-out approaches adopted by corporations and identify economic front concepts of similar nature. （2）Take “Pacific Electric Wire & Cable Co., Ltd., Pulse Tech (Asia) Limited, and Rebar Group” for instance, the reasons for the hollowing out of assets in these companies are probed into to serve as reference for financial supervision agencies, company board, controllers, and managing directors in order to enhance company control and monitor efficiency, ensure comprehensive business conducts of TAIEX listed and OTC listed companies, protect investors’ rights, and maintain market order and stability. （3）In order to minimize the likelihood of hollow-out by managing directors, the most important target is to set up a company management system. Thus, the content of company management is expounded in this research to discuss the correlation between company management and performance. Suggestions: The following should be included in law amendments: （1）The scope of independent directors should be extended. （2）Decree the setup of an audit committee in place of controllers. （3）Provide incentives to encourage new TAIEX listed companies to pass company management assessment. （4）The audit committee ought to bridge communication to allow company employees to directly report on malpractice and amend the law to protect recruits and employees that confess crimes committed or report on illegal conducts.