跨國併購爭端解決機制之研究-以國際商務仲裁為中心

Abstract

企業併購乃企業之間為求擴大綜效，而尋求合作的一系列進程，在此進程之中，各種紛爭將逐漸浮現，而當雙方之衝突惡化，而須尋求外部機制加以解決之時，尤其當涉及跨國併購案，國際商務仲裁程序成了實務上解決此些爭議之重要管道，本文將針對企業併購時而涉及之紛爭進行說明，並就國際商務仲裁程序之程序特性及相關機構仲裁規則加以探討、比較、提出跨國併購仲裁相關案件，並針對臺灣仲裁法制進行研究，最後提出跨國併購仲裁之策略性問題及對臺灣仲裁發展之展望。 第一章緒論部分針對本文研究之一般性問題加以說明。第二章企業併購爭端之主要類型，則指出企業併購易生之紛爭型態，依併購之時序以觀，分別涉及簽約前爭端、簽約後成案前爭端、擔保條款與承諾條款、價格調整爭端、補償爭端、侵權行為、股東協議爭端、反壟斷，並述及合資企業爭端等等紛爭態樣。 第三章國際商務仲裁之程序特性及仲裁規則之比較，則探討國際商務仲裁程序之特性為何，涵蓋迅速性、保密性、中立性、專業性、高自主性與彈性、訴訟經濟與執行力等諸多特性，並以該等特性為架構，就國際機構仲裁規則進行說明、比較分析，其中包括了國際商會仲裁規則（ICC Rules）、全美仲裁協會國際爭議解決中心國際爭議解決程序（包括調解和仲裁規則）（ICDR Rules）、中國國際經濟貿易仲裁委員會仲裁規則（CIETAC Rules）、新加坡國際仲裁中心仲裁規則（SIAC Rules）、香港國際仲裁中心機構仲裁規則（HKIAC Rules）及中華仲裁國際中心仲裁規則（CAAI Rules）。 第四章跨國併購仲裁實例，則將呈現跨國併購仲裁之案例，以利讀者一窺跨國併購仲裁之運作，企求在有限之已公開仲裁判斷中，得以就涉及跨國併購之部分進行說明與分析。 第五章臺灣法制之特殊考量，則回歸臺灣法制，就臺灣法制中何種爭議得以提付仲裁（仲裁適格性）及仲裁判斷於何種情況下得以據以執行（執行力），進行研究，其中並以執行力為核心，分別就臺灣未簽署紐約公約之現實因素，對於外國仲裁判斷於臺灣之執行，及臺灣仲裁判斷於外國之執行造成何種影響進行探討。 第六章跨國併購仲裁策略與我國仲裁之展望，則描繪了跨國併購與國際商務仲裁之交界點，即跨國併購仲裁之程序策略運用，及特別應考量之事項。並就我國仲裁相關法制提出建議，同時提出對臺灣國際仲裁之期許。 第七章結論，則貫穿本文之脈絡，說明跨國併購仲裁之相關議題及考量。 跨國併購與國際商務仲裁在傳統研究上，無論國內外之文獻，多傾向為分立之研究領域，然而在實務上，兩者有其交會之處，亦有探討之價值，本文希望透過跨國併購與國際商務仲裁領域之交錯研究，得以發現臺灣企業於進行跨國併購仲裁所遇到的問題，與所應考量之點，並期許臺灣之仲裁法制得以日趨進步，進而深化臺灣仲裁之國際地位。

Mergers and Acquisitions is a series of processes, which corporate participants would go through in order to improve the synergy between them. In such processes, various kinds of disputes would come up. When the tension enhanced, to the extent that both parties would have no other choice but to pursue an outside mechanism to settle such dispute, especially when the disputes contain international factors, international commercial arbitration is thereby a valuable option of dispute resolution for them. This article will be dealing with common disputes that happens during the processes of Mergers and Acquisitions. Further, the article will include the main features of international commercial arbitration along with the elaboration and comparison between several prominent international institutional arbitration rules. Relevant international arbitral cases concerning the field of cross-border M&A are also included. Furthermore, the Taiwanese laws that are relevant to arbitration will be examined. Finally, this article will discuss the strategies for cross-border M&A arbitration and the expectations toward the advancement of Taiwanese arbitration. The first chapter – Introduction, will elaborate the general issues and the layout of this article. The second chapter – Main Disputes in M&A, will point out the commonly occurred disputes in M&A transactions. In sequential order, such disputes would include Pre-signing Disputes, Pre-closing Disputes, Representations and Warranties, Price Adjustment, Indemnities, Tort, Shareholder Agreements Disputes and Antitrust. The joint venture agreements disputes will also be included. The third chapter – The Procedural Features of International Commercial Arbitration and the Comparison of Arbitral Rules, will focus on the features of International Commercial arbitration. Those would include Rapidity, Confidentiality, Neutrality, Professionality, Party Autonomy and Flexibility, Reduction in Costs and Enforceability. Within the framework of the above features, this article will elaborate and compare several international institutional arbitration rules. These rules are ICC Rules, ICDR Rules, CIETAC Rules, SIAC Rules, HKIAC Rules and CAAI Rules. The fourth chapter – The Cross-border M&A Arbitration Cases, will present several arbitral cases that are relevant to cross-border M&A. This chapter aims at piercing the veil of cross-border M&A arbitration, hoping it will give the readers a glimpse of how the arbitral tribunals deal with M&A cases. Although the attainable arbitral awards to the general public are limited, this article will still put the effort on presenting and analyzing the limited but valuable public awards that concern M&A arguments. The fifth chapter – Particular Concerns of Taiwanese Laws will be targeting at what kind of disputes can be settled through arbitration (Arbitrability), and under what circumstances can an arbitral award be enforced (Enforceability). The chapter will put its focus on the enforceability, from the enforceability of a foreign arbitral award in Taiwan, and the one of a Taiwanese arbitral award in foreign states based on the realistic factor that caused Taiwan’s absence in New York Convention. Chapter Six – Strategies for Arbitration in Cross-border M&A Disputes and the Prospect of Taiwanese Arbitration, depicts the overlapping sector between cross-border M&A and International Arbitration, which is the strategies for arbitration in cross-border M&A disputes along with its particularities. Further, this article gives some suggestions to the Taiwanese laws and arbitral rules, and the expectations to the Taiwanese influence on International Arbitration. Chapter Seven – Conclusion, connects the chapters in this article, and shows the relevant issues and particularities in Cross-border M&A arbitration. Although traditionally, Cross-border M&A and International Commercial Arbitration are separate issues for most researches, no matter in international or Taiwanese ones, there is an overlapping area between the two that is worthy of further deliberation, especially in practice. This article expects to find out the problems that the Taiwanese Corporates are facing in a Cross-border M&A arbitration and its particularities through the research on both the two fields and their connections. This article further hopes to improve the Taiwanese arbitral rules through the suggestions given, and enhance Taiwan’s influence on International Arbitration.