國家族企業的公司治理：泰國法律下的裙帶關係、 受託義務與庇護問題之法律分析

Abstract

近年來，公司治理在商業領域的重要性日益增加。世界各地的許多司法管轄領域上已經開始加強公司治理的法律、監管和制度框架。健全的實踐公司治理被認為能夠通過促進合規、道德行為、增加透明度和企業問責制，有效降低企業面臨的法律和聲譽風險。 在泰國，家族企業構成了經濟結構的主體，從微型、小型和中型企業（MSMEs）到公開發行和上市公司。然而，傳統做法仍然給公司治理帶來挑戰。泰國家族企業內部的裙帶關係往往導致透明度缺失和關鍵人員的不稱職，進而引發信義義務問題。集中的所有權使得控制家族能輕易侵占小股東的利益。 此外，庇護關係在泰國家族企業中提供特權方面仍然十分普遍，並在家族企業的運作和資源分配上發揮著重要作用。商業中的政治參與往往會削弱公司治理的基本原則，例如透明度、問責性、公平性和效率，尤其是在大型企業和企業集團中，這些影響進一步導致治理結構的複雜化和利益衝突的增加。 近年來，泰國證券交易委員會及政府一直致力於通過法律法規和公司治理準則來維護和發展公司治理。然而，這些法規主要針對公開發行公司，尤其是上市公司。對於 MSMEs，公司治理的規定非常有限，現有法規也未能充分應對裙帶關係、信義義務以及政治參與所帶來的挑戰。因此，這些問題在泰國家族企業中依然普遍存在，且缺乏足夠的法律機制來改善公司治理。 本論文將深入探討公司治理，特別關注泰國家族企業所面臨的挑戰。它將考察導致這些挑戰的文化和傳統因素，並分析現有的泰國法律法規如何解決裙帶關係、信義義務義務和庇護問題。論文將提出法律發展建議，以應對這些問題，並強調需要根據泰國的社會文化和傳統，為家族企業量身打造適合的公司治理機制。

In recent years, corporate governance has become increasingly important in the business landscape. Many jurisdictions worldwide have started to enhance their legal, regulatory and institutional frameworks for corporate governance. Robust corporate governance practices are believed to mitigate business, legal, and reputational risks by ensuring compliance, ethical behavior, transparency, and accountability. In Thailand, family-owned businesses constitute the majority of the economic landscape, ranging from micro, small, and medium enterprises (MSMEs) to public and listed companies. However, challenges remain due to traditional practices that undermine corporate governance. Nepotism within Thai family businesses often results in a lack of transparency and incompetence among key individuals, leading to fiduciary duty issues. Concentrated ownership allows controlling families to easily expropriate the rights of minority shareholders. Moreover, patronage plays a significant role in providing privileges to family firms in Thailand. Political involvement in business compromises the fundamental principles of corporate governance—such as transparency, accountability, fairness, and efficiency—particularly in large enterprises and conglomerates. In recent years, the Securities and Exchange Commission of Thailand and the government have been striving to uphold and develop corporate governance through legal regulations and the corporate governance code. However, these regulations predominantly apply to public limited companies, especially listed companies. Provisions for corporate governance in MSMEs are scarce, and existing regulations do not adequately address challenges related to nepotism, fiduciary duties, and political involvement. Consequently, these issues persist without sufficient legal mechanisms to enhance corporate governance in Thai family businesses. This thesis will explore corporate governance in depth, focusing on the challenges faced by family-owned businesses in Thailand. It will examine the cultural and traditional factors contributing to these challenges and analyze existing Thai legal regulations that address issues of nepotism, fiduciary duties, and patronage. The thesis will propose legal developments to address these problems, emphasizing the need to tailor corporate governance mechanisms to the specific cultural and traditional contexts of Thai family businesses.