併購契約之法律風險管理

Abstract

近年來，企業購併(Mergers and Acquisitions)的風潮像是傳染病一樣地擴散到全球各個角落，在報章雜誌上經常可看到某家公司又買下了另一家公司的訊息。 一般而言，購併係企業多角化經營的一項策略工具。運用購併不僅可以節省時效，爭取市場上稍縱即逝的商機，又可以利用現有的行銷通路、原料和生產設備等，迅速地進入市場或另一個事業的領域；當然，企業也可以藉由購併來提昇企業綜效(Synergy)、獲取市場占有率及擴大企業王國。 然而，從很多的例子及統計顯示，在美國完成的購併案中，大約有30%至50%是失敗的，而在歐洲的購併個案裡，成功的機率亦不到50%。至於在國內，雖然目前尚無一較明確的統計數字，但我們經常也可看到有關購併失利或是經營困難的報導。 由此顯示，企業在追求購併所能帶來的綜效與高額利潤之外，如何基於前車之鑑，有效地規避風險，似乎是一個很值得研究的課題。 風險（Risk）在傳統的定義上是負面的亦即是危險承擔的定義。而企業為何須風險管理（Risk management），因為風險的承擔，將產生責任的歸屬，而責任歸屬的一方，將產生不利的影響，大者造成倒閉，小者成本提高等等。因此，風險的評估以及管理乃企業經營活動的重要課題，而公司於營運過程中是會遇到各種風險，有些風險是不須要花費太多便可規避，有些風險卻難以規避或是無法規避。因此，對風險之認知即相當重要， 併購失敗最基本的議題－風險，風險的具體化就是契約陷阱，陷阱致生風險，風險致生失敗之機率。因此，如何降低失敗之機率是本論文之動機，所以認清併購風險，以併購契約陷阱分析出發，是值得的方向。本論文分類歸結併購契約隱藏或明示之契約陷阱，可以幫助企業於進行併購契約規劃之重要指標，其次，本論文就併購活動中失當或不公平之法律效果，提供了衡平之方法，供契約主宰企業間交易活動及權利義務分配歸屬活動中，強勢者與弱勢者間參考的處理模式。

In recent years, a wave of mergers and acquisitions such as infectious diseases to spread to all corners of the world, in newspapers and magazines can often be seen on a company they bought another company's message. In general, mergers and acquisitions department of a corporate diversification strategy tool. The use of mergers and acquisitions not only save time, for fleeting opportunities on the market, but also can take advantage of existing marketing channels, raw materials and production equipment, quickly enter the market or another career field; of course, you can by acquired companies to enhance synergy, to get market share and expanding business empire. However, from a lot of examples and statistics show that the completion of the merger case in the United States, about 30% to 50% failure, and in the case of mergers and acquisitions in Europe, the chances of success are not to 50%. As in the country, although there is no one more specific statistics, but we often can see the acquisition of operational difficulties or loss of coverage. Which shows that companies in the pursuit of mergers and acquisitions can bring synergy and high profits, the lesson based on how effectively avoid risks, seems to be a very worthy subject of study. In the traditional definition of risk is a negative definition of commitment that is dangerous. Why should the corporate risk management, because the risk of commitment will result in the attribution of responsibility, and accountability of the party, will have a negative impact, causing a large collapse, while the small cost increase, and so on. Therefore, risk assessment and management of business activities is an important issue, and the company is in the process of operation will encounter a variety of risks, some risks do not need to be able to avoid spending too much, some risks are difficult to avoid or not avoid. Therefore, the risk perception that is very important, Mergers and acquisitions fail the most basic issue - the risk is the risk of specific contractual trap, trap-induced health risks, health risks caused by the failure probability. Therefore, how to reduce the probability of failure is the motivation of this paper, so understand the risks of mergers and acquisitions, acquisition-contract analysis of the starting traps, it is worthwhile direction. Classification of this paper due to the acquisition of contract or express contractual hidden traps that can help companies make acquisitions in important indicators of contract planning, and secondly, the papers on mergers and acquisitions activity in improper or unfair legal effect, provided the equity method for the master contract trading activities between enterprises and the allocation of rights and obligations of ownership of activities, the strong and weak person who handled between the reference model.