企業分割與簡易上市之實務研析

Abstract

摘 要 我國於九十一年二月六日公佈實施企業併購法後，企業之分割終於有了較為完整的法源依據。在過去透過資產轉讓及股權交易亦能達成分割目的，但卻因交易透明度不高，對交易雙方股東及債權人甚至投資人缺乏保障而無法普及，在公司分割法制化之後，對上市櫃的大型企業而言，是絕佳的工具與機會，企業透過分割建立核心事業強化經營效益，利用公司分割之資產變動，增加企業價值並提高市場認同度。 本研究希望透過探討公司分割制度之法制化，將公司分割之法律模式及分割後上市櫃制度之規範作一彙整與比較，並就實例分析企業分割之目的與組織變動之價值變化，探討資本市場對公司分割後上市櫃制度之影響，俾使吾人能對此一企業再造策略有更深入瞭解。 最後本文以研究結論，提出對簡易上市制度相關之建議，期盼此建議能對主管機關在從事立法或相關單位於做決策時，有所助益。 關鍵字：企業併購法、分割、簡易上市

Thesis Abstract Graduate Institute of Finance National Taiwan University Name:Chun-Min Wu Month/Year:January/2005 Advisor:Dr.Chau-Chen Yang The announcement of “Business Mergers & Acquisitions Law” on February 6th, 2002 earmarked a new era whereby a complete legal frame work for Corporate Taiwan’s restructuring activities was in place. In the past, corporate restructuring had been typically conducted by ways of asset sell-off or equity exchange to achieve such a goal. The lack of transparency resulted in the slow development of such activities as shareholders from both sides, debtors, and even outside investors had been concerned about their respective legal rights and responsibilities. With the proper legalization foundation to guide corporate spin-off, publicly listed companies found a good opportunity to utilize corporate restructuring as a way to strengthen their core businesses, improve enterprise values, and enhance market recognitions, through the asset adjustments of corporate restructuring. Having seen the legalization of corporate spin-offs, this analysis intends to summarize and compare the legal patterns of various corporate spin-offs and the ensuing securities and exchange regulations after restructuring. Case studies are offered and analyzed with respect to the purposes and the changes of corporate valuation of the respective corporate spin-offs, and the impacts on listing rules in the capital market after corporate spin-offs. All these are meant to facilitate our further understanding of the strategies of various corporate reengineering. Last but not the least, this analysis concludes by providing suggestions to the Simplified IPO process, for the future consideration of regulation authorities or law makers.