企業併購與政府管制─從企業及經營者之法律風險談起

Abstract

企業併購為商事法領域熱門的研究對象，其兼具高度學術、實務性質，橫跨多種法律領域，影響資本市場發展、公司利害關係人利益，甚至國家經濟、產業政策。企業併購的既有研究，其實已具有相當程度的完整性，但實務上企業併購的爭議案件仍層出不窮，企業併購規範的修正亦無休止跡象，顯見我國企業併購法制，實有進一步研究、精進之必要。 本文試圖改變研究視角，於政府、企業、利害關係人三方關係中，選擇從政府及企業間的角度切入，探討企業併購規範，並以管制理論與企業、經營者風險作為本文的兩大主軸。法律規範連結於政府與企業之間，構成政府對企業併購交易之管制規範，而管制，係為公共利益，或促成總體福利最大化，例如保障公司利害關係人權益，或促進經濟、產業、市場、企業之發展；然而，管制將同時對企業及經營者產生風險，且各種目標間，將無可避免產生衝突與矛盾。商事法、企業併購規範，永遠背負多元政策、價值、利益的權衡與取捨，循此，本文目標，係探討如何建構平衡多元價值的最佳規範模式，如政府應如何管制企業併購交易，以妥適達成規範目標，如何降低企業、經營者的法律風險。 本文將以管制理論出發，將管制與企業併購規範連結，引入Rule-Standard的規範分析方式；次將分析企業併購的司法管制，以美國德拉瓦州司法審查為主要參考對象；再分析企業併購的行政管制，以資訊揭露與主管機關對特殊產業及跨國併購的准駁權為中心。於上述內容中，檢討企業併購現行制度的缺失、提出建議，並分析我國企業、經營者之法律風險。

Mergers and acquisitions is a popular topic in commercial and corporate law. The legal system of M&A is related to multiple legal disciplines in academy and in practice, and also influences the development of the capital market, constituency interests and even the economic and industrial policies. While there are abundent researches on M&A, there are still numerous controversial issues in practice, and the amendment of the M&A statutes never stop. It is clear that the legal system of M&A is not in a perfect condition, therefore, it is urgently in needof further improvement. This thesis analyzes the M&A regime through the regulation theory, and focus on the legal risks faced by enterprises and its manageersinteraction. Government regulates M&A activities by statutes to advance public interests or maximize aggregated welfare, to be specific, the primary objective of M&A regulation is to protect the corporate constituency, and achieve the policy concerning the development of the economy, capital market and corporate competitiveness. However, M&A regulation will also influence the parties who are regulated, and generate legal risks to enterprises and its management. In addition, there are inevitable conflicts among the different goals and merits, hence the significant task of M&A regime is to evaluate, balance these goals, merits and interests and make tough choices in the end. As a result, this thesis aims for how to set up an optimal regulation form which regulation may balance multiple goals and merits appropriately. This thesis begins with the regulation theory, and tries to integrate it with the M&A statutes. Besides, this thesis introduces the “Rule-Standard” methodology to be a feasible mode to analyze M&A statutes. Second, this thesis introduces the judicial review in detail by comparing Taiwan’s law with Delaware’s jurisdiction. Then, this thesis illustrates the other part of M&A regulation, administrative control. Among the contents mentioned above, this thesis will explore the deficiency of the law in force and analyze the legal risks faced by the enterprise and its management.