控制股東的利益衝突—從私有化交易法制之探討出發

Abstract

近年來許多著名公司例如台紙、榮化紛紛進行所謂的私有化下市程序，公司進行私有化下市程序或許有其商業考量，包括免除公司維持上市狀態之成本、避免公開市場干擾、進行公司體質調整以追求利益最大化等。然而，翻閱相關報章新聞，對於公司控制股東、管理階層進行私有化交易卻往往充滿負面色彩的評價，細究其理由，無非是因為少數股東視併購為洪水猛獸。 在司法院釋字第770號解釋公布後，大法官認為對於被逐出公司的異議股東，必須就股份對價公平性的確保設計有效的權利救濟制度，方符合憲法第15條保障人民財產權之意旨，而企業併購法之立法目的在於促進企業進行併購，在「維護正當併購交易」與「保障少數股東」之間的利弊權衡，在立法政策上實屬不易，然而，關鍵在於不應厚此薄彼造成天秤的傾斜，而應該要在不同的價值間取得平衡。因此本文認為在少數股東不得不被逐出公司的情形，針對少數股東最後的保障手段即為股份收買請求權，且追根究底股份收買請求權的核心在於「公平價格的認定」。 本文從整理我國股份收買請求權相關裁定出發，分析我國實務見解認定股份公平價格的作法，並參考美國德拉瓦州實務見解，以他山之石來攻錯。美國德拉瓦州法院在歷經Dell案以及DFC案後，已經逐漸建立以「以併購過程妥適性為中心」的公平價格認定方式，而我國實務見解對於公平價格認定方式仍處於百家爭鳴的狀態，並無定論，本文針對我國實務見解的問題提出相關建議，期待能建立較公平、公正、公開的股份價格認定機制，以達到司法院釋字第770號解釋對於人民財產權保護之宗旨，在保障正當併購交易進行的前提下亦不疏忽對於少數股東權益的重視。

Recently many well-known corporations such as Taiwan Pulp & Paper Corporation and LCY Chemical Corporation went through the process of going private. Corporations go private due to several business considerations, including exempting the cost of maintaining listed status, avoiding interference from public market, adjusting company’s constitution to pursue the maximum benefits. However, after going through relevant news, commentators often have negative comments on controlling shareholders and management team who are in charge of the going-private transactions. The reason for this is minority shareholders see M&A as fierce floods and savage beasts. After Judicial Yuan Interpretation No. 770 was released, the justices claimed that for dissenting shareholders who are expelled from the company, an effective relief system must be designed to ensure people’s property rights, which is protected by Article 15 of the Constitution. The purpose of M&A Law is to promote mergers and acquisitions. To weigh and balance between “maintaining legitimate M&A transactions” and “protecting minority shareholders” is not an easy choice to make at the legislative level. However, the key is not to favor one over the other, but to strike a balance between different values. Therefore, this thesis believes that when shareholders are expelled from the company, the last means to the protection of minority shareholder is appraisal rights. The main issue of appraisal rights lies in “the determination of fair price”. This thesis collects and analyzes the cases of appraisal rights in Taiwan, and focus on how the court determines the fair price. After the Dell case and the DFC case, the Delaware courts have gradually developed the fair price determination in center of the sale process of M&A transaction. However, there is no conclusion as to how to determine fair price in Taiwan. This thesis provides further suggestions on how to determine fair price, in hope of establishing a fair, just and public mechanism, in order to achieve the purpose of the Judicial Yuan Interpretation No.770—to protect the property rights of people. On one hand, ensure the legitimate M&A transactions. On the other hand, not to neglect the importance of the protection of minority shareholders.