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Title: | 企業併購法制之最新發展-以股東權益保障為核心 Latest Developments in Merger and Acquisition Legal System – Centering on the Protection of Shareholders’ Rights |
Authors: | 賴淑芬 Shu-Fen Lai |
Advisor: | 吳玲玲 Ling-Ling Wu |
Co-Advisor: | 姜堯民 Yao-Min Chiang |
Keyword: | 特別委員會,資訊公開理論,安全港法則,股份收買請求權, Special Committee,Information Disclosure Theory,Safe Harbor Rule,Appraisal Rights, |
Publication Year : | 2024 |
Degree: | 碩士 |
Abstract: | 自2018年11月30日大法官作成釋字770號解釋,引發國內企業併購學者熱烈討論,並促成2022年企業併購法之修法,法院也不遑多讓,引用釋字770號解釋狠狠撤銷已經合併將近10年的遊戲公司,這對於企業而言是一個嚴重的警訊。
論文首先就企業併購法做簡單介紹,並專注於「吸收合併」與「新設合併」下「現金逐出合併」之類型,因為此等併購類型會造成部份股東被迫處分股份,於憲法保障人民財產權之規定有所扞格,學說、實務爭論最烈。 然後以「遨睿收購國巨案」,討論「管理階層收購」出現之爭議,介紹美國法制如何以「安全港法則」來保障小股東之權益不被侵害,並探討我國移植之「特別委員會」,其權限、功能與美國法制相較有何不足之處,進而建議企業在現行法制下應如何進行併購程序,方能符合新制度之立法精神。 接下來以大法官釋字770號揭示之「即時資訊公開」、「利害董事說明義務」介紹2022年企業併購法修法重點,同時介紹公司法對於「董事」定義之補充規定。因此部份法條規定本身較為空泛,特別蒐羅美國及國內案例進行研究,方便企業遵循。 最後於併購程序結束後,企業如何處理異議股東之「股份收買請求權」,不因法令不嫻熟而支付意料外之對價,也是本論文研究重點,期能協助企業完成併購程序之最後一哩路。 本論文旨在透過修法歷程之研究,點出併購程序中出現的爭議問題,藉由學說、判例、外國法之研究,提昇企業法遵意識,期能協助企業合法圓滿完成併購程序。 Since the Justices rendered the Interpretation No. 770 on November 30, 2018, which triggered a heated debate among domestic merger and acquisition (M&A) scholars and led to the amendment of the Business Mergers and Acquisitions Act in 2022, the court was no less serious, citing the Interpretation No. 770 to revoke a gaming company’s merger resolution that was made nearly ten years ago. This is a crucial alarm for businesses. This thesis begins with a brief introduction to the Business Mergers and Acquisitions Act and focuses on the type of “cash-out mergers” under the “mergers by absorption” and “mergers by creation” because such type of M&As would result in some shareholders being forced to dispose of their shares, which defies the constitutional protection of people's right to property and is the most hotly debated issue in both academic and practical fields. The subsequent part will discuss the controversy of “management buyout” with the “Orion Investment acquiring Yageo” case, introduce how the U.S. legal system uses the "Safe Harbor Rule" to protect the rights and interests of minority shareholders from being infringed upon, and explore the inadequacies of the authority and function of the “special committee” transplanted in Taiwan compared with that of the U.S. legal system. This study will then suggest how enterprises should carry out the M&A procedures under the current legal system to comply with the spirit of the legislation of the new system. Next, this thesis introduces the key points of the amendment of the Business Mergers and Acquisitions Act in 2022 with the "immediate disclosure of information" and "interested directors’ duty of disclosure" as revealed in the Interpretation No. 770, and at the same time, introduces the supplemental provisions to the definition of "director" in the Company Act. As some of the provisions of the law are relatively vague, this research undertakes U.S. and domestic case studies to facilitate compliance by enterprises. Finally, after the conclusion of the M&A process, how to deal with the dissenting shareholders' "appraisal rights", so as not to pay unexpected consideration due to the lack of familiarity with the law, is also the focus of this thesis, which is expected to assist enterprises in completing the last milestone of the M&A process. The purpose of this thesis is to highlight the controversial issues in M&A procedures through the study of law revision process, and to raise the awareness of enterprises on legal compliance through the study of academic theories, precedents and foreign laws, with the hope of assisting enterprises to legally complete the M&A process. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92748 |
DOI: | 10.6342/NTU202401142 |
Fulltext Rights: | 同意授權(全球公開) |
Appears in Collections: | 財務金融組 |
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File | Size | Format | |
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ntu-112-2.pdf | 2.54 MB | Adobe PDF | View/Open |
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