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    Title: 關係企業合併利益衝突之管制與案例介紹
    Authors: 方嘉麟
    Keywords: 受任人義務;注意義務;忠實義務;經營判斷法則;母子公司合併;換股合併;現金逐出合併;簡易合併;反對股東股份收買請求權;禁制令;撤銷合併;回復原狀之損害賠償
    Fiduciary duty;Duty of care;Duty of loyalty;Business Judgment Rule;Parent/subsidiary merger;Stock-for-stock merger;Cash-out merger;Short form merger;Appraisal right;Injunction;Rescission of merger;Rescissory damage
    Date: 2002
    Issue Date: 2007-04-18 16:51:39 (UTC+8)
    Publisher: 臺北市:國立政治大學法律學系
    Abstract: 本研究計畫主要以關係企業合併利益衝突之管制與案例介紹。參考比較美國的規範設計及發展經驗,並進一步探討在我國現行公司法及證券交易法下,有無適當的規範方式,或是否有立法修正之必要。自從民國八十八年之「聯電五合一」一案後,我國之資本市場已陸續完成幾樁關係企業合併之案例,從這些案例中,似乎可找出一項共通點,亦即,利益衝突之特徵在合併交涉的過程裡異常凸顯。不是控制公司的經營者被懷疑利用與從屬公司合併之機會,將其自身持有從屬公司的股份,換取實際價值與流動性更高的上市公司股份,藉由低估控制公司資產之方式中飽私囊;就是從屬公司在合併過程中,因欠缺適當的客觀第三人之參與,以致在外觀上,控制股東似乎全盤主導了整個談判協議。而因為兩公司之間,少了如同在常規交易場合之敵意式相互議價,從屬公司之少數股東不免對於兩公司換股比例(或非普通股之其他對價)之公平性產生質疑,認為合併條件不過是控制公司片面決定的結果,不能真正代表從屬公司股份的公平價值。對此,在參考、比較美國法制後,似乎在短期內,應該重新思考股份收買請求權的評價方式,並鼓勵法官將合併談判的程序納入工評價質的評價因素;未來在立法上,則應該加強我國公司法對於控制股東的規範,以使權責相符。此外,自己交易的規範設計更應採用安全港的規範模式,法院在舉證責任分配上,也應該賦予為踐行常規交易協商模式的母公司更重的舉證責任。
    The subject of the present project is focusing on study of "The protection of minority shareholders under parent/subsidiary merger". Referring to and comparing with the regulation experience developed in US, we think that it is appropriate to adopt the "approximately arm's length bargaining model" generally used under the self-dealing transactions cases into our regulation system. The contents of this research report includes four parts summarized as follows:(1) the introduction of the parent/subsidiary merger cases in Taiwan and the basic analysis of our company law, securities law and company merger/acquisition law; (2) the introduction of the unique regulation policy or principle "Business judgment Rule" under US state court; (3) the development and regulation experience on the parent/subsidiary merger in US court and statutory code, and (4) based on the US regulation experience, we try to submit the conclusion and suggestion to our regulation system.
    Description: 核定金額:407200元
    Data Type: report
    Appears in Collections:[法律學系] 國科會研究計畫

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