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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/55948


    Title: 公開收購下之資訊使用及揭露與內線交易之研究 (I)
    Other Titles: Insider Trading and Use of Nonpublic Information in the Context of Tender Offer
    Authors: 朱德芳
    Contributors: 國立政治大學法律學系
    行政院國家科學委員會
    Keywords: 內線交易;公開收購;資訊揭露;證券交易法第157-1條;證券交易法第43-1條;共同取得;歐盟內線交易及市場操縱指令;英國金融服務暨市場法;英國金融服務局市場行為守則
    Date: 2011
    Issue Date: 2012-11-26 09:38:44 (UTC+8)
    Abstract: 近年來，我國企業為迎接全球化之挑戰，併購已經成為企業擴大經營規模、吸引人才與增加市場佔有率等需求之重要手段，過去較少被採用的公開收購，也逐漸為市場所接受。與此同時，由於併購之消息往往會對於參與併購公司的股價產生重大影響，併購伴隨而生的內線交易傳聞也時有所聞，例如花旗併購僑銀、渣打併購新竹商銀、中信金插旗兆豐金、開發金併購金鼎證等，，相關案件或者已經檢察官起訴，或者已經法院判決。其中，渣打併購新竹商銀、中信金插旗兆豐金、開發金併購金鼎證等案件，均涉及公開收購。內線交易案件在我國實務判決與學術研究上分歧甚多，相關規範不僅在適用常見爭議，立法政策上也有論辯的空間。相較於其他情況下所發生的內線交易案件，公開收購所涉及之內線交易更有其特殊之處。公開收購除了有其自身如資訊揭露、交易模式等維護市場秩序與保障投資人的機制外，在內線交易有無之判定上，如重大消息成立時間點、行為主體等，都有其不同於一般併購情況的思考。我國學者對於內線交易規範之研究者眾，但聚焦於本計劃所關注之焦點者並不多。在為數不多的論文中，見解存有分歧；而相關法院判決，似亦有斟酌之必要，以開發金併購金鼎證之法院判決為例，無論從法院對於美國資訊平等理論的見解，到公開收購公司能否洩漏相關資訊予他人，而該他人能否主張其在消息公開前取得目標公司之股票為我國證券交易法第43-1條的共同取得，從而不構成內交易，以及法人是否得為內線交易之主體等爭點，本計劃均有不同於法院判決之見解。由於公開收購已成為企業併購之重要方式，惟有明確的行止界限才能使企業事前規劃與安排合法的交易模式，也才能達到併購有助於資源配置優化之目的。內線交易確有管制之必要，然如何避免因此而阻礙了形成證券市場價格的正常交易，也是必須審慎以對的重要議題。本研究將透過對於公開收購下內線交易於我國實務運作下爭點之釐清，並參酌美國、歐盟，以及英國之立法，以期建構一個一方面能夠促進有效率併購，一方面可以維護投資人信心、市場交易秩序的內線交易規範架構。
    In the sake of globalization, firms have continued to use mergers and acquisitions as a means of expansion and growth. In recent years, a tender offer has become a popular method of takeovers in Taiwan. However, insider trading scandals are not uncommon in such activities. Insider trading regulations have been heavily debated in Taiwan: great disagreement exists in courts’ holdings and scholars’ arguments have been inconsistent. While there exists a separate set of rules for tender offer activities, insider trading in the context of tender offers presents more complex issues. Can the offeror acquire the target’s shares before the announcement of the tender offer? Can the offeror disclose the nonpublic information relating to the tender offer to any third person and can such tippee acquire the shares of the target and claim that he legally acquires those shares individually or jointly with the offeror under Article 43-1 of the Taiwan Securities Exchanges Act and therefore does not constitute the insider trading? Few commentators have drawn their attention on the questions and such. Issues remain unresolved. As tender offers become a frequently-used takeover method in Taiwan, it is important to restructure a define and more efficient set of rules regulating insider trading in tender offer activities. The project aims to maintain the market integrity by regulating insider trading while to encourage efficient takeovers by allowing the offeror to use nonpublic information to facilitate takeovers.
    Relation: 基礎研究
    學術補助
    研究期間:10008~ 10107
    研究經費:264仟元
    Data Type: report
    Appears in Collections:[法律學系] 國科會研究計畫

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