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    政大機構典藏 > 法學院 > 法律學系 > 學位論文 >  Item 140.119/129654


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/129654


    Title: 企業併購風險管理之新工具──聲明與保證保險
    A New Risk Management Tool for M&A: Representations and Warranties Insurance
    Authors: 農志潔
    Nung, Chih-Chieh
    Contributors: 張冠群
    Chang, Kuan-Chun
    農志潔
    Nung, Chih-Chieh
    Keywords: 聲明與保證保險
    保證與補償保險
    企業併購保險
    聲明與保證
    聲明與擔保
    估價不確定性
    責任保險
    契約責任
    過失不實聲明
    侵權行為
    損害賠償之計算時點
    後見之明
    representations & warranties insurance
    warranties & indemnities insurance
    M&A insurance
    mergers & acquisitions
    valuation uncertainty
    liability insurance
    time for assessment of loss
    hindsight
    Date: 2020
    Issue Date: 2020-05-05 11:58:07 (UTC+8)
    Abstract: 企業併購為現今全球最重要之商業活動之一，無論進行企業併購之目的是單純投資，或是為了改善企業體質發揮集團綜效，企業併購皆可替併購雙方帶來可觀之獲利。然而，除了獲利之可能外，企業併購往往亦伴隨巨大的交易風險。為處理企業併購之交易風險，長年來，企業併購實務上發展出以聲明與保證條款為核心之風險管理方式，惟此一基本之風險分配機制，在日新月異的併購環境中，逐漸不敷使用。
    為了滿足併購雙方不同之風險承受能力及風險管理需求，保險之運用逐漸被引進企業併購交易之中，進而衍生了新形態的企業併購風險管理工具──聲明與保證保險。聲明與保證保險，藉由將企業併購中估價不確定之風險移轉予保險人承擔，衡平併購雙方對併購契約中風險管理條款之齟齬，並進而促進併購交易之成立。於全球，聲明與保證保險之運用已逐年上升，然於我國則仍在初期引進階段，不但實務之運用罕見，文獻之著墨亦尚非透徹。本文認為，於全球化浪潮之下，聲明與保證保險於我國之發展應具潛力，故聲明與保證保險之運作、對企業併購帶來之影響，以及可能衍生之法律問題等，應有探究之價值。
    研究聲明與保證保險，首先須理解併購契約中之聲明與保證條款，以及其所處理之交易風險為何。因此，本文將從企業併購之交易風險談起，並說明企業併購傳統之風險管理方式。於聲明與保證保險之討論中，本文首先將介紹美國聲明與保證保險之運作，其後分析聲明與保證保險對企業併購契約條款之影響，並探討美國法及英國法中，與聲明與保證保險相關之法律議題。最後，本文將分析聲明與保證保險於我國之發展性，並就英美法上已浮現之問題，提出於我國法下之解方。
    Merger & acquisition is arguably one of the most important business activities in today’s economic landscape. Despite the considerable profits to be made, an M&A deal has the potential to put transaction parties at risk. Whether the purpose of a deal is merely investing, or pursuing “synergy” by reorganizing business structure, M&A transactions always come with risks. To deal with these transactional risks, a set of risk management tools based upon representations and warranties have been developed. However, with M&A norms changing rapidly, such traditional risk management methods are no longer seen as panaceas in today’s market.
    To better meet the risk tolerance levels of each transaction party and fulfill risk management needs, a new type of risk management tool was created—Representations and Warranties Insurance (RWI). By transferring the valuation uncertainty risk in M&A deals to insurers, RWI helps to bridge the gap between transaction parties and to accelerate the completion of M&A deals. Although there has been a gradual but steady uptick in the use of RWI globally, it was only recently that RWI was introduced in Taiwan. At present, the adoption of RWI in Taiwanese-based deals is rare and literature discussing the utility and benefits of RWI is regrettably incomprehensive in Taiwan. Nonetheless, as Taiwan continues to integrate itself into the global economy, it is highly conceivable that RWI will find considerable application in Taiwan. It is thus worth discussing how RWI works, how RWI affects M&A contracts, as well as considering what issues might arise with the implementation of RWI in Taiwan, and how these issues might be handled under Taiwan’s legal system.
    To study RWI, it is essential to have an understanding of its underlying representation and warranty, as well as the risks it was designed to cope with. Accordingly, this thesis will begin with an investigation into the transaction risks faced by M&A parties and the traditional risk management portfolios to which M&A parties have had access. Following, this thesis will discuss how RWI currently operates in the United States, the effect it has had on M&A contracts in the United States, and how associated problems and issues have been dealt with under American and British law. Finally, this thesis will analyze the prospect of the use of RWI in Taiwan and, in the context of Taiwan’s legal system, provide potential solutions to issues that have been previously considered under US or British law.
    Reference: 一、 中文部分
    (一) 書籍
    1. 王文宇(2018)。公司法論。臺北市：元照。
    2. 王澤鑑(2011)。民法總則。中和市 : 王慕華。
    3. 王澤鑑(2018)。損害賠償。臺北市 : 王慕華。
    4. 江朝國(2015)。保險法逐條釋義第三卷財產保險。臺北市：元照。
    5. 林群弼(2008)。保險法論。臺北市 : 三民。
    6. 柯芳枝(2012)。公司法論（上）。臺北市：三民。
    7. 陳自強(1998)。無因債權契約論。臺北市 : 學林文化。
    8. 梁宇賢(1995)。保險法。臺北市 : 中興法商。
    9. 葉啟洲(2013)。保險法實例研習。臺北市：元照。
    10. 楊誠對(2015)。財產保險(II)─汽車、工程、責任及其他保險。臺北市 : 保險事業發展中心。
    11. 劉宗榮(2016)。保險法。臺北市 : 劉宗榮。
    12. 劉連煜(2018)。現代公司法。臺北市：劉連煜。

    (二) 專書之篇章
    1. 陳民強、詹致瑋(2016)。併購合約與相關合約之協商與簽訂。載於黃日燦(主編)，企業併購的十堂必修課(68-91頁)。臺北市 : 臺灣併購與私募股權協會。

    (三) 期刊論文
    1. 王文宇(2002)。企業併購法總評。月旦法學雜誌，83，70-85。
    2. 王文宇(2010)。併購交易的資訊角力—談聲明與保證條款。會計研究月刊，296，86-94。
    3. 王澤鑑(1982)。意思表示之詐欺與侵權行為。立法院院聞，10(1)，40-44。
    4. 林鳳、詹凱惟(2015)。產業併購風險與控管。螺絲世界，155，94-95。
    5. 黃帥升(2014)。投資及併購交易中法律盡職調查之介紹。萬國法律，197，79-91。
    6. 游啟璋(2014)。現金逐出合併時少數股東的股份收買請求權。政大法學評論，136，209-279。
    7. 楊淑文(2001)。論人事保證之從屬性與債權人之附隨注意義務─兼評民法債編關於「人事保證」之增訂條文。台灣本土法學雜誌，29，1-20。
    8. 潘維大(1995)。中美侵權行為法中不實表示民事責任之比較(上)。東吳法律學報，8(2)，233-285。
    9. 潘維大(1995)。侵權行為法對於因不實表示產生的經濟上損失之保護。軍法專刊，41(7)，16-23。
    10. 應式文(1987)。責任保險是否包括契約責任: 兼論代位求償權是否限於侵權行為。保險專刊，10，68-73。

    (四) 研究及統計報告
    1. 勤業眾信(2018)。2018台灣私募基金白皮書－台灣私募基金市場回顧與展望。取自https://www2.deloitte.com/tw/tc/pages/finance/articles/private-equity-white-paper.html?fbclid=IwAR0BsWXmrJT7RBq6455sVnqlZ62IIAzIyGGDecTDT78PARyY73sNhvgzKJo (最後瀏覽日: 2020年4月8日)。
    2. 資誠聯合會計師事務所(2018)。2018臺灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2018-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
    3. 資誠聯合會計師事務所(2019)。2019台灣併購白皮書。取自https://www.pwc.tw/zh/publications/topic-invest/2019-taiwan-mna.html (最後瀏覽日: 2020年4月8日)。
    4. 經濟部(2014-2018)。企業併購案件統計表。取自https://gcis.nat.gov.tw/mainNew/subclassNAction.do?method=list&pk=126 (最後瀏覽日: 2020年4月8日)。

    (五) 報紙及新聞稿
    1. 金融監督管理委員會新聞稿(2017年8月1日)。開放投信事業轉投資子公司設立私募股權基金（PE Fund）、辦理受託管理或引介投資PE Fund相關業務。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201708010005&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News (最後瀏覽日: 2020年4月8日)。
    2. 金融監督管理委員會新聞稿(2018年5月31日)。放寬證券商轉投資創業投資事業及私募股權基金相關規範，支援實體經濟發展。取自https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201805310002&toolsflag=Y&dtable=News (最後瀏覽日: 2020年4月8日)。
    3. 黃日燦(2007年5月27日)。企業併購合約之四:聲明與保證。經濟日報，第6版。

    (六) 網路資源
    1. 鄭伊芳(2016年8月20日)。賣方之陳述及保證(台灣)【網路文章】。取自理慈網站 https://www.leetsai.com/%E5%B0%88%E8%AB%96/%E8%B3%A3%E6%96%B9%E4%B9%8B%E9%99%B3%E8%BF%B0%E5%8F%8A%E4%BF%9D%E8%AD%89%E5%8F%B0%E7%81%A3?lang=zh-hant (最後瀏覽日: 2020年4月8日)。

    (七) 保單條款
    1. 富邦產物商業綜合責任保險(事故發生基礎)契約責任(排除疏忽)附加條款，104.05.13 富保業字第 1040000741 號函。取自https://b2c.518fb.com/fubon518/content/201510211427131.pdf (最後瀏覽日: 2020年4月8日)。
    2. 華南產物董監事及重要職員責任保險，109.02.24(109)華產企字第056號函。取自https://www.south-china.com.tw/p7-2/%E6%84%8F%E5%A4%96%E9%9A%AA/%E8%8F%AF%E5%8D%97%E7%94%A2%E7%89%A9%E8%91%A3%E7%9B%A3%E4%BA%8B%E5%8F%8A%E9%87%8D%E8%A6%81%E8%81%B7%E5%93%A1%E8%B2%AC%E4%BB%BB%E4%BF%9D%E9%9A%AA.pdf (最後瀏覽日: 2020年4月8日)。

    (八) 法院判決
    1. 最高法院43年台上字第639號判例。
    2. 最高法院43年度台上字第752號判例。
    3. 最高法院64年11月11日64年度第6次民庭庭推總會決議。
    4. 最高法院73年台上字第209號判決。
    5. 最高法院77年度第19次民事庭會議決議（二）。
    6. 最高法院105年度台上字第1036號判決。
    7. 臺灣高等法院91年度保險上字第44號判決。
    8. 臺灣士林地方法院106年度士簡字第1181號判決。

    (九) 行政函釋
    1. 經濟部94年7月26日經商字第09402095620號函。
     
    二、 英文部分
    (一) 書籍
    1. ABRAHAM, K. S. (2005). INSURANCE LAW AND REGULATION CASES AND MATERIALS. N.Y.: Foundation Press.
    2. BAINBRIDGE, S. M. (2015). CORPORATE LAW. MN: Foundation Press.
    3. BAINBRIDGE, S. M. (2009). MERGERS AND ACQUISITIONS. N.Y.: Foundation Press.
    4. COX, J. D., & HAZEN, T. L. (2003), CORPORATIONS. N.Y.: Aspen Publishers.
    5. DOBBYN, J. F. (2003). INSURANCE LAW. MN: Thomson/West.
    6. JERRY II R. H., & RICHMOND D. R. (2007) UNDERSTANDING INSURANCE LAW. N.J.: LexisNexis Matthew Bender.
    7. KRAMER, A. (2017). THE LAW OF CONTRACT DAMAGES. LONDON, England: Hart Publishing.
    8. KEETON, R. E., & WIDISS, A. I. (1988). INSURANCE LAW: A GUIDE TO FUNDAMENTAL PRINCIPLES, LEGAL DOCTRINES, AND COMMERCIAL PRACTICES. Minn.: West Pub.
    9. POOLE, J. (2016). TEXTBOOK ON CONTRACT LAW. Oxford, England: Oxford University Press.
    10. REJDA, G. E. (2003). PRINCIPLES OF RISK MANAGEMENT AND INSURANCE. Mass.: Addison Wesley.
    11. RUMBERGER, E. T. (2018). THE ACQUISITION AND SALE OF EMERGING GROWTH COMPANIES: THE M & A EXIT. MN: Thomson/West.
    12. WESTON, J. F., SIU, J. A., & JOHNSON, B. A. (2011). TAKEOVERS, RESTRUCTURING, AND CORPORATE GOVERNANCE. N.J.: Prentice Hall.

    (二) 專書之篇章
    1. Bridgeman, R. A. (2015). Representation and Warranty Insurance: A Primer on Its Uses and Features. In Insurance Law 2015: Top Lawyers on Trends and Key Strategies for the Upcoming Year (PP. 8-1 - 8-2). Thomson Reuters.
    2. Davis, M. H. (2012), Adding Value While Minimizing Risk in The M&A Due Diligence Process. In Business Due Diligence Strategies 2012 Edition (pp. 1-15). Thomson Reuters Westlaw.
    3. Dobbs, J. M., & Villarreal, D. J. (2016). Getting What You Paid for: Representations and Warranties. In Oil & Gas Agreements: Purchase and Sale Agreements (pp. 10-1 - 10-36). CO: Rocky Mountain Mineral Law Foundation.
    4. Duffy M. M. (2009). Representations & Warranties Insurance: Five Issues to Consider Before Charging Ahead. In Understanding Insurance Law 2009 (pp, 487-500). N.Y.: Practising Law Institute.
    5. Holme Roberts & Owen LLP (2010). Sample Form Due Diligence Checklists and Forms. In Hand Book of Due Diligence Checklists (pp. 3-64). CO: Rocky Mountain Mineral Law Foundation.
    6. Kishner. I. A. (2013). Market Trends, Legal Developments, and Their Effect on M&A Documentation. In Mergers and Acquisitions Law 2013: Top Lawyers On Trends and Key Strategies for the Upcoming Year. Thomson Reuters/Aspatore.
    7. Vergilii, J. L.; Whitford, N. J. (2014). Keeping Up with the Times: Recent Development in Due Diligence. In Business Due Diligence Strategies 2014 Edition (pp. 17-30). United States of America: Thomson Reuters Westlaw.

    (三) 期刊論文
    1. Antion D. S., & Lang P. (2013). Representations and warranties insurance: an innovative solution. Westlaw Journal Delaware Corporate, 28(10), 1-5.
    2. Bittle, L. F., Sutherland, J. M., Barnhouse, S., & Pocsik, S. (2011). Insurance and indemnification of directors and oficers: avoiding pitfalls 2011. Corporate Counsel Review, 30, 197-228.
    3. Bohrer, S. D. (2018). Representation and warranty insurance in Japanese M&A transactions. M&A Lawyer, 22(7), 13-21.
    4. C., S. (1933). Tort liability for negligent misrepresentation. University of Pennsylvania Law Review and American Law Register, 81(4), 435-441.
    5. Cavico, F. J. (1997). Fraudulent, negligent, and innocent misrepresentation in the employment context: The deceitful, careless, and thoughtless employer. Campbell Law Review, 20(1), 1-90.
    6. Cheng, D. (2009). Interpretation of material adverse change clauses in an adverse economy. Columbia Business Law Review, 2009(2), 564-604.
    7. Cozen, S. A.; Bennett, R. C. (1984). Folrtuity: The unnamed exclusion. Forum, 20(2), 222-255.
    8. Crupi, J. (2010). Addressing buyer`s or seller`s remorse: Pre-bankruptcy considerations involving post-signing/pre-closing strategic transactions in volatile economic environment. American Bankruptcy Institute Law Review, 18(2), 495-534.
    9. Cole, B. (2016). Knowledge is not necessarily power: Sandbagging in new york m&a transactions. Journal of Corporation Law, 42(2), 445-460.
    10. Davis, T. (2009). Ucc breach of warranty and contract claims: Clarifying the distinction. Baylor Law Review, 61(3), 783-817.
    11. Dempsey, T. B. (2008). Seller beware: Potential pitfalls and unintended consequences of the ‘Materiality Scrape’. M & A Lawyer, 12(6), 16.
    12. Dorff, M. (1997). Attaching tort claims to contract actions: An economic analysis of contort. Seton Hall Law Review, 28(2), 390-429.
    13. Epstein, H. B.; Keyes, T. A. (2017). Representations and warranty insurance comes of age. Practical Lawyer, 63, 21-23.
    14. Ferrara, D. (2000). Beyond D&O. Risk Management, 47(2), 8-8.
    15. Fisch, P., & Berg, M. (2017). Representation and warranty insurance. New York Law Journal, 258(75).
    16. Gallozzi, M. S.; Phillips, E. (2002). Representations and warranties insurance. Environmental Claims Law Journal, 14(4), 455-468.
    17. Garrett, M. (2010). Efficiency and certainty in uncertain times: The material adverse change clause revisited. Columbia Journal of Law and Social Problems, 43(3), 333-362.
    18. Gill, M. & Mascari, F. (2016). Confusion Reigns: Applying the multiplied damages exception in representations and warranties insurance policies. Mergers & Acquisitions Law Report 19, 137-139.
    19. Griffith, S. J. (in press). Deal insurance: Representation & warranty insurance in mergers & acquisitions. University of Minnesota Law Review 104. Retrieved from https://ir.lawnet.fordham.edu/faculty_scholarship/973 (last visited Apr. 8, 2020).
    20. Gurionv, M. (2016) Representation and warranty insurance: Five areas of focus. Partnering Perspectives, 16-19.
    21. Heinz, M., & Wolf, M. T. (2018). Representation and warranty insurance should be part of every strategic buyer’s toolbox. ACC Docket, 36(8), 50-54.
    22. Hyatt, M. (2017). Warranty and indemnity insurance: Proliferation of moral hazard or legitimate risk mitigation tool. University of San Francisco Law Review, 51(1), 127-146.
    23. Iovine III, L. P. (2012). Sandbagging in M&A deals: Silence may not be Golden. M & A Lawyer, 16, 10.
    24. Kim, S. (2014). Corporate parenthood: Private equity duties and portfolio company rights. Review of Banking and Financial Law, 34(1), 317-336.
    25. Liu, F. (2016). Applying the fraud-exclusion provision under d&o insurance policies: Adjudication or in fact which is better. Western Michigan University Cooley Journal of Practical & Clinical Law, 17(3), 247-264.
    26. Logue, K. D. (2005). Tax law uncertainty and the role of tax insurance. Virginia Tax Review, 25(2), 339-414.
    27. Lux, M D. (2014). Purchase price adjustments in M&A Deals. Practical Lawyer, 60(1), 19-29.
    28. Mishra, R. (2019). Transaction liability insurance: Optimising the risk allocation in new-age M&A deals. Business Law International, 20(2), 165-93.
    29. Quinn, B. J. (2012). Putting your money where your mouth is: The performance of earnouts in corporate acquisitions. University of Cincinnati Law Review, 81(1), 127-172.
    30. Rowe, B. (2018) A Small World After All: R&W Insurance in Cross-Border M&A. Deal Lawyers, 12(3).
    31. Sandgrund, R. M., & Tuft, L. A. (2007). Liability insurance coverage for breach of contract damages. Colorado Lawyer, 36(2), 39-50.
    32. Sautter, C. M. (2008). Shopping during extended store hours: From no shops to go-shops the development, effectiveness, and implications of go-shop provisions in change of control transactions. Brooklyn Law Review, 73(2), 525-578.
    33. Schwartz, G. (1990). The Ethics and the Economics of Tort Liability Insurance. Cornell Law Review, 75, 313-365.
    34. Siegel, S. (1966). When corporations divide: Statutory and financial analysis. Harvard Law Review, 79(3), 534-570.
    35. Stone, D. A. (1999). Beyond moral hazard: Insurance as moral opportunity. Connecticut Insurance Law Journal, 6(1), 11-46.
    36. Trautman, L. J.; Altenbaumer-Price, K. (2011). D&O insurance: primer. American University Business Law Review, 1(2), 337-367.
    37. Whitehead, C. K. (2011). Sandbagging: Default rules and acquisition agreements. Delaware Journal of Corporate Law, 36(3), 1081-1116.
    38. West, G. D., & Shah, K. M. (2007). Debunking the myth of the sandbagging buyer: When sellers ask buyers to agree to anti-sandbagging clauses, who is sandbagging whom. M & A Lawyer, 11, 3-7.

    (四) 研究及統計報告
    1. AIG (2014). Warranty and Indemnity Insurance in Southeast Asia. Retrieved from https://www.aig.com.ph/content/dam/aig/apac/philippines/documents/brochures/warranty-and-indemnity-insurance-in-southeast-asia-2014-brochure.pdf (last visited Apr. 8, 2020).
    2. AIG (2018). M&A Insurance – The new normal? Retrieved from https://www.aig.com/content/dam/aig/america-canada/us/documents/insights/aig-manda-claimsintelligence-2018-w-and-i.pdf (last visited Apr. 8, 2020).
    3. AIG (2019). Mergers and Acquisitions 2019 Claims Report Taxing times for M&A Insurance. Retrieved from https://www.aig.com/business/insurance/mergers-and-acquisitions/mergers-acquisitions-claims-reports (last visited Apr. 8, 2020).
    4. Aon (2015). Transaction Insurance as a M&A Strategic Tool. Retrieved from https://www.aon.com/risk-services/asats/aon-insights/transaction-insurance.jsp (last visited Apr. 8, 2020).
    5. Aon (2018). M&A and Transaction Solutions: Risk in Review. Retrieved from https://www.aon.com/getmedia/0c91accf-ab1e-44a1-9587-4bfa3a01ce1c/Aon-Risk-in-Review-Report-2018.aspx (last visited Apr. 8, 2020).
    6. Aon (2019). Asia-Pacific M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/apac2019.aspx (last visited Apr. 8, 2020).
    7. Aon (2019). North America M&A and Transaction Solutions Risk in Review 2019. Retrieved from https://www.aon.com/m-and-a-riskinreview/northamerica2019 (last visited Apr. 8, 2020).
    8. Marsh (2015). Annual Transactional Risk Report 2014. Retrieved from https://www.marsh.com/uk/insights/research/annual-transactional-risk-report.html (last visited Apr. 8, 2020).
    9. Marsh (2016). Annual Transactional Risk Report 2015. Retrieved from https://www.marsh.com/uk/insights/research/demand-for-transactional-risk-insurance-hits-record-highs-in-2015.html (last visited Apr. 8, 2020).
    10. Marsh (2018). Transactional Risk Report 2017. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-update-2017.html (last visited Apr. 8, 2020).
    11. Marsh (2019). Transactional Risk Insurance Report. Retrieved from https://www.marsh.com/uk/insights/research/transactional-risk-insurance-outpaced-global-deal-activity.html (last visited Apr. 8, 2020).
    12. Ryan, K. (2012). 2012 M&A Holdback Escrow Report. Retrieved from J.P Morgan website: https://www.velocitylaw.com/Library/BuyingOrSellingABusiness/MA%20Holdback%20Report_FINAL_KMRx%202012.pdf (last visited Apr. 8, 2020).
    13. SRS Acquiom Inc. (2018). Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2018-buy-side-rwi-deal-terms-study/ (last visited Apr. 8, 2020).
    14. SRS Acquiom Inc. (2019). 2019 Buy-Side Representations and Warranties Insurance (RWI) Deal Terms Study. Retrieved from https://www.srsacquiom.com/resources/2019-buy-side-reps-warranties-insurance-deal-terms-study/#downloadform (last visited Apr. 8, 2020).

    (五) 未出版之專論
    1. Omri, E. T., & James, R. (2019). Representations and Warranties Insurance in Mergers and Acquisitions. Retrieved from https://ssrn.com/abstract=3361184 or http://dx.doi.org/10.2139/ssrn.3361184 (last visited Apr. 8, 2020).
    2. Bhagat, S., Klasa, S., & Litov, L. P. (2014). The use of escrow contracts in acquisition agreements. Retrieved from https://ssrn.com/abstract=2271394 (last visited Apr. 8, 2020).

    (六) 網路資源
    1. Aufses III, A. H. (Apr. 02, 2018). Paying the Price for Reps and Warranties Breaches [Website article]. Retrieved from https://www.kramerlevin.com/en/perspectives-search/paying-the-price-for-reps-warranties-breaches.html (last visited Apr. 8, 2020).
    2. Avery, D.; Lingenfelter, L. (Jan. 2018). Trends in Private Company M&A Provisions: The “Materiality Scrape” [Website article]. Retrieved from https://www.goulstonstorrs.com/publications/trends-in-private-company-ma-provisions-the-materiality-scrape/ (last visited Apr. 8, 2020).
    3. Franchini, J. & Mackey, T. (Apr. 2014) Re-Allocation of Risk in Asian M&A: The Case for Considering Representations and Warranties Insurance [Website article]. Retrieved from Milbank website: https://www.milbank.com/images/content/1/6/16292/Article-The-Lawyers-Representations-and-Warranties-in-M-A-Apri.pdf (last visited Apr. 8, 2020).
    4. Gibson Dunn & Crutcher (May 15, 2019). Insuring the Deal: Key Considerations when Utilizing Transactional Insurance [Presentation powerpoint file]. Retrieved from https://www.gibsondunn.com/wp-content/uploads/2019/05/WebcastSlides-Insuring-the-Deal-Key-Considerations-when-Utilizing-Transactional-Insurance-15-MAY-2019.pdf (last visited Apr. 8, 2020).
    5. Goodwin Procter LLP (Mar. 22, 2018). M&A Trends: Representations and Warranties Insurance [Website article]. Retrieved from https://www.goodwinlaw.com/publications/2018/03/m-and-a-trends-representations (last visited Apr. 8, 2020).
    6. LaCroix, K. (Mar. 16, 2009). D&O Insurance: The Contract Exclusion [Website article]. Retrieved from https://www.dandodiary.com/2009/03/articles/d-o-insurance/do-insurance-the-contract-exclusion/ (last visited Apr. 8, 2020).
    7. Legge J., McNally J., & Kucera B. (2014). Facilitating M&A Transactions [Presentation powerpoint file]. Retrieved from http://wk.ixueshu.com/file/051d8160344752c9.html (last visited Apr. 8, 2020).
    8. Marsh (2019). Transactional Risk Insurance Using Transactional Risk Solutions to Close the Deal [Presentation powerpoint file]. Retrieved from https://goquantive.com/wp-content/uploads//2019/05/Marsh-TR-Presentation-3-19.pptx (last visited Apr. 8, 2020).
    9. McDonald, J. J. & Warpula, C. C. (Apr. 19, 2018). Zero Seller Recourse Deals and Other Emerging Trends: The Latest Developments in Representation And Warranty Insurance [Website article]. Retrieved from http://www.mondaq.com/unitedstates/x/693640/Insurance/Zero+Seller+Recourse+Deals+and+Other+Emerging+Trends+The+Latest+Developments+in+Representation+and+Warranty+Insurance (last visited Apr. 8, 2020).
    10. Mercer, Z. C. (1999). Financial vs. Strategic Buyers [Website article]. Retrieved from https://mercercapital.com/article/financial-vs-strategic-buyers/ (last visited Apr. 8, 2020).
    11. Private Equity International (2002). Non-Recourse Warranty and Indemnity Insurance [Website article]. Retrieved from https://www.privateequityinternational.com/non-recourse-warranty-and-indemnity-insurance/?fbclid=iwar1wyfuehefz8sb5k9wzv54rttmg4cddwu7mubtrn1ebmmoeo6cczkto2do (last visited Apr. 8, 2020).
    12. Rittberg, J., Hettinger, G., & McNellie, S. (Mar. 26, 2015). M&A in 2015: Reps and Warranties Insurance [Presentation powerpoint file]. Retrieved from Norton Rose Fulbright & AIG website: https://docplayer.net/16510402-M-a-in-2015-reps-and-warranties-insurance-norton-rose-fulbright-thursday-march-26-2015.html (last visited Apr. 8, 2020).
    13. Schwabe Williamson & Wyatt (Nov. 22, 2016). Getting the Purchase Price Right: Earn-outs, Escrows, and Post-Closing Adjustments in M&A transactions [Website article]. Retrieved from https://www.schwabe.com/newsroom-publications-earn-outs-escrows-post-closing-adjustments-m-and-a-transactions (last visited Apr. 8, 2020).
    14. Verdesca, J., Ferrillo, P., & Gershowitz, G. (Jan. 15, 2016). Representations and Warranties Insurance: What Every Buyer and Seller Needs to Know [Website article]. Retrieved from https://www.lexisnexis.com/communities/corporatecounselnewsletter/b/newsletter/archive/2016/01/15/representations-and-warranties-insurance-what-every-buyer-and-seller-needs-to-know.aspx (last visited Apr. 8, 2020).
    15. Vinson & Elkins LLP (2018). Representations and Warranties Insurance in Energy M&A: An Old Product Gets a New Look [Presentation powerpoint file]. Retrieved from https://www.velaw.com/Insights/Representations-and-Warranties-Insurance-in-Energy-M-A--An-Old-Product-Gets-a-New-Look/?platform=hootsuite (last visited Apr. 8, 2020).
    16. Wang, G. H. (Apr. 29, 2015). Transaction Liability Insurance - Representation and Warranty Insurance in Cross-Border Transactions [Website article PDF file]. Retrieved from Haynes and Boone website: https://www.haynesboone.com/alerts/representation-and-warranty-insurance-in-cross-border-transactions (last visited Apr. 8, 2020).
    17. Wildeboer Dellelce LLP (Apr. 25, 2017). Structuring Earn-Outs in M&A Transactions [Website article]. Retrieved from https://www.wildlaw.ca/resource-centre/legal-updates/2017/structuring-earn-outs-in-ma-transactions/ (last visited Apr. 8, 2020).
    18. Willis Towers Watson (Oct. 29, 2018). Transactional Insurance – Market Overview and Key Issues. In Representations & Warranties Insurance in M&A Transactions [Presentation powerpoint file]. Retrieved from https://www.ctbar.org/docs/default-source/education/materials/2018-2019-cle-materials/eyl181029-rwi-in-ma-transactions-final-materials (last visited Apr. 8, 2020).
    19. Willis Towers Watson (May 16, 2019). Use of Transactional Risk Insurance and “W&I Stapling” Is on the Rise Despite a Slowdown in the Global M&A Markets [Website article]. Retrieved from https://willistowerswatsonupdate.es/gestion-de-riesgos/transactional-risk-insurance-wi-stapling/ (last visited Apr. 8, 2020).
    20. Winston & Strawn LLP (Nov. 18, 2014) The Real Deal Webinar Series: Representation & Warranty Insurance [Presentation powerpoint file]. Retrieved from https://www.winston.com/en/thought-leadership/the-real-deal-webinar-series-representation-warranty-insurance.html (last visited Apr. 8, 2020).
    21. Yu K.H., & Lu, Y. (Oct. 2019). Private M&A [Survay respond]. Retrieved from Getting The Deal Through website: https://gettingthedealthrough.com/area/101/jurisdiction/45/private-m-a-taiwan/ (last visited Apr. 8, 2020).

    (七) 保險契約範本
    1. AIG. Buyer-side Representations and Warranties Insurance Policy Specimen. Retrieved from https://pdfslide.us/documents/american-international-specialty-lines-repsthis-buyer-side-representations.html?h=docslide.com.br (last visited Apr. 8, 2020).
    2. AIG. Seller-side Representations and Warranties Insurance Policy Specimen. Retrieved from http://www.hedgefundinsurance.com/Publications/AIG%20Reps%20and%20Warranties_Sell%20Side%20policy%20form.pdf (last visited Apr. 8, 2020).

    (八) 美國法院判決
    1. Action Ads, Inc. v. Great Am. Ins. Co., 685 P.2d 42 (Wyo. 1984).
    2. American Family Mut. Ins. Co. v. American Girl, Inc., 268 Wis.2d 16 (Wis. 2004).
    3. August Entertainment, Inc. v. Philadelphia Indemnity Ins. Co., 146 Cal.App.4th 565 (Cal. Ct. App. 2007)
    4. CBS Inc. v. Ziff-Davis Pub. Co., 553 N.E.2d 997 (N.Y. 1990).
    5. C.R. Anthony Co. v. Loretto Mall Partners, 817 P.2d 238 (N.M. 1991).
    6. D`Amelio v. Federal Ins. Co., 2004 WL 937328 (D. Mass. Apr. 28, 2004).
    7. Enserch Corp. v. Shand Morahan & Co., 952 F. 2d 1485. (5th Cir. 1992).
    8. Essex Group, Inc. v. Nill, 594 N.E.2d 503 (Ind. Ct. App. 1992).
    9. Federal Ins. Co. v KDW Restructuring and Liquidation Services, LLC, 889 F.Supp.2d 694 (M.D. Pa. 2012).
    10. Gibson & Associates, Inc. v. Home Ins. Co., 966 F.Supp. 468 (N.D. Tex. 1997).
    11. Home Ins. Co. v. St. Paul Fire & Marine Ins. Co., 229 F.3d 56 (1st Cir.2000).
    12. House of Clean, Inc. v. St. Paul Fire and Marine Ins. Co., 775 F.Supp.2d 302 (D. Mass 2011).
    13. In re IBP, Inc. v. Tyson Foods, Inc, 789 A.2d 14 (Del. Ch. 2001).
    14. Interim Healthcare, Inc. v. Spherion Corp., 884 A.2d 513 (Del. Super. Ct. 2005).
    15. Kazerouni v. DeSatnick, 279 Cal. Rptr. 74 (Cal. Ct. App. 1991).
    16. Kelly v. McKesson HBOC, Inc., 2002 WL 88939 (Del. Super. Ct. 2002).
    17. Kirby v. NMC/Continue Care, 993 P.2d 951 (Wyo. 1999).
    18. Lazaro v. San Lazaro Park Properties, 864 P.2d 111 (Colo. 1993).
    19. Massey-Ferguson, Inc. v. Laird, 432 So. 2d 1259 (Ala. 1983).
    20. Murphy v. Nat`l Iron & Metal Co., 227 P.2d 219 (Ariz. 1951).
    21. Nationwide Property & Cas. v. Comer, 559 F.Supp.2d 685 (S.D.W. Va. 2008).
    22. Richards v. Saveway Oil Co., Inc., 314 N.E. 2d 923 (Mass. App. Ct. 1974).
    23. Sterilite Corp. v. Continental Cas. Co., 458 N.E.2d 338 (Mass. App. Ct. 1983).
    24. St. Paul Fire & Marine Ins. Co. v. Jacobsen, 826 F. Supp. 155 (E.D. Va. 1993).
    25. TranSched Systems Ltd. v.Federal Ins. Co., 67 F.Supp.3d 523 (D.R.I. 2014).
    26. Travelers Ins. Co. v. Waltham Indus. Labs. Corp., 883 F.2d 1092 (1st Cir.1989).
    27. Vandenberg v. Super. Ct., 982 P.2d 229 (Cal. 1999).
    28. Waste Corp. of Am., Inc. v. Genesis Ins. Co., 382 F. Supp. 2d 1349 (S. D. Fla. 2005).
    29. West Tex. Refinery v. Commissioner, 68 F.2d 77, (10th Cir. 1933).
    30. Winnacunnet Coop. Sch. Dist. v. Nat`l Union Fire Ins. Co., 84 F.3d 32 (1st Cir.1996)

    (九) 英國法院判決
    1. Ageas (UK) Ltd v. Kwik-Fit (GB) Ltd & Anor [2014] EWHC 2178 (QB).
    2. Buckingham v. Francis [1986] 2 All ER 738.
    3. Golden Strait Corporation v. Nippon Yusen Kubishka Kaisha [2007] UKHL 12, [2007] 2 AC 353.
    4. Infiniteland Ltd v. Artisan Contracting Ltd [2004] EWHC 955 (Ch).
    5. Ng v. Crabtree [2011] EWHC 1834 (Ch).
    Description: 碩士
    國立政治大學
    法律學系
    104651035
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104651035
    Data Type: thesis
    DOI: 10.6814/NCCU202000425
    Appears in Collections:[法律學系] 學位論文

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