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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/158237


    Title: 現金逐出合併時少數股東權益保護機制之研究—以釋字第770號解釋出發
    Study on Mechanisms to Protect Minority Shareholders in Freezeout Mergers: Focusing on Rulings Declared by J.Y. Interpretation No. 770
    Authors: 周振鋒
    Contributors: 法律系
    Keywords: 大法官解釋第770號;現金逐出合併;控制股東;利害衝突;受任人義務;特別委員會;股東收買請求權;公平價格
    J.Y. Interpretation No. 770;Freezeout Merger;Controlling Shareholder;Conflict of Interest;Fiduciary Duty;Special Committee;Appraisal Right;Fair Value
    Date: 2021-10
    Issue Date: 2025-07-31 15:49:23 (UTC+8)
    Abstract: 在現金逐出合併場合，2015年修正前企業併購法(企併法)並無相當機制足以維護少數股東權益，如未能及時提供股東有利害關係股東與董事相關資訊，以及未能給予參與表決但反對合併之異議股東請求公司以公平價格收買其股份之權利，而被大法官解釋第770號宣告違憲。現行企併法雖對前述問題有所改善，例如賦予有利害關係董事說明義務、公開發行公司強制設置特別委員會、給予異議股東友善的價格裁定程序等，但在現金逐出合併場合仍未建立利益衝突淨化機制，而使控制股東能輕易侵害少數股東權益。本計畫擬以大法官解釋第770號揭示之意旨出發，以國內文獻為基礎輔以美國的學術與實務新發展，自法釋義學、比較法學、個案研究與成本效益分析等觀點，研析現行企併法制如何就現金逐出合併衍生相關問題規劃合理回應，提出未來更完善之建議，俾使企業併購更有效率的進行，達到追求效率與保護少數股東雙贏之理想目標。
    Before the 2015 Amendment to Business Mergers and Acquisitions Act (M&A Act), there were no sufficient mechanisms to protect interests of minority shareholders in freezeout mergers. For instances, the minority received no sufficient information of conflicts of interest timely from the interested controlling shareholder and directors and dissenting minority who voted against the merger were deprived of appraisal rights. Therefore, such insufficiency was declared unconstitutional by J.Y. Interpretation No. 770. The current M&A Act addresses such issues to some degree which minority can be more protected by mandating interested directors to disclose their conflicts of interest, introducing mandatory special committees in public companies and rebuilding friendly appraisal proceeding in favor of dissenting minority. However, there is no cleansing mechanism properly to be installed in a freeze-out merger while controlling shareholder is present. Based on the rulings declared by J.Y. Interpretation No. 770, this proposal plans to study and analyze the existing body of cases and literatures, from viewpoints such as legal dogmatic, comparative analysis, case study, and cost and benefit analysis, in hopes of introducing cleansing mechanisms for protecting shareholders in freezeout mergers. In conclusion, this proposal is expected to offer recommendations to current system of M&A Act in order for more efficiency and fairness in theory as well as in practice.
    Relation: 科技部, MOST108-2410-H004-217-MY2, 108.08-110.07
    Data Type: report
    Appears in Collections:[法律學系] 國科會研究計畫

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