政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/32770

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/32770

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政大典藏 > College of Law > Department of Law > Theses > Item 140.119/32770

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/32770

Title:	美國母子公司合併子公司少數股東保護之研究—兼評台灣實務案例與相關規範設計之缺憾
Authors:	盧曉彥 Lu, Hsiao-Yen
Contributors:	方嘉麟 Faung, Kai-Lin 盧曉彥 Lu, Hsiao-Yen
Keywords:	母子公司合併制式合併簡易合併換股合併現金逐出合併關係企業財產法則補償法則公司治理自己交易利益衝突交易經營判斷法則受任人義務注意義務忠實義務控制股東完全公平測試標準公平交易公平價格股份收買請求權市場出脫例外直接訴訟禁制令
Date:	2004
Issue Date:	2009-09-17 14:24:55 (UTC+8)
Abstract:	本文研究重點係母子公司合併時子公司少數股東權益保障的爭議問題，並嘗試從美國法之觀點檢討我國母子公司合併案例與相關之規範設計。從美國德拉瓦州法院對於母子公司合併規範模式之演變，應可察覺一國法制總體面因素的變化，以及合併基礎法制變遷，對於母子公司合併規範設計之影響。總體面因素諸如當代公共政策的游移、投資人與市場周邊機制之成熟度、公司內部治理機制的健全、社會思潮的偏向等；合併基礎法制幾個重大變遷，包括可決合併門檻多數決原則之確立、簡易以及制式現金逐出合併之陸續完成立法等，在在都影響了法院對於母子公司合併之規範態度。法院的態度變化，也顯現在子公司少數股東所擁有之兩項救濟，亦即股份收買請求權以及違反受任人義務訴訟救濟，在近一世紀以來，其起初係平行發展、繼而相互競爭至目前走向調和之變遷過程。而在過程中，違反受任人義務的內涵與課責標準一直持續變化，連帶地也影響股份收買請求權理論基礎的汰換、調整與新生。德拉瓦州法院對於母子公司合併的處理方式，是區分簡易合併與制式合併而適用不同的規範模式。制式合併係適用「財產法則」概念下之常規交易審查模式，違反常規交易標準即屬違反受任人義務；簡易合併則因為協商成本太高，所以適用「補償法則」，以股份收買請求權為唯一救濟。此項規範模式，很顯然地是一種妥協之處理方式。尤其股份收買請求權之相關配套設計，包括評價得否採計合併綜效、救濟成本之負擔方式以及程序障礙設計猶存諸多問題，採取「補償法則」背後的考量因素或許正是為便利母公司執行合併。從美國德拉瓦州公司法母子公司合併規範設計之歷史演變，比較我國目前現階段的母子公司合併規範之設計，大體說來，由於我國公司法與企業併購法之規範設計不利於子公司與母公司進行協商、再加上董事以及控制股東（亦即母公司）對於子公司之股東並無直接負受任人義務，在子公司股東無法對於不公平的合併對價，直接請求董事或母公司負擔損害賠償責任的情況下，將很難期待子公司的董事會盡力為子公司少數股東，向母公司爭取公平的合併對價。換言之，由於我國受任人義務體系之不完備，少數股東縱然認為合併對價涉及不公情事，似乎也祇能依照民法侵權行為之規定，向董事或母公司請求損害賠償。按照民法第一八四條之規定，其舉證責任門檻事實上即相當於美國法對於簡易合併場合之規範。亦即是說，我國法似乎並無特別針對母子公司合併此項具有利益衝突之重大交易，提出任何有別於常規交易之差異規範，此即導致子公司少數股東僅能按照一般侵權行為之規範，請求母公司或董事負擔損害賠償責任，這對於少數股東而言，自是甚為不利。短期而言，從經濟政策上係鼓勵合併，抑或從我國公司內部治理機制以及市場機制尚未健全發展至足以提供子公司相當之協商力量以與母公司抗衡的角度，我國似乎都無法在仿效美國於制式合併場合，建立偏向「財產法則」概念下之「近似常規交易協商模式」。因此，現階段或應思考從改善我國股份收買請求權設計開始著手。對此，ALI Principles與RMBCA有關股份收買請求權設計之立法例，我國應擇其優而加以援用。長期而言，按照我國現階段的規範趨勢，似乎係在仿效美國法制，逐漸朝向市場導向之公司治理機制（market-oriented style of corporate governance），因此持續開拓我國資本市場的深度與廣度，以及建立適合於我國公司生態的公司內部治理機制，都將是繼續努力的目標。倘若未來我國市場之周邊機制與公司內部治理機制皆能發揮適當的治理功能，前述偏重於「補償法則」概念下規範模式之股份收買請求權設計，即有必要加以調整，以避免美國現階段在現金逐出合併場合所發生之「規範重疊」（regulation overlap）問題。
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St. Paul, Minn.: American Law Institute Publisher. ＿＿＿＿ (1994), Principles of Corporate Governance: Analysis and Recommendations Ⅱ. St. Paul, Minn.: American Law Institute Publisher. Berle, Adolf A., Jr. and Means, Gardiner C., (1968), The Modern Corporation And Private Property (Revised ed.). New York: Harcourt, Brace & World. Block, Dennis J., Barton, Nancy E., Radin, Stephen A. (1998), The Business Judgment Rule Fiduciary Duties of Corporate Directors Ⅰ(5th ed.). New York: Aspen Law & Business. Blumberg, Phillip I. (1987), The Law of Corporate Groups: Substantive Law. Boston: Little, Brown And Company. Brodsky, Edward and Adamski, M.Patricia (1995), Law of Corporate Officers and Directors Rights, Duties and Liabilities. New York: Clark Boardman Callaghan. Clark, Robert C. (1986), Corporate Law. Boston: Little, Brown And Company. Coase, Ronald H. (1988), The Firm The Market and The Law. Chicago: The University of Chicago Press. Cox, James D. (2000), Corporations (3rd ed.). West Group . Dietrich, Michael (1994), Transaction Cost Economics and Beyond—Toward A New Economics of The Firm. New York: Routledge. Dooley, Michael P. (1995), Fundamentals of Corporation Law. New York: The Foundation Press. Easterbrook, Frank H. and Fischel, Daniel R. (1998), The Economic Structure of Corporate Law (4th printing). Cambridge: Harvard Univ Press. Emanuel, Steven L. (1992), Corporations (2nd ed.). New York: Emanuel Law Outlines, Inc.. Gevurtz, Franklin A. (2000), Corporation Law. St. Paul, Minn.: West Group. Gilson, Ronald J. and Black, Bernard S. (1995), The Law and Finance of Corporate Acquisitions (2nd ed.). New York: The Foundation Press. Hamilton, Robert W. (1994), Corporations Including Partnerships And Limited Partnerships Cases And Materials (5th ed.). St. Paul, Minn.: West Publishing Co.. ＿＿＿＿ (1996), The Law of Corporations in a Nutshell (4th ed.). St. Paul, Minn.: West Publishing Co.. Henn, Harry G. and Alexander, John R. (1983), Laws Of Corporations (3rd ed.). St. Paul, Minn.: West Publishing Co. Jennings, Richard W., Marsh, Harold, Jr., Coffee, John C. Jr., and Seligman, Joel (1998), Securities Regulation: Cases and Materials (8th ed.). New York: Foundation Press. Lajoux, Alexandra R. and Elson, Charles (2000), The Art of M&A Due Diligence: Navigating Critical Steps & Uncovering Crucial Data. New York: Mcgraw-Hill. Loss, Louis and Seligman, Joel (1995), Fundamentals of Securities Regulation. New York: Aspen Law & Business. Monks, Robert A.G. and Minow, Nell (2001), Corporate Governance (2nd ed.). New York: Blackwell Publishers Ltd. Posner, Richard A. (1998), Economic Analysis Of Law (5th ed.). New York: Aspen Law & Business Reed, Stanley F. and Lajoux, Alexandra R. (1999), The Art of M&A: A Merger Acquisition Buyout Guide (3rd ed.). New York: Mcgraw-Hill. Seligman, Joel (1995), Corporations: Cases and Materials. Boston: Little, Brown And Company. Solomon, Lewis D., Schwartz, Donald E., Bauman, Jeffrey D. and Weiss, Elliott J. (1994), Corporations Law and Policy Materials and Problems (3rd ed.). St. Paul, Minn.: West Publishing Co.. Solomon, Lewis D. and Palmiter, Alan R. (1994), Corporations: Examples and Explanations (2nd ed.). Boston: Little, Brown And Company. Stone, Alan (1982), Regulation and its Alternatives. Washington, D.C.: Congressional Quarterly Press. Welch, Edward P. and Turezyn, Andrew J. (1993), Folk on the Delaware General Corporation Law: Fundamentals. Boston: Little, Brown and Company. Williamson, Oliver E. (1996), The Mechanisms of Governance. New York: Oxford Univ. Press, Inc.. （二）期刊論文 Allen, William, Jacobs, T. Jack B. and Strine, Leo E. Jr. (2001),“Function over Form: A Reassessment of Standards of Review in Delaware Corporation Law”, Delaware Journal of Corporation Law 26: 859-895. ＿＿＿＿ (2002),“Symposium: Realigning the Standard of Review of Director Due Care with Delaware Public Policy: A Critique of Van Gorkom and its Progeny as a Standard of Review Problem”, Northwestern University Law Review 96: 449-466. Aronstam, Bradley R., Balotti, R. Franklin and Rehbock, Timo (2003), “Delaware’s Going-Private Dilemma: Fostering Protections for Minority Shareholders in the Wake of Siliconix and Unocal Exploration”, The Business Lawyer 58: 519-558. Balotti, R. Franklin, Elson, Charles M. and Laster, J. Travis (2000),“Equity Ownership and the Duty of Care: Convergence, Revolution, or Evolution ?”, The Business Lawyer 55: 661-692. Balotti, R. Franklin and Hinsey, Joseph Ⅳ (2000),“Director Care, Conduct, and Liability: The Model Business Corporation Act Solution”, The Business Lawyer 56: 35-61. Bebchuk, Lucian Arye and Kahan, Marcel (1989),“Symposium: Fundamental Corporate Changes: Causes, Effects, and Legal Responses: Fairness Opinions: How Fair Are They and What Can Be Done About It ?”, Duke Law Journal 1989: 27-53. Berger, Carolyn and Allingham, Thomas J. Ⅱ (1983),“A New Light on Cash-out Mergers: Weinberger Eclipses Singer”, The Business Lawyer 39: 1-24. Booth, Richard A. (1985),“” Management Buyouts, Shareholder Welfare, and the Limit of Fiduciary Duty, New York University Law Review 60: 630-664. Bratton, William W., Jr. (1989),“The “Nexus of Contracts”Corporation: A Critical Appraisal”, Cornell Law Review 74: 407-465. Brown, Grover C., Maimone, Michael J. and Schoell, Joseph C. (1998),“Director and Advisor Disinterestedness and Independence under Delaware Law”, Delaware Journal of Corporation Law 23: 1157-1201. 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