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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4339


    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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