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題名:Regulating Sale of Control Transactions in Taiwan-from the Perspective of Economic Analysis
書刊名:國立臺灣大學法學論叢
作者:Chang, Hsin-ti
出版日期:2002
卷期:31:4
頁次:頁43-140
主題關鍵詞:Sale on controlCorporate control transactionControl share transferEfficiencyApprasial rightEconomic analysis of law控制權交易大股東股份
原始連結:連回原系統網址new window
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     鑒于市場競爭日趨激烈及市場全球化之趨勢,企業間吹起併購、策略聯盟及其他控制權移轉交易之風潮。除併購(merger and acquisition)、公開收購股份(tender offer),以及集中市場買賣外(open market purchase),另一取得目標公司控制權之機制即為購買大股東控制權交易(sale-of-control transaction)。經由直接向大股東購買其具有控制權之股份,買方得必免複雜且耗時費時的公開收購股份法律程序,同時亦避免公開市場買賣中收買價格之波動及上揚。 在我國,透過購買大股東控制權而移轉公司經營權之方式固行之有年,惟學界和實務界之相關研究卻付之闕如。再者,現行對大股東移轉控制權交易之相關法令規範欠缺妥當性,便使此一問題雪上加霜。目前證券交易法及證期會公布之相關令函對大股東移轉控制權規範極為嚴格,迫使市場實務必須經由集中市場買賣股權以規避現行法令對大股東移轉控制權交易之限制。如此紊亂之法令及市場慣例不但不能造成股價不當上揚與交易成本提高,更無法達到防止價值減損交易(the value-decreasing transaction)與鼓勵價值增加交易(the value-increasing transaction)之經濟效率(economic efficiency)目標。 本文目的在於從法律政策與經濟分析觀點,參考美國文獻及實務經驗,對我國現行規範大股東移轉控制權交易之法律提出修正建議。大股東移轉控制權交易規範之關鍵在於關鍵在於達成社會福利極大化(maximization of social wealth)。換言之,其經濟效率之規範目的係經由二種途徑達成:一為防止價值減損(即不符合經濟效率)之控制權移轉交易,另一為鼓勵價值增加(即符合經濟效率)之控制權移轉交易。 本文建議廢除現行有關大股東移轉控制權交易之法令,並提出法律修正建議,明確規定大股東移轉控制權交易之定義,並賦予少數股東於大股東移轉控制權交易中股份收買請求權(appraisal rights)。建議修正法律文字如下: 「任何人直接或間接取得任一公開發行公司已發行股份總額達到或超過三分之一者,其股權買賣之交易即視為大股東移權控制權交易(大股東移轉控制權交易之定義)。其他股東於大股東移轉控制權交易前,得請求公司以交易當時之公平價格,收買其所有之股份(少數股東之股份收買請求權)。 大股東移轉控制權交易之買賣雙方得舉證證明買方並未因該交易而取得賣方公司之控制權者,無前項之適。」 本文之結構如下:第二章將從社會福利極大化之觀點解釋規範大股東移轉控制權交易之重要性。同時,為進一步瞭解大股東移轉控制權交易與經濟效率間之互動,本章亦研討給付控制權貼水(control premium)之理由,並提出本文經濟分析之理論架構。第三章檢視我國目前公司控制權移轉之法律及市場機制,特別強調規範大股東移轉控制權之現行法令與市場慣例之欠缺妥當性,以及其所可能衍生的問題。第四章應用第二章所提供的經濟分析架構討論並評估美國法就規範大股東移轉控制權交易之相關經驗與理論,包括市場法則(the market rule)、機會平等理論(the equal opportunity rule)、扣板機理論(the triggering rule)及其他理論,並指出各理論之缺點與問題。 第五章提出本文就規範大股東移轉控制權交易之修法建議。為因應我國特殊之公司結構與法律環境,本章亦提出大股東移轉控制權交易之定義,以資明確。同時,本章研究另一「少數股東除外理論」(the freezeout / appraisal rule),本文之修法建議原則上即以此一理論為出發點。本章並以我國大股東移轉控制權交易之實例為研究,探討本文修法建議之適用。再者,本章將從可執行性與公平性角度檢驗本文修法建議,並進一步討論大股東移轉控制權交易之變化模式。第六章為結論。
期刊論文
1.Booth, Richard A.(1988)。The Promise of State Takeover Statutes。Michigan L. R.,1670。  new window
2.Berle, Adolph A., Jr.(1958)。Control in Corporate Law。Columbia L. R.,58,1212。  new window
3.Berle, Adolph A., Jr.(1960)。The Price of Power: Sale of Corporate Control。Cornell L. Q.,50,628。  new window
4.Elhauge, Einer(1992)。The Triggering Function of Sale of Control Doctrine。U. Chicago L. Rev.,59,1456-1465。  new window
5.Eisenhofer, Jay W.、Reed, John L.(1997)。Valuation Litigation。Del. J. Corp. L.,22,37。  new window
6.Easterbrook, Frank H.、Fischel, Daniel R.(1982)。Corporate Control Transactions。The Yale Law Journal,91,698-737。  new window
7.Barclay, Michael J.、Holdemess, Clifford G.(1992)。The Law and LargeBlock Trades。Journal of Law and Economics,35,256。  new window
8.Andrews, William D.(1965)。The Stockholder’s Right to Equal Opportunity in the Sale of Shares。Harvard L. R.,78,505。  new window
9.Bebchuk, Lucian Arye(1994)。Efficient and Inefficient Sales of Corporate Control。Quarterly J. of Econ.,957。  new window
10.Bebchuk, Lucian Arye(1985)。Toward Undistorted Choice and Equal Treatment in Corporate Takeovers。Harvard L. R.,98,1693-1695。  new window
11.Booth, Richard A.(1274)。Derivative Suits and Pro Rata Recovery。George Washington L. R.,61,1274。  new window
12.Coate, John C.(1253)。“Fair Value” as an Avoidable Rule of Corporate Law: Minority Discount in Conflict Transactions。U. of Penn, L. Rev.,147,1253。  new window
13.Easterbrook, Frank、Fischel, Daniel(1981)。The Proper Role of a Target’s Management in Responding to a Tender Offer。Harvard L. R.,94,1173。  new window
14.Coffee, John C., Jr.(1996)。Transfers of Control and the Quest for Efficiency; Can Delaware Encourage Efficient Transactions While Chilling Inefficient Ones?。Delaware J. of Corporate Law,21,359。  new window
15.Elhauge, Einer(1991)。Does Interest Group Theory Justify More Intrusive Judicial Review?。Yale L.J.,101,36。  new window
16.Fama, Eugene F.(1965)。Random Walk in Stock Market Prices。Fin. Analysts J.,21,55。  new window
17.Fischel, Daniel(1983)。The Appraisal Remedy in Corporate Law。Am. B. Found. Res. J.,1983,890。  new window
18.Fox, James D.(1997)。Equal Treatment for Shareholders: An Essay。Cardozo L. Rev.,19,615。  new window
19.Gilson, Ronald(1981)。A Structural Approach against Defensive Tactics: The Case against Defensive Tactics in Tender Offers。Stan. L. Rev.,33,819。  new window
20.Hoffman, Louis J.(1984)。The Efficiency and Equity of Corporate Sharing Rules。The Corporate L.R.,99。  new window
21.Hill, Alfred(1957)。the Sale of Controlling Shares。Harvard L.R.,70,986。  new window
22.Hamilton, Robert(1985)。Private Sale of Control Transactions: Where We Stand Today。Case Western Res. L. Rev.,36,248-263。  new window
23.Jennings, Richard(1956)。Trading in Corporate Control。California L.R.,44,1。  new window
24.Holthhausen, Robert W.(1987)。The Effect of Large Block Transactions on Security Price。J. Fin. Econ.,19,237。  new window
25.O'Neal, F. Hodge(1976)。Sale of Controlling Corporate Interest: Bases of Possible Seller Liability。U. Pitt. L. Rev.,38,16。  new window
26.Stem, Yedidia Z.(2000)。The Private Sale of Corporate Control: A Myth Dethroned。J of Corp. Law,25,511。  new window
27.Wertheimer, Barry M.(1998)。The Shareholders’ Appraisal Remedy and How Courts Determine Fair Value。Duke L.J.,47,678。  new window
28.Wineburgh, Justin B.(1997)。Cede & Co. v. Technicolor, Inc.: Appraising Dissenters’ Shares: The “Fair Value” of Technicolor。Delaware J. of Corporate Law,22,293。  new window
29.Jarrell, Gregg A.、Brickley, James A.、Netter, Jeffry M.(1988)。The market for corporate control : the empirical evidence since 1980。Journal of Economic Perspectives,2(1),49-68。  new window
30.(1996)。The Seminar on “The Effect of Proxy Rule on the Control of Listed Companies”。Yue-Dan Law Magazine,72。  new window
31.Barclay, Michael J.、Holderness, Clifford G.(1991)。Negotiated Block Trades and Corporate Control。The Journal of Finance,46(3),861-878。  new window
32.Manne, Henry G.(1965)。Merger and the Market for Corporate Control。The Journal of Political Economy,73(2),110-120。  new window
33.Grossman, Sanford J.、Hart, Oliver D.(1980)。Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation。The Bell Journal of Economics,11(1),42-64。  new window
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研究報告
1.Bebchuk, Lucian Arye(1999)。A Rent Protection Theory of Corporate Ownership and Control。Cambridge, MA:National Bureau of Economic Research。  new window
2.Bebchuk, Lucian Arye、Kahan, Marcel(1999)。The "Lemons Effect" in Corporate Freezeouts。  new window
3.Holdemess, Clifford G.、Sheehan, Daniel P.(1998)。Constraints on Large-Block Shareholders。  new window
4.Chuang, Richard(1992)。Research Project of the Tender Offer Rule in Taiwan。  new window
5.La Porta, R.、Lopez-de-Silanes, Florencio、Shleifer, Andrei(1998)。Corporate Ownership Around the World。  new window
學位論文
1.Yang, Chia-Chang(1996)。The Study on the Mechanics of Hostile Takeover and their Defenses for Enterprises in Taiwan(碩士論文)。National Cheng-Kong University。  new window
2.Chuang, Richard(1986)。The Legal Aspect of Relationship of Enterprise Group in Taiwan(-)。UC Berkeley。  new window
圖書
1.Easterbrook, Frank H.、Fischel, Daniel R.(1996)。The Economic Structure of Corporate Law。Harvard University Press。  new window
2.Klein, William A.、Coffee, John C., Jr.(1996)。Business Organization and Finance: Legal and Economic Principles。  new window
3.Cooter, Robert、Ulen, Thomas(1996)。Law and Economics。  new window
4.Solomon, Lewis D.、Bauman, Jeffrey D.、Schwartz, Donald E.、Weiss, Elliot J.(1994)。Corporations: Law and Policy。  new window
5.Cary, William L.、Eisenberg, Melvin Aron(1997)。Corporations。  new window
6.Bayne, David C.(1986)。The Philosophy of Corporate Control: A Treaties on the Law of Fiduciary Duty。  new window
7.Cornell, Bradford(1993)。Corporation Valuation。  new window
8.Hamilton, Robert(1991)。The Law of Corporation in a Nutshell。  new window
9.Jennings, Richard W.、Marsh, Harold, Jr.、Coffee, John C., Jr.、Seligman, Joel(1997)。Securities Regulation。  new window
10.Kao, Tu-Mu(1989)。The Administration of Securities Firms and Stock of Directors, Supervisors, Large Shareholders in Public Offering Companies as well as Listed Companies。  new window
11.Clark, Robert Charles(1986)。Corporate Law。West Group。  new window
12.(19960315)。Taiwan Stock Exchange Monthly Review。  new window
13.Brealey, Richard A.、Myers, Stewart C.(1996)。Principles of Corporate Finance。New York:McGraw-Hill。  new window
其他
1.Brannigan(19870902)。Florida Businessman Seeks to Steer Bank Toward Sale。  new window
 
 
 
 
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