:::

詳目顯示

回上一頁
題名:美國法上經營階層收購之研究
書刊名:東吳法律學報
作者:黃朝琮
作者(外文):Huang, Chao-tsung
出版日期:2017
卷期:29:1
頁次:頁1-45
主題關鍵詞:經營階層收購資訊揭露程序機制受託義務股份收買請求權Management buyoutInformation disclosureProcedural mechanismFiduciary dutyAppraisal right
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:45
  • 點閱點閱:6
本文以經營階層收購為研究對象,簡要回顧其於美國併購交易實務上的發展經過,並思辨此一交易型態,與控制股東收購、逐出少數股東、現金逐出合併、槓桿交易與下市交易等交易種類之關係,以釐清其內涵,並藉由美國法上關於經營階層收購之正反觀點的觀察與介紹,檢視其與一般併購交易之異同,而在此一基礎上,主張經營階層收購就整體社會經濟而言,有其正面價值,然不可諱言亦有其影響股東權益之一面,而應予適度管控,然尚無須對之抱持全然否定的態度。在此認知下,本文接續分析美國法上對於經營階層收購所生流弊所發展出來的矯治措施,而歸類為資訊揭露、程序機制與司法審查三者,彼此之間環環相扣。對照我國目前法制,本文認為雖然企業併購新法於2016年生效後,引入獨立委員會制度,然該委員會應如何運作、應如何引導出售程序妥適進行,仍付之闕如,其他相應於美國法上之矯治措施,如資訊揭露及司法審查等,則若非甚為簡陋,即未被充分運用,而有不足,就此而言,本文認為或可藉由自律規則或行政指導的方式,形成經營階層收購程序之通案性指引,再輔以司法審查為事後監督機制,以形成經營階層收購之完整監督機制。
This article starts from brief review of the history of management buyout ("MBO") in the US and examines its difference from freezout, cash-out merger, leveraged buyout and going private transactions to clarify the characteristics of MBO. Then this article introduces the debate surrounding MBO, arguing that MBO has its benefit despite the potential negative impact on shareholder rights and thus should be regulated but not outright forbidden. This article also analyzes the three mechanisms to scrutinize MBO: information disclosure, procedural mechanism and judicial review. Looking at the regulation in Taiwan, this article argues that the new Merger and Acquisition Act has introduced the independence committee concept in 2016, but further guidance is absent regarding how to steer though the sale of company process in the MBO context. As for the regulations with respect to information disclosure and judicial review, they are either insufficiently provided or rarely utilized. This article suggests the procedural guidance can be established in the form of self-regulation and administrative instruction, which can, combining with the application of judicial review, form a complete scrutiny mechanism to MBO.
期刊論文
1.Sautter, Christina 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,73,525-577。  new window
2.Atanasov, Vladimir、Black, Bernard、Ciccotello, Conard S.(2011)。Law and Tunneling。J. Corp. L.,37,1-49。  new window
3.周振鋒(20100600)。論股東代表訴訟的變革方向--以美國法為研析基礎。政大法學評論,115,243-308。new window  延伸查詢new window
4.張心悌(20111000)。逐出少數股東--以資訊揭露義務與受託人義務為中心之美國法比較。政大法學評論,123,253-304。new window  延伸查詢new window
5.Hill, Claire A.、McDonnell, Brett H.(2011)。Sanitizing Interested Transactions。Delaware Journal of Corporate Law,36(3),903-938。  new window
6.蔡昌憲(20150600)。下市交易中利益衝突之淨化機制:從美國Dell公司收購案談起。國立臺灣大學法學論叢,44(2),533-597。new window  延伸查詢new window
7.Kisgen, Darren J.、Qian, Jun、Song, Weihong(2009)。Are fairness opinions fair? The case of mergers and acquisitions。Journal of Financial Economics,91,179-207。  new window
8.Davidoff, Steven M.、Sautter, Christina M.(2013)。Lock-Up Creep。Journal of Corporation Law,38(4),681-731。  new window
9.林建中(20140600)。美國德拉瓦法上股份收買請求權的計算方式與衍生問題。政大法學評論,137,99-150。new window  延伸查詢new window
10.Griffith, Sean J.(2013)。The Omnipresent Specter of Omnicare。Journal of Corporation Law,38(4),753-793。  new window
11.Bebchuk, Lucian Arye(2002)。The Case Against Board Veto in Corporate Takeovers。The University of Chicago Law Review,69,973-1035。  new window
12.Kaplan, Steven N.(1989)。Management Buyouts: Evidence on Taxes as a Source of Value。Journal of Finance,44(3),611-632。  new window
13.Lichtenberg, Frank R.、Siegel, Donald S.(1990)。The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior。Journal of Financial Economics,27,165-194。  new window
14.Easterbrook, Frank H.、Fischel, Daniel R.(1981)。The Proper Role of a Target's Management in Responding to a Tender Offer。Harvard Law Review,94,1161-1204。  new window
15.Smith, Abbie J.(1990)。Corporate Ownership Structure and Performance: the Case of Management Buyouts。Journal of Financial Economics,27(1),143-164。  new window
16.Coffee, John C. Jr.(1984)。Regulating the Market for Corporate Control, A Critical Assessment of the Tender Offer's Role in Corporate Governance。Columbia Law Review,84,1145-1296。  new window
17.施建州(20141200)。融資併購對於目標公司債權人保護法制之研究。玄奘法律學報,22,141-197。new window  延伸查詢new window
18.Holland, Randy J.(2009)。Delaware Directors' Fiduciary Duties: The Focus on Loyalty。University of Pennsylvania Journal of Business Law,11(3),675-702。  new window
19.Gilson, Ronald J.、Kraakman, Reinier H.(2014)。Market efficiency after the financial crisis: It's still a matter of information costs。Virginia Law Review,100(2),313-375。  new window
20.黃朝琮(20150300)。特殊目的併購公司(SPAC)之發展與規範。月旦民商法雜誌,47,54-76。  延伸查詢new window
21.Griffith, Sean J.(2004)。The costs and benefits of precommitment: An appraisal of Omnicare v. NCS Healthcare。Journal of Corporation Law,29(3),569-623。  new window
22.Bainbridge, Stephen M.(2006)。Unocal at 20: Director Primacy in Corporate Takeovers。Delaware Journal of Corporation Law,31,769-863。  new window
23.廖大穎(2016)。彰銀案、國巨案與企業併購法修正。月旦法學教室,161,51-59。  延伸查詢new window
24.Brown, J. Robert Jr.(1990)。In Defense of Management Buyouts。Tul. L. Rev.,65,57-129。  new window
25.Lu, Xiaohua、McAfee, R. Preston(1996)。The Evolutionary Stability of Auctions over Bargaining。Games and Economic Behavior,15,228-254。  new window
26.Miller, Robert T.(2013)。Inefficient Results in the Market for Corporate Control: Highest Bidders, Highest-Value Users, and Socially Optimal Owners。The Journal of Corporation Law,39,71-128。  new window
27.Rock, Edward B.(2013)。Adapting to the New Shareholder-Centric Reality。University of Pennsylvania Law Review,161,1907-1988。  new window
28.Jensen, Michael C.(1988)。Takeovers: Their causes and consequences。The Journal of Economic Perspectives,2(1),21-48。  new window
29.黃朝琮(20170300)。非合意收購法制芻議。臺北大學法學論叢,101,103-195。new window  延伸查詢new window
30.劉倩妏(20141200)。關係人交易之利益衝突及規範面向。法令月刊,65(12),69-91。new window  延伸查詢new window
31.Anabtawi, Iman(2016)。Predatory Management Buyouts。U. C. DAVIS L. REV.,39,1285-1333。  new window
32.蔡英欣(2014)。股份收買請求權制度之檢討。全國律師,18(2),49-61。  延伸查詢new window
33.Bartlett, Robert P. III(2009)。Going Private but Staying Public: Reexamining the Effect of Sarbanes-Oxley on Firms' Going-Private Decisions。The University of Chicago Law Review,76(1),7-44。  new window
34.Bordon, Arthur M.(1974)。Going Private--Old Tort, New Tort or No Tort?。New York University Law Review,49,987-1042。  new window
35.Bratton, William W.、Levitin, Adam J.(2013)。A Transactional Genealogy of Scandal: From Michael Milken to Enron to Goldman Sachs。Southern California Law Review,86,783-868。  new window
36.Bulow, Jeremy、Klemperer, Paul(1996)。Auctions versus Negotiations。The American Economic Review,86(1),180-194。  new window
37.Brudney, Victor、Chirelstein, Marvin A.(1978)。A Restatement of Corporate Freezeouts。The Yale Law Journal,87,1354-1376。  new window
38.Booth, Richard A.(2014)。Majority-of-the-Minority Voting and Fairness in Freezeout Mergers。Villanova Law Review: Tolle Lege,59,87-103。  new window
39.Booth, Richard A.(1985)。Management Buyouts, Shareholder Welfare, and the Limits of Fiduciary Duty。New York University Law Review,60,630-665。  new window
40.Brudney, Victor(1975)。A Note on "Going Private"。Virginia Law Review,61,1019-1056。  new window
41.Chen, Kai、Kim, Yong-Cheol、Marcus, Richard D.(2011)。Hands in the Cookie Jar? The Case of Management Buyouts。INT'L REV. ACCT, BANK. & FIN.,3,43-69。  new window
42.Cheffins, Brian R.(2015)。Delaware and the Transformation of Corporate Governance。Delaware Journal of Corporate Law,40,1-76。  new window
43.Cheffms, Brian、Armour, John(2008)。The Eclipse of Private Equity。Delaware Journal of Corporate Law,33,1-67。  new window
44.Carney, William J.(2006)。The Costs of Being Public after Sarbanes-Oxley: The Irony of "Going Private"。Emory Law Journal,55,141-160。  new window
45.Cain, Matthew D.、Solomon, Steven M. Davidoff(2011)。Form over Substance--the Value of Corporate Process and Management Buy-Outs。Delaware Journal of Corporate Law,36,849-902。  new window
46.Davis, Jeffrey、Lehn, Kenneth(1992)。Information Asymmetries, Rule 13e-3, and Premiums in Going-Private Transactions。Washington University Law Quarterly,70,587-611。  new window
47.DeMott, Deborah A.(1988)。Directors' Duties in Management Buyouts and Leveraged Recapitalizations。Ohio State Law Journal,49,517-557。  new window
48.Easterbrook, Frank H.、Fischel, Daniel R.(1982)。Corporate Control Transactions。The Yale Law Journal,91,698-737。  new window
49.DeAngelo, Harry、DeAngelo, Linda(1987)。Management Buyouts of Publicly Traded Corporations。Financial Analysts Journal,43,38-49。  new window
50.DeAngelo, Linda Elizabeth(1986)。Accounting Numbers as Mark Valuation Substitutes: A Study of Management Buyouts of Public Stockholders。Accounting Review,61,400-420。  new window
51.Gogineni, Sridhar、Puthenpurackal, John(2014)。Target Management Involved Buyouts: Impact on Takeover Competition, Litigation Risk and Shareholder Returns。Journal of Financial Research,37,323-356。  new window
52.Hafzalla, Nader M.(2009)。Managerial Incentives for Discretionary Disclosure: Evidence From Management Leveraged Buyouts。Review of Accounting Studies,14,507-533。  new window
53.Kaplan, Steven N.、Strömberg, Per(2008)。Leveraged Buyouts and Private Equity。J. ECON. PERSP.,23,121-146。  new window
54.Kofele-Kale, Ndira(1989)。Some Unfinished Business, Some Unresolved Issues: Section 13(e) and the SEC's Going Private Rules after Howing Co. v. Nationwide Corp.。University of Toledo Law Review,20,625-680。  new window
55.Lehn, Kenneth、Poulsen, Annette(1989)。Free Cash Flow and Stockholder Gains in Going Private Transactions。The Journal of Finance,44(3),771-787。  new window
56.Lee, D. Scott(1992)。Management Buyout Proposals and Inside Information。The Journal of Finance,42,1061-1079。  new window
57.Korsmo, Charles R.、Myers, Minor(2015)。Appraisal Arbitrage and the Future of Public Company M&A。Washington University Law Review,92(6),1551-1615。  new window
58.Masulis, Ronald W.、Thomas, Randall S.(2009)。Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance。The University of Chicago Law Review,76,219-259。  new window
59.Mao, Yaping、Renneboog, Luc(2015)。Do Managers Manipulate Earnings prior to Management Buyouts?。Journal of Corporate Finance,35,43-61。  new window
60.Lowenstein, Louis(1985)。Management Buyouts。Columbia Law Review,85,730-784。  new window
61.Repetti, James R.(1988)。Management Buyouts, Efficient Markets, Fair Value and Soft Information。North Carolina Law Review,67,121-170。  new window
62.Quinn, Brian J. M.(2011)。Re-Evaluating the Emerging Standard of Review for Matching Rights in Control Transactions。Delaware Journal of Corporate Law,36,1011-1052。  new window
63.Povel, Paul、Singh, Rajdeep(2006)。Takeover Contests with Asymmetric Information。The Review of Financial Studies,19,1399-1431。  new window
64.Oesterle, Dale Arthur、Norberg, Jon R.(1988)。Management Buyouts: Creating or Appropriating Shareholder Wealth?。Vanderbilt Law Review,41,207-260。  new window
65.Romano, Roberta(1992)。A Guide to Takeovers: Theory, Evidence and Regulation。Yale Journal on Regulation,9,119-179。  new window
66.Rose, Paul、Solomon, Steven Davidoff(2016)。Where Have All the IPOs Gone? The Hard Life of the Small IPO。Harvard Business Law Review,6,83-128。  new window
67.Talley, Eric L.(2009)。Public Ownership, Firm Governance, and Litigation Risk。The University of Chicago Law Review,76,335-366。  new window
68.Subramanian, Guhan(2016)。Deal Process Design in Management Buyouts。Harvard Law Review,130,509。  new window
69.Subramanian, Guhan(2005)。Fixing Freezeout。The Yale Law Journal,115,2-70。  new window
70.Subramanian, Guhan(2008)。Go-Shops vs. No-Shops in Private Equity Deals: Evidence and Implications。Business Lawyer,63,729-760。  new window
71.Weiss, Elliot J.(1981)。The Law of Take Out Mergers: A Historical Perspectives。New York University Law Review,56,624-693。  new window
72.Volk, Stephen R.、Leicher, Lewis H.、Koloski, Raymond S.(1996)。Negotiating Business Combination Agreements--The "Seller's" Point of View。San Diego Law Review,33,1077-1126。  new window
73.Taylor, Nelson Ferebee(1998)。Evolution of Corporate Combination Law: Policy Issues and Constitutional Questions。North Carolina Law Review,76,687-1014。  new window
74.Rock, Edward B.(1997)。Saints and Sinners: How Does Delaware Corporate Law Work?。UCLA Law Review,44,1009-1108。  new window
75.Jensen, Michael C.(1989)。Eclipse of the public corporation。Harvard Business Review,67(5),61-74。  new window
76.林國彬(20130900)。公司出售或控制權出售時之股東利益最大化原則--論德拉瓦州法院Revlon/QVC Doctrine之適用範圍。臺北大學法學論叢,87,119-176。new window  延伸查詢new window
77.游啟璋(20140300)。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。new window  延伸查詢new window
78.王文杰、方嘉麟、馮震宇(20081200)。臺灣管理層收購之法律問題--以復盛與日月光案為例。月旦財經法雜誌,15,1-23。  延伸查詢new window
79.Kaplan, Steven N.(1989)。The effects of management buyouts on operating performance and value。Journal of Financial Economics,24(2),217-254。  new window
圖書
1.劉連煜(2012)。內線交易構成要件。元照。  延伸查詢new window
2.張永健(2015)。物權法之經濟分析:所有權。元照出版有限公司。  延伸查詢new window
其他
1.(20131122)。企併法新增國巨條款,小股東保障更全面。  延伸查詢new window
2.Coates, John C. IV(2005)。An Empirical Reassessment of MBO Bids: Techniques, Outcomes, and Delaware Corporate Law,https://perma.cc/4PJY-VW97。  new window
3.Li, Xi,Qian, Jun,Zhu, Julie Lei(20130819)。Earnings-Reducing Activities Before Management Buyouts,http://papers.ssrn.com/id=2022091。  new window
4.Renneboog, Luc,Vansteenkiste, Cara(2017)。Leveraged Buyouts: An Overview of the Literature,https://papers.ssrn.com/id=2896653。  new window
5.Sommer, A. A. Jr.(1974)。"Going Private": A Lesson in Corporate Responsibility,https://www.sec.gov/news/speech/1974/111474sommer.pdf。  new window
圖書論文
1.Taggart, Robert A. Jr.(1988)。The Growth of the Junk Bond Market and Its Role in Financing Takeovers。Mergers and Acquisitions。  new window
2.王文宇(2007)。非合意併購的政策與法制--以強制收購與防禦措施為中心。公司與企業法制。元照出版有限公司。  延伸查詢new window
3.黃朝琮(2017)。公司出售時之受託義務與程序機制。公司法論文集I:受託義務之理論與應用。新學林出版股份有限公司。  延伸查詢new window
4.黃朝琮(2017)。受託義務之對象。公司法論文集I:受託義務之理論與應用。新學林出版股份有限公司。  延伸查詢new window
5.黃朝琮(2017)。受託義務之強化審查標準。公司法論文集I:受託義務之理論與應用。新學林出版股份有限公司。  延伸查詢new window
6.黃朝琮(2017)。受託義務審查規則與舉證責任分配。公司法論文集I:受託義務之理論與應用。新學林出版股份有限公司。  延伸查詢new window
7.黃朝琮(2017)。董事受託義務違反之事前救濟。公司法論文集I:受託義務之理論與應用。新學林。  延伸查詢new window
8.Gilson, Ronald J.(1989)。Market Review of Interested Transactions: the American Law Institute Proposal on Management Buyouts。Leveraged management buyouts: causes and consequences。  new window
9.Grundfest, Joseph A.(1989)。Management Buyouts and Leveraged Buyouts: Are the Critics Right?。Leveraged management buyouts: causes and consequences。  new window
10.Lederman, Lawrence、Bryer, Barry A.(1989)。Representing a Public Company in a Leveraged Buyout Transaction。Leveraged management buyouts: causes and consequences。  new window
11.Romano, Roberta(1989)。Management Buyout Puzzles。Leveraged management buyouts: causes and consequences。  new window
12.Shleifer, Andrei、Vishny, Robert W.(1988)。Management Buyouts as a Response to Market Pressure。Mergers and Acquisitions。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE