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題名:現金逐出合併時少數股東的股份收買請求權
書刊名:政大法學評論
作者:游啟璋 引用關係
作者(外文):Yu, Chi-chang
出版日期:2014
卷期:136
頁次:頁209-279
主題關鍵詞:控制股東少數股東現金逐出合併驅逐合併私有化下市股份收買請求權控制私利公平價格公平價值Controlling shareholderMinority shareholderCash-out mergerFreeze-out mergerGo privateDelistedPrivate benefit of controlAppraisal remedyFair priceFair value
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(12) 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:12
  • 共同引用共同引用:69
  • 點閱點閱:49
現金逐出合併,為控制股東逐出少數股東最直接的方法。控制股東可以透過不當的逐出合併,剝削少數股東。但是,逐出合併也可能是公司私有化、降低營運或代理成本的重要方法。美國法上,為控制控制股東不當逐出少數股東,課以私有化交易強制揭露的義務,就合併交易為嚴格的司法審查,或給予少數股東股份收買請求權。然而,在我國,現行法上,對於公開公司私有化或逐出交易並無強制揭露的規定,而控制股東對於少數股東是否負有受託人義務,亦有可疑。因此在現行制度下,唯一可以控制控制股東不當逐出少數股東的工具,就是異議股東的股份收買請求權。少數股東不同意現金合併的價格時,可以請求法院核定公平價格。如果核定價格過低,損害少數股東的權益,鼓勵無效率的逐出合併,核定價格過高,降低控制股東進行有效率的逐出合併的誘因。正確的核定公平價格應考量價值是否在合併前已經存在,而不單以是否發生在合併交易後,如果合併交易前已經存在的再投資計畫或機會,儘管在合併後才實施、才產生的效益,仍應與少數股東分享。
期刊論文
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