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  • 學位論文

股權評價不實之法律責任─從元京證券公司購買元大投信公司股份案談起

A Study on the Legal Responsibility of Improper Equity Valuation :From the Case of Yuanta Core Pacific Securities Co. Acquiring Shares of Yuanta Securities Investment Trust Co.

指導教授 : 王志誠
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摘要


本文第一章從元京證券公司購買元大投信公司股份案為起點,先由該案例點出問題意識,包含股權評價關係人之義務、股權評價方式的探討,以及股權評價不實之法律效果,並說明研究範圍、限制、研究架構與參考文獻。 第二章先說明需要進行股權評價的時點以及股權評價的功能,以及現行法規中有述及股權評價之相關規範。再分別就股權評價之三方相關人員─公司負責人、獨立專家、出資人或出賣人的角度,從中外實務及學說討論他們在股權評價過程中所負之責任內涵。 第三章則先討論會計學上之股權評價方式,說明每種評價方法都各有其理論基礎,各有其優缺點,也各有其適用之場合。再從公司併購與評價流程探討評價流程與各股權評價相關人員義務的關聯。另外從會計學的角度,討論各種評價模式之下影響股權評價結果的因素與各股權評價相關人員義務的關聯。最後從法理、外國實務及我國相關法規討論股權評價相關人員違反義務時如何認定評價結果是否不實的兩大因素─因果關係與重大性。 第四章重回法律層面討論股權評價不實時之法律責任,包括民事責任、刑事責任與行政責任。主要討論各種責任的法律依據、目前適用爭議與個人對爭議的看法。另討論在刑事責任下犯罪所得與沒收之問題。最後以三個實務上的案例:元京證券公司購買元大投信公司股份案、合作金庫與農民銀行合併案、凱雷集團收購東森媒體科技案,分別討論案例中與股權評價有關之爭點,與實務判決對於這些爭點的見解,以及個人對於判決見解的看法。 第五章總結筆者個人對於目前制度上的瑕疵,提出對於目前制度上改進的想法,並從修法的層次,指出部分個人的修法建議。

並列摘要


The first chapter of this thesis uses the case of Yuanta Core Pacific Securities Company acquiring shares of Yuanta Securities Investment Trust Company as a starting point. First, using this case points problem awareness, including the obligations of the related persons of equity valuation, and discussing equity evaluation methods, as well as the legal effects of improper equity valuation, and explaining the scope of the study, the limitation of the study, the research framework and references. In the second chapter of this thesis, it explains the occasions of requiring for equity valuation and the function of equity valuation in the first, as well as the related regulations have mentioned equity valuation from current regulations. Second, this thesis discusses the responsibility connotation of company responsible, independent experts, and the investors or sellers in the process of equity valuation from the domestic and foreign practice and doctrine respectively, which are the three kinds of related persons of equity valuation. This thesis starts with discussing equity valuation of accounting in the third chapter. It explains that each evaluation method has its theoretical foundation, and each has its advantages and disadvantages, as well as their own applicable occasions. Then it discusses the associations of evaluation processes and the obligations of related persons of equity valuation from M&A and evaluation processes. In addition to accounting perspective, it discusses the associations of factors affecting equity evaluation results under a variety of evaluation mode and the obligations of related persons of equity valuation. Finally, this thesis discusses causal relationships and materiality from jurisprudence, foreign practice and relevant laws and regulations in ROC, which are the two factors of identifying improper equity valuation. The forth chapter in the thesis goes back to discuss the legal responsibility of IV improper equity valuation at the legal level, including civil liability, criminal responsibility and administrative responsibility. It discusses the legal basis for the various responsibilities and applicable disputes currently, and my opinions for disputes. Moreover, it discusses the questions of proceeds of crime and the confiscation. Finally, this thesis discusses points of disputes related to the equity valuation, and judgments of practice insights about these point of disputes, as well as my opinions about these judgment of practice insights respectively: the case of Yuanta Core Pacific Securities Company acquiring Shares of Yuanta Securities Investment Trust Company, the case of Farmers Bank mergers with Taiwan Cooperative Bank, and the case of Carlyle Group acquiring the Eastern Multimedia. The fifth chapter draws conclusions from my opinions about the defects in the current system, and proposes ideas about improving the current system. It also points out my legislative amendment suggestions.

參考文獻


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