摘要
四大基本市場自由是歐洲單一市場的核心，近年來由於全球化的影響，使得在歐洲聯盟內的跨國投資亦逐年增加，因而也使資金自由流通愈來愈重要。由於各會員國有不同的產業結構、經濟發展的社會背景，因此國營事業在民營化的過程中，卻因為會員國擔憂對於某些大型企業喪失影響力，而給予特別的規定。 自2000年以來，歐洲法院相繼對涉及黃金股作出判決，黃金股判決確立的法律原則，影響歐洲單一資本市場的形成。本文從歐洲法院關於黃金股具體的判決，說明歐洲單一資本市場法制的進程，尤其是德國的福斯汽車法的時代背景，在面臨歐洲單一資本市場資金自由流通時，可能在跨國企業併購上產生阻礙，而黃金股涉及公司法與金融市場法的議題，從歐洲法院的具體案例可以使我們認識歐洲單一資本市場形成，以及歐洲法院應如何發揮高度智慧，以平衡歐洲共同體與會員國間的利益衝突。
並列摘要
The four fundamental freedoms (free movements of goods, persons, services and capitals) are core of the European Single Market. With the globalization, the cross-border investment is increasing in the European Union. As a result, the free movement of capitals has become much more important. The EU Member States have various industrial, social and economic structure. Public undertakings have played an important role to some degrees in different Member States. The golden share is an instrument to keep government's influence on the privatized undertakings. The nature of golden share is disputable against the free movement of capitals within the EU. The European Court of Justice made some decisions related to the legal issue of golden share since 2002. The legal doctrines of the European Court of Justice related to golden share have influence on the establishment of European capital market. This article works on the concrete cases of golden share in the European Court of Justice to explain the recent development of the European capital market. Golden share implies legal issues of corporate law and capital market law. It is useful to understand the establishment of a level playing field of the European capital market for the takeover from the practice of the European Court of Justice.