我國公開收購制度之探討－兼論英美相關立法例

A Study on the Tender Offer System in Taiwan and Discussions of the British and U.S. Systems

郭大維(Ta-Wei Kuo)

《臺北大學法學論叢》 65期 (2008/03) Pp. 89-131

https://doi.org/10.6774/TULR.200803.0089

摘要

公開收購係取得企業經營權的方式之一，並爲歐美各國於企業併購時的主要手段。有鑑於公開收購在企業購併中所扮演的重要角色，英、美各國早已發展出相當完備的公開收購制度。我國於一九八八年證券交易法修正時，參考英美公開收購制度，增訂第四十三條之一正式引進公開收購制度。然而，由於實務界對於公開收購並不熟悉，再加上當時制度本身對於公開收購的種種限制，導致利用此一制度的困難。雖然我國於二○○二年證券交易法修正時，修改第四十三條之一，並增訂第四十三條之二至之五，全盤翻修我國公開收購制度。然而，相較於歐美各國，我國實務界利用此一制度者並不多見，公開收購在我國仍處於發展階段。
近年來，政府鼓勵企業透過併購的方式，以增加競爭力。公開收購爲企業併購常使用的方式之一，其規範的適當與否，將影響企業併購之意願。由於各國對於公開收購之規範大多以英、美兩國的公開收購制度爲範本，因此，本文透過比較法的方式，首先探討公開收購之本質與規範原理，進而檢視我國與英美之相關規定，並針對我國現行公開收購制度的缺失，提出改善之建議，以期我國公開收購制度能在最健全之規範架構下，充分發揮其功能。

關鍵字

公開收購 ； 證券交易法 ； 威廉斯法 ； 強制公開收購 ； 美國法 ； 英國法

並列摘要

The tender offer plays an important role in the corporate takeover arena and is widely used in many countries. Taiwan established its tender offer system in 1988 by adding Article 43-1 to the Securities and Exchange Act. Owing to the complex procedure and restrictions by the Taiwanese government, tender offer situations were very rare in Taiwan. Although the Taiwanese government significantly amended its Securities and Exchange Act in 2002, tender offers are still not favored by the Taiwanese enterprises. Accordingly, the current Taiwanese laws pertaining to tender offers need to be reviewed and amended on a comprehensive basis in order to create a more orderly, transparent, fair and economically efficient system in Taiwan.
Since tender offer regulations in most countries choose to emulate the British or American model and the British and American tender offer systems are well-established, consideration of the British and American systems is helpful in assessing the present Taiwanese tender offer system. Therefore, this article attempts to draw lesson from the foreign experience through a comparative study. It begins with a discussion of the concept of tender offers and examines underlying principles of the regulatory approach. Then, it provides an overview of the current tender offer systems in the U.K., U.S. and Taiwan. Finally, it offers suggestions for amendments to the Taiwanese law where applicable.

並列關鍵字

tender offer ； Securities and Exchange Act ； Williams Act ； mandatory offer ； U.S. laws ； British laws

參考文獻

證券交易法新舊條文對照說明

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吳光明(2006)。證券交易法論。三民。

易明秋(2007)。公司治理法制論。五南。

易建明(1999)。美國、日本與我國「公開出價收購法制」之比較研究。翰蘆圖書。