論台海兩岸公司治理中訊息掲露機制的法律價值

Legal Analysis of Information Disclosure System in Corporate Governance on the Two Sides of Taiwan Strait

黃鼎倫(Eric Ting-Lun Huang) ； 錢政銘

《嶺東學報》 22期 (2007/12) Pp. 167-184

https://doi.org/10.29850/LTJ.200712.0010

摘要

訊息揭露機制是當前公司治理主要議題之一，一般而言，資本市場之所以不完善，訊息揭露機制的不完備乃是其中主要原因。本文所探討的訊息是以證券發行公司的訊息爲主，如公司的經營績效、財務狀況、發展規劃、前景預測、人事變動、權利轉移、重大訴訟等，以公司治理的發展趨勢而言，這是一個值得我們深入研究的議題。訊息本身即具備了某種特殊的價值，訊息揭露制度的推動，關係到委託人（即投資人）的風險預測與投資決策。一個有效率的資本市場，必須是一個能夠及時、充分、正確提供完善訊息的環境，有了這樣的條件才能更有效吸引潛在投資人進入；訊息揭露的根據是否對投資大眾符合公平原則，訊息的內容是否完整連貫性、穩定性甚至可預測性等等似乎便成爲推動這個完善制度的必要前提。從兼顧法律價值與經濟發展的觀點來說，適度法制化建立訊息揭露公信機制不僅是在培養社會信賴關係，對於防治內線交易也具有相當效果。在本文中，將以法律的經濟分析觀點來探討幾項問題，如建構訊息揭露機制的需要性、訊息揭露機制的功能、訊息揭露機制的法制化發展等，希望有助於這方面的發展。

關鍵字

公司治理 ； 法律的經濟分析 ； 訊息揭露 ； 信賴關係 ； 法律機制

並列摘要

Nowadays the issue related to ”information disclosure system” in corporate governance area has become one of the main issues. Generally speaking, the main reason to cause defects in the Capital Market is because the information disclosure system dose not run as well as expected. The so-called ”INFORMATION” here means information released by the public companies that matters the efficiency of business management, the financial condition, the policy-making process, human resource policy, and etc.,
No one would doubt that any effort to improve quality of the information disclosure system with fairness as equality of information plays a critical role in helping decision-making on investment purpose for those investors. As a matter of fact, it is also a key to improve the prosperity of the Securities Market. In views of corporate governance development, this issue of information disclosure system is an essential topic that we need to focus on. From the perspective of maintaining the value of legal system and improving the economic development, to establish a good information disclosure system is not only a way to build up the fiduciary relation in our society, but also a measure to prevent the insider trading. Based on the legal aspect in economic analysis, this paper here will focus on the issues including ”necessity of establishing information disclosure,” ”functions of information disclosure system,” ”legal liability about information disclosure system.” Accordingly, the basic goal of the systematic research made in this paper is to help in benefiting the development of corporate governance.

並列關鍵字

Corporate Governance ； Legal Aspect in Economic Analysis ； Information Released ； Fiduciary Relation ； Legal System

參考文獻

葉銀華、李存修、柯承恩(2002)。公司治理評等系統。台北:商智。

陳春山(2004)。公司治理法制及實務前瞻。台北:學林。

廖大穎(2006)。公司法原論。台北:三民。

呂富強(2000)。信息批露的法律透視。北京:人民法院。

李昌麒(1995)。經濟法：國家干預經濟的基本法律形式。北京:人民。