- 期刊
企業併購法第六條獨立專家之研究
To Research the Article Sixth of Enterprise Merger Act-Independent Profession
摘要
由於企業併購攸關多方利害關係人之權益，爲確保併購時股東的權益，九十一年制定之企業併購法第六條規定應由獨立專家提出合理財務意見，並於九十三年修正時又加入第二項，然由於立法上的簡略，於立法院委員會中遭多數委員質疑且學者亦多有批評，本文參酌歐洲聯明第三號、第六號、第十號指令，與德國及美國學者與實務之見解，以比較法方式，從獨立專家的意義與其性質做初步的說明，並探討在併購行爲中，何以須有獨立專家公平意見存在的理由；而獨立專家作爲公司內部治理機制上可產生的作用亦加以研究。除此之外，獨立專家的意見是否公平，其本質上是否在財務分析的方法中，存在著固有與潛在之問題？宜否加以規制？如何規制？本文亦加提出先進國家的學者及立法實務上的見解，並就董事應如何依賴公平意見以阻卻其責任及其違反之法律效果予以說明。最後，對企業併購法第六條加以檢討並提出修法的建議，並期能經由修法與參酌先進國家之立法與實務，使獨立專家可以發揮其應有功能，確保股東權益。
並列摘要
The Merger concerns the interests of constituency. The legislative formulated the Enterprise Merger Act in 2002. In the article Sixth, there shall be an Independent Profession who presents reasonable opinions for the protection of stockholders. It was amended in 2004 added section Second. It was criticized by the scholars and legislators because of too simple. In this article, I refer to the Third, Sixth, Tenth Directives of EEC, Germany and American's Statutes, Courts and scholars. On the way of comparison, I demonstrate the meaning and nature of the independent profession. Next I discuss why there shall have independent profession and it can perform the function of corporate governance. Is the opinion fair? Can it have some inherent and potential defects in the methods of financial analysis? Shall and have it be regulated? I refer to opinions of the advanced countries' scholars, legislative and courts. I also discuss how the directors depend on the fair opinions to immunize their responsibilities and the obligations against the law. I criticize the defects of Article Sixth of the Enterprise Merger Act and present some opinions concerning how to amend it. I hope it can actually protect the interests of stockholders if it is able to amend as I suggest.