初探基地承租人法定優先購買權之法律經濟分析－從經濟效率與交易失靈談起

法定優先購買權常作為政策工具以保護特定人，民法第426條之2規定基地出售時，承租人擁有優先購買權，主要目的在穩定租賃關係，促進物盡其用，惟民法對此已設有買賣不破租賃之規定，可資保護。有鑑於法定優先購買權的存在，對於第三人，足以構成一種可信的威脅，為避免交易成本損失，第三人可能因此選擇不進行交易，使得優先承買權的存在，變成一個交易障礙，一方面造成經濟無效率，扭曲市場競爭機制，另一方面也可能導致交易不發生的失靈現象。本文以承租人的法定優先購買權為例，嘗試從經濟效率、交易成本、資訊不對稱、預期報酬、交易意願等經濟觀點，配合簡單的經濟分析，從資源配置效率與交易失靈的觀點，重新檢視承租人優先購買權的合理性，並與買賣不破租賃之保護作一簡單比較。

關鍵字

優先購買權；優先承買權；買賣不破租賃；交易成本；交易失靈；經濟效率；法律經濟分析

並列摘要

A legislative right of first refusal is always designed to protect a specified person. Article 426-2 of Civil Code provides a land lessee with a first right to purchase, if the lessor sells the land. It's purpose lies in stabilizing the leasehold and increasing the efficient use of a thing. But there is another protective provision Civil Code already, i.e. purchase is subject to existing leases. A legislative right of first refusal could play as a credible threat which induces buyer not to make a offer, because he may bear the transaction costs in risk. A first right of purchase might obstruct the successful transaction, because it might distort the competition in market and bring economic inefficiency on the on one hand, and might lead to a transaction failure on the other hand. In this article, the rationality of legislative right of first refusal owned by land lessee is reviewed from the viewpoints of economic efficiency, transaction cost, information asymmetry, expected pay off and willingness to deal, and is analyzed in a simple economic model. In contrast to a first right to purchase, the principle, purchase is subject to existing leases, might play a better role in protecting lessee.

並列關鍵字

right of first refusal ； first right to purchase ； purchase is subject to existing leases ； transaction cost ； transaction failure ； economic efficiency ； law and economic analysis

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初探基地承租人法定優先購買權之法律經濟分析－從經濟效率與交易失靈談起

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