從實證觀點檢視我國有價證券私募法律制度

Examining the Private Placement Regulation in Taiwan: From an Empirical Viewpoint

陳盈如(Chen, Sherry Ying-Ju)

《臺灣財經法學論叢》 3卷1期 (2021/01) Pp. 107-148

摘要

從證券交易法引入有價證券私募制度至今已超過18年，目的係藉由有價證券私募制度之引入，使得企業進行併購或策略聯盟更為便利，並解決財務業務困難公司籌集資金等問題。惟私募制度從實施以來，亦引起不少批評。這些問題包含公司辦理私募有價證券發生私募價格與市價或淨值偏離過多，所引起之股價合理性問題、內部人或關係人低價認購或公司有獲利卻採用私募獲取資金，進而改變股權結構，而使少數股東權益受損，以及藉由私募之折價發行，大量發行低價新股趁機移轉經營權或借殼等。本文藉由實證研究，對臺灣上市（櫃）公司辦理私募時，所揭露之公開資訊進行彙整統計與分析，藉以探究我國私募制度之設計與其所欲達成之目的是否妥適，以作為我國將來檢討改善私募法制之依據。

關鍵字

私募 ； 策略投資人 ； 實證研究 ； 經營權移轉 ； 訂價合理性

並列摘要

It has been more than 18 years since the Securities Exchange Law introduced the securities private placement system. Its purpose was to make it easier for companies to conduct mergers and acquisitions, to foster strategic alliances, and to solve the problem of financing companies that had financial difficulties. However, since the implementation of private placement laws and regulations, many problems have been found. These problems are mainly due to the fact that the issuance price of the company's securities by the private placement deviate too much from either the market price or the company's net asset value, resulting in uncertainty regarding the reasonability of a stock price. Also, insiders or related parties subscribe the shares at a lower price, or the company is profitable but still obtain capitals through private placement, which thereby changing the shareholding structure and also damages minority shareholder rights. In addition, with the discounted price of private placement, a large number of low-priced and new shares are issued to change the shareholder structure and control of companies. This article hopes to use empirical research to collect statistics and analyze the public information disclosed by the companies listed in the TWSE and TPEx for private placements, so as to explore whether the design of a Taiwanese private placement system is appropriate for its intended purpose. In doing so, this exploration may help with the future review of a Taiwanese private placement and identify any areas for improvement.

並列關鍵字

Private Placement ； Strategic Investor ； Empirical Research ； Change of Control ； Reasonableness of Pricing