股份收買價格裁定之實務案例研究與分析－以上市上櫃公司為核心

A Case Study and Anlysis of Determining Fair Value in Appraisal Proceedings of Publicly Traded Companies in Taiwan

陳盈如(Chen, Sherry Y.)

《臺灣財經法學論叢》 4卷1期 (2022/01) Pp. 229-284

摘要

我國新制〈商業事件審理法〉將重大商業案件交由統一審理商業事件之法院，以收迅速、妥適、專業處理商業紛爭之效。其中，公開發行股票之公司裁定收買股份價格事件，即為商業法院應處理之商業非訟事件其中之一。商業法院如何在少數股東保護上發揮其積極功能且同時顧及併購市場發展與效率，為我國應關注之重點。本文將針對上市上櫃公司等具有公開交易市場之公司，於企併法2016年修正後所出現之股份價格裁定案件，做一深入之觀察分析，藉以瞭解我國目前對於上市上櫃公司之股價裁定案件適用之評價標準以及相關爭議。並藉由美國德拉瓦州在2017年DFC案後，對於上市公司股份價格裁定標準之轉變，以探求我國相關爭議可能之解決方法。

關鍵字

商業事件審理法 ； 股份收買請求權 ； 公平價格 ； 未受影響市場價格 ； 併購價格 ； 重大未公開資訊 ； 綜效

並列摘要

A new law, the Commercial Case Adjudication Act, is formulated for the purpose of ensuring a proper, expeditious, and professional process for adjudicating major business disputes, improving corporate governance, and elevating the business environment in order to promote economic development. The appraisal proceeding of publicly traded companies is one of the non-congentious cases that are under the jurisdiction of the Commercial Court. How the Commercial Court will play its active role in protecting minority shareholders while taking into account the development and efficiency of the M&A market is getting more and more attention in Taiwan. This article will make an in-depth observation and analysis on the appraisal cases of publicly traded companies after the amendments to the Business Mergers and Acquisitions Act in 2016, in order to gain understandings of the present evaluation methods of share value of publicly traded companies and their related disputes. Additionally, this article will analyze the cases after the decision of the DFC decided by the Delaware Supreme Court in 2017, and observe the changes in the criteria for determining the fair value of the publicly traded company shares. In doing so, this analysis will help to explore possible solutions to related disputes within Taiwan.

並列關鍵字

Commercial Case Adjudication Act ； Appraisal Right ； Fair Value ； Unaffected Market Price ； Deal Price ； Material Non-Public Information ； Synergies