關係人交易—兼論關係企業下之關係人交易

Related Party Transactions—Related Party Transactions in Affiliated Enterprises

劉于萱(Yu-Hsuan Liu)

指導教授 ： 曾宛如

國立臺灣大學/法律學院/法律學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.00682

摘要

在法政策之選擇上，是否應允許關係人交易向有討論空間。蓋公司內部人對於公司具有忠實義務，執行職務時自當以公司之利益為優先，予以禁止似乎有理；然而，關係人交易對於公司仍具有無法忽視的利益，全面排除關係人交易之存在亦有未妥。觀諸我國立法政策，亦非採取全面否定的態度，相對地，我國係在承認關係人交易之下，針對相關行為設有規範。
本論文將先論述我國法下的關係人交易。就主體部分，除了形式負責人外，於2012年公司法要求實質負責人與形式負責人負有相同責任後，實質負責人亦應成為關係人交易之規範主體。而就交易型態而言，除公司內部一般之資產處分行為，借貸、保證、處分重大資產更為本文欲著重討論之類型，此外，亦會論及不合營業常規之交易行為。而正所謂預防勝於治療，事前的決策機制與事中的監督機制如何運作自為討論關係人交易時不能忽視之議題，且為使決策機制能做出最有利於公司之策略，關係人更應揭露充足的資訊。最後，則是法律效果及關係人法律責任的認定。然而，我國法制實有許多值得檢討之處而有必要借鏡先進的外國立法例。在美國法部份，將以德拉瓦州公司法、模範商業公司法及公司治理規則之相關規範為探討核心；而英國法部分，則主要以2006年公司法為基礎。除了成文法之規定，由於美國及英國皆為普通法系國家，法院之見解不僅使成文規定之適用具體化，許多成文法更是由案例演變而來，當有參考之必要。最後，將嘗試提出對於我國法的修法建議。
從博達案及力霸案中不難發現，關係企業下之關係人交易對於整體資本市場的影響鉅大，然而，關係企業又有著與一般公司不同的特性，而有制定特別規定之必要。惟檢視我國法制中有關關係企業之規定後不難發現，不僅規範甚少且未有特別規定，於引進外國法之制度時亦多所保留，在企業綜效與有效監督間有許多值得改進之空間。為解決此一窘境，本文亦將參考英美法制及其實務見解後提出可能的修法走向。亦即，就追求企業綜效而言，應放寬關係企業間交易之決策程序及法律效力之認定；就有效監控而言，將從關係企業之擴張、決策機制之強化及責任認定之跨越等方面著手，期使找尋出得以促使我國法制更為進步之相關制度。而本文所介紹之諸多制度中，美國法上的穿越投票制度及二重代位訴訟於我國恐難落實，惟英國法上的董事報告和不公平損害制度，以及英美法上之揭開公司面紗原則可適度地引入我國。最後，本文將以博達案及力霸案為出發，試著找出常見之爭點，並參酌現行實務上其他判決之意見後，嘗試提出相關意見以確實地認定關係人應負之責任。
關係人交易是公司營運中常見的交易型態，然而，由於所牽涉的主體眾多，交易類型複雜，我國法之規定散落各處而未有統一之規定。希冀本文之論述能使關係人交易之定義明確化，事前的決策程序及事中的監督機制更加強化，以期防患於未然。亦希望藉由實務之發展，在認定關係人之責任時，除積極確立忠誠義務之概念外，更能將外國實務上之經營判斷法則及公平法則適度地運用於我國案例，以期權責相符進而避免真正應負有賠償責任之人逍遙法外。除此之外，求取關係企業下企業綜效與有效監控間的最佳平衡亦為本文所欲努力之目標。

關鍵字

關係人交易 ； 忠誠義務 ； 實質負責人 ； 利害關係衝突 ； 關係企業 ； 揭開公司面紗原則 ； 不公平損害

並列摘要

There is always room to discuss whether we should permit the related party transactions in law policy. In fact, because the insiders owe fiduciary duty to the companies, and the interests of companies are more important than their own interests, it seems to be reasonable to prohibit the related party transactions. However, there are still some essential interests to the companies, so it is not proper to forbid completely. Observing the laws of Taiwan, we allow the related party transactions and regulate the relevant behaviors.
This thesis begins with the related party transactions in Taiwan. In addition to de jure responsible persons, the person who can substantially control the affairs of companies shall be subject to the rules that are associated with the related party transactions. Besides, this thesis focuses on transferring the assets of companies, offering loans and providing guarantees. Additionally, how decision-making mechanism and monitoring mechanism to operate are the issues that can not be ignored in related party transactions. For the purpose of making the best policy to the companies, the related persons shall disclose sufficient information. Last but not least important are the validity of illegal transactions and the responsibilities of related persons. To be honest, there is still much room to improve in Taiwan’s laws, so that we shall consider advanced foreign laws. In American laws, this thesis adopts Delaware General Corporation Law, Model Business Corporation Act and Principles of Corporate Governance. On the other hand, it adopts Companies Act 2006 in United Kingdom. Seeing that American and England are the countries of case law, the thesis refers to certain classical cases. Finally, there are some possible suggestions to Taiwan’s law.
From Bo-da case and Li-ba case, it is easily to discover that the related party transactions in affiliated enterprises make a great effect to capital market. Besides, affiliated enterprises have special characteristics so that they need the rules that are distinct from general companies. Nevertheless, there are few regulations in Taiwan. In order to solve this situation, the thesis also introduces American and English mechanisms. Generally speaking, we shall reduce certain limitations in making decisions in affiliated enterprises and admit the validity of transactions. On the other hand, although “Pass-Through Voting Power of shareholders” and “Double Derivative Suit” can not be adopted, “Piercing the Corporate Veil” in the case law of U.S. and U.K., the “Directors’ Reports” and “Unfair Prejudice” in Companies Act 2006 can be moderately accepted in Taiwan. In the end, the thesis not only discusses certain significant issues in Taiwan’s verdicts but also tries to provide certain methods to determine the responsibilities of related persons.
Related party transaction is a common transaction type in companies, but there is no entire regulation in Taiwan. Sincerely hope this thesis can help our law to specify the definition of related party transactions and strengthen decision-making mechanism and supervising mechanism. In addition, with the development of verdicts, our judiciary can establish the concept of duty of loyalty and adopt “Business Judgment Rule” and “Fairness Test” to judge the responsibilities of related persons. In the end, making the best balance between synergy and effective monitor is also the goal of this thesis.

並列關鍵字

related party transaction ； duty of loyalty ； de facto responsible person ； conflict of interest ； affiliated enterprises ； piercing the corporate veil ； unfair prejudice

參考文獻

19.曾宛如，台灣法律發展回顧：公司與證券交易法，台大法學論叢，第39卷第2期，頁143-64，2010年6月。

3.最高法院69年台上字第1676號民事判例。

4.最高法院69年度台上字第3362號民事判決。

5.最高法院74年台上字第703號民事判例。

6.最高法院80年度台上字第434號民事判決。