控制股權移轉交易與少數股東權利保障

Control Share Transactions and the Protection of Minority Shareholders‘ Rights

陳薇(Wei Chen)

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(2016年)

https://doi.org/10.6342/NTU201700494

摘要

公司控制權之移轉，涉及公司直接或間接經營、管理、支配之決定權限，為企業併購談判中相當重要之一環，亦常為企業併購之重心。衡諸我國現行法下，縱分別設有強制公開收購、標購、拍賣、鉅額交易、私募、股份交換、股份轉換等控制權移轉交易可能利用之管道制度規範，然並未就控制股權移轉交易設有全面、通盤之規範，就控制權移轉時少數股東權益之保障，若非全無規定(如於非公開發行公司之情形)，即是雖有規定但規範重心並不明確、或規範之保障方法及強度顯然不足，致使企業併購交易當事人雙方得選擇有利於己之交易制度，規避對少數股東所應負之義務，並對少數股東之權利造成實質上之侵害。因此，本文希冀透過比較美國法、英國法之相關規定，分析其於控制股權交易中所保障之少數股東權利種類為何、保障之方法為何，並比較我國投資環境及公司股權結構情況，檢討我國現行制度之規定，嘗試擬定最適於我國之有效少數股東權利保障規範。
　本文探討之主要議題為：控制股權移轉交易中，控制權之定義及門檻應如何訂定，方為妥適？於「股東層面」及「公司層面」之收購中，少數股東在收購「前」、「中」、「後」三階段各應受到保障之權利種類為何？在我國投資環境及公司股權結構下，應以何種方式對此些權利進行保障方為妥適？藉由比較法之規範探討及分析，本文希望能建立一套於控制股權移轉交易中通盤適用之少數股東權利保障規範，以期能一改我國現行法之缺漏及弊病，於併購交易當事人之利益與少數股東權利保障之衝突間，找出妥適之平衡點，以成為有效率且能確切落實少數股東權利保障之法規範。

關鍵字

控制權移轉 ； 少數股東權利保障 ； 控制股東 ； 控制權溢價 ； 強制公開收購

並列摘要

The transfer of corporate control has long been the most substantial part in merger and acqusition processes, since control enables the purchaser to obtain the power to manage and control the entire company. Though currently Taiwan has established seperate relevant regulations such as the mandatory bid rules and share exchange rules, yet there is not yet an overall regulation on transfer of control transactions that is sufficient in minority shareholder’s rights protection. The lack of such comprehensive rules caused infringment on minotiry shareholders‘ rights, as parties of corporate control transactions could choose to use the legal system that is in favor of them and thus avoid the required obligatinos they ought to bear to protect minority shareholders. Through comparing and analyzing relevant legal regulations abroad such as the U.S. and the U.K., and figuring out “what are the rights of minority shareholders that these countries protect in their regulations“ and “by what means do they protect such rights“, this thesis wishes to establish a set of comprehensive and general rules that can be applied in all kinds transfer of corporate control cases, in order to fully protect minority shareholders‘ rights in this kind of transactions.
The main focuses of this thesis includes: in corporate control transactions, what would be the suitable definition and threshoulds for “control“? In shareholders‘ corporate control transactions (which means that the sharehodlers are the ones who sell the shares to the purchaser) and company’scorporate control transactions (which means that it is the company as a subject that sell the control shares to the purchaser)transfer of controls transactions, what kinds of rights should minority shareholders be protected before the transaction occurs, within the transaction, or after the transaction occurs? After establishing the rights that ought to be protected, in the investing environment in Taiwan, what would be the most appropriate means to protect such rights? By comparing and analyzing regulations abroad, and analyzing the current corporate structures and investing environment in Taiwan, this thesis looks for answers to the abovementioned questions, and wishes to establish a set of comprehensive and general rules that can correct the shortcomings and problems of the current system, and one tha can reach a balance between transaction parties‘ interests and minority shareholders‘ rights protection.

並列關鍵字

Transfer of control ； minority shareholders‘ rights protection ； controlling shareholder ； control premium ； mandatory bid ； tender offer

參考文獻

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