論關係人交易之內控及揭露機制

隨著台灣經濟發展，我國公司企業林立，皆以追求公司利益及發展為目標，然而於此過程中，亦伴隨著公司內部人濫用對於公司之影響力，與公司進行交易並從中牟取私利之情形。於此，如何防範關係人交易所產生之不法行為，則成為了公司治理的一大目標。有認關係人交易使公司曝於受到侵害之風險，應全然禁止。惟關係人交易對於公司亦有降低交易成本、提升競爭力之效益，故於多數國家與我國於立法政策上皆未全面禁止，僅針對相關行為設有規範，係以去蕪存菁作為目標。為釐清我國現行法對於關係人交易之定義及規範，本文主要以證券交易法及其相關準則對於關係人之要件及交易揭露內容以及主管機關函釋，包含「公開發行公司取得或處分資產處理準則」、「證券發行人編製財務報告準則」、「國際會計準則」等規定，整理其沿革發展、規定意旨，歸納現在於會計實務上存有之定義及類型以及公司於關係人交易時應有之程序、評估以及揭露。再以證券交易法及公司法上對於進行關係人交易所產生之不合營業常規情事之相關規定作為討論，參考學說及實務見解探討不合營業常規之判斷及適用。又，證券交易法第171條第1項第2款與公司法第369條之4對於合規與否又是否以相同基準判斷？我國公司法第369條之4自訂定以來，除鮮有個案適用外，亦曾於106年修法時有其存廢之爭議，應如何修正之？於此，回顧我國諸多疑義及弊案，進一步試想如何統一關係人定義，並強化公司內控及揭露機制，藉此降低事後歸責上之訴訟成本及完善保護公司股東、債權人之權益。經相關法規文獻之探討後，進而嘗試提出可能的發展方向。

關鍵字

關係人交易；關係企業；不合營業常規交易；公開發行公司取得或處分資產處理準則；國際會計準則

並列摘要

Under the current trend and the contemporary international economic development, financial groups and affiliates are rapidly increasing. There are more and more people who can substantially control the affairs of companies benefit themselves by related-party transactions. Therefore, how to prevent it shall be one of fundamental issues. It seems to be reasonable to prohibit the related-party transactions. However, there are still some related-party transactions can benefit theirs company, so it is inappropriate to forbid completely. Observing the laws in many countries, including in Taiwan, we allow the related-party transactions. As a result, how to regulate the relevant behaviors to screen related-party transactions becomes the most significant goal. For the purpose of clarifying the definition and regulation of related-party transactions, we focus on Securities and Exchange Act and related regulations, such as Regulations Governing the Acquisition and Disposal of Assets by Public Companies, Regulations Governing the Preparation of Financial Reports by Securities Issuers, International Accounting Standards, and so on. And then, we summarize the differs and development to discuss the best method to improve the disclosure and internal control procedure. On the other hand, we are going to analyze the regulations of Non-arm’s length transaction in Company Act and Securities and Exchange Act, referring to the theory and practice, discuss how to judge and apply the regulations. In addition, there are many debates about the removal of the regulations of Non-arm’s-length in Company Act in 2017. And how to solve the issues will be discussed in this thesis at the same time. We believe that this thesis can help our law to specify the definition of related-party transactions and strengthen internal control mechanism and disclosure mechanism to reduce litigation cost and protect shareholders. Hope that we can figure out how to improve our legal system after the whole discussion.