股份收買公平價格裁定爭議之法實證研究-由評價之角度出發

Legal Empirical Study on Disputes of Fair Price Ruling of Dissenting Shareholder’s Appraisal Right from the Perspective of Valuation

周代鎰(Tai-Yi Chou)

指導教授 ： 王全三

國立臺灣大學/管理學院/會計學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202104476

摘要

我國於民國五十五年公司法修正時自美國引進股份收買請求權，是我國保護異議股權利之重要制度。而異議股東與公司針對股份收買之公平價格(fair price)無法達成協議時，則公司或異議股東可向法院聲請為公平價格之裁定。然而，異議股東與公司之間對於公平價格高低常有爭議，公平價格究竟應依據市場價格或獨立專家之評價結果？應以何種評價方法之評價結果作為公平價格？法院選擇何種公平價格為依據，以增加其裁定結果之客觀性並平息紛爭，均值得觀察。本研究整理過去文獻以及國內外主流之評價準則公報，釐清公平價格之意義。本研究亦以我國近26年之股份收買公平價格裁定案件為樣本，以該案件是否被提起抗告為應變數，使用羅吉斯迴歸模型實證法院選擇市場價格或以市場法評價結果做為公平價格對裁定結果客觀性的影響。本研究亦觀察在股份收買公平價格裁定案件中，引用國內外評價準則如何影響裁定結果之客觀性。實證結果支持本研究之下列預期：對於有成交價格供直接觀察之上市櫃公司，使用市場成交價格作為公平價格可以增加裁定結果之客觀性。而對於非上市公司，使用過去股權成交價格或僅使用市場法評價結果作為公平價格可以增加裁定結果之客觀性。最後亦發現裁定案件中引用國內外評價準則對於裁定結果客觀性之增加並不顯著。

關鍵字

股份收買請求權 ； 公平價格裁定 ； 法實證研究 ； 評價方法 ； 評價準則

並列摘要

Taiwan introduced the dissenting shareholder’s appraisal right from the United States when the company law was amended in 1961. It is an important system to protect the rights of dissenting shareholders. When the dissenting shareholder and the company fail to reach an agreement on the fair price of the share purchase, the company or the dissenting shareholder shall apply to the court for a ruling on the fair price. However, there are a lot of disputes between the dissenting shareholders and the company about the decision of fair price, such as: We should choose the market price or the valuation results provided by independent experts as the fair price? What kind of valuation method should be used for measuring fair price? It is worth observing that the court choose what as the basis of fair price can increase the objectivity of its ruling results and settle disputes. This study collected past literatures and the main valuation standards in Taiwan and abroad to clarify the meaning of fair price. This study also takes the cases of fair price ruling of dissenting shareholder’s appraisal right in Taiwan in the past 26 years as the research object, and takes whether the case enters the protest process as the dependent variable. Then this study used the Logistic regression model to test whether the court's choice of market price or the valuation result conducted with market approach as the fair price can increase the objectivity of the judgment result, so as to settle disputes. At the same time, we also observe whether quotes of domestic and foreign valuation standards can increase the objectivity of the ruling results. The empirical results support the following expectations of this research: For listed companies with daily transaction prices for observation, using market transaction prices as fair prices can increase the objectivity of the ruling results. For non-listed companies, using past equity transaction prices or just using valuation results of market approach as fair prices can increase the objectivity of the ruling results. Finally, it was found that quotes of domestic and foreign valuation standards i did not significantly increase the objectivity of the ruling results.

並列關鍵字

Appraisal Right ； Fair Price Ruling ； Legal Empirical Study ； Valuation Approach ； Valuation Standard

參考文獻

一、 外文文獻

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