我國少數股東行使股份收買請求權之公平價格裁定實證研究

少數異議股東之股份收買請求權，是我國公司法保障少數股東權益重要的權利之一，為少數股東面對公司基本重大事項變更時，得選擇退出持有股份的退場手段。我國公司法及企業併購法規定，股東主張股份收買請求權後，須先與公司進行協議，協議不成時公司須以未同意公司收買價格之股東為相對人向法院提起「公平價格裁定訴訟」。值此，公平價格裁定訴訟即為少數股東實踐股份收買請求權的最終救濟機制。又我國法院應如何審理公平價格裁定案件，按非訟事件法第182條第1項規定「公司法所定股東聲請法院為收買股份價格之裁定事件，法院為裁定前，應訊問公司負責人及為聲請之股東；必要時，得選任檢查人就公司財務實況，命為鑑定。」同條第2項復稱，「前項股份，如為上櫃或上市股票，法院得斟酌聲請時當地證券交易實際成交價格核定之。」是以，多數法院則以目標公司是否為上市櫃公司作為區分，倘目標公司為上市櫃公司，法院則以當地市場成交價格作為裁定價格，惟目標公司為非上市櫃公司，法院裁定所依據之評價方法種類多元且複雜，其恐造成裁定結果不具可預測性，不利於股東追求主張權利，亦不利於企業進行併購活動；此外，欠缺市場成交價格下，法院裁定係優先採用主觀價格（例如合併對價）或以客觀價格（例如專家估值）之方式值得觀察。本文嘗試以實證研究角度觀察，我國法院針對非上市櫃公司之公平價格裁定案件，試圖歸納法院審酌過程及裁定結果，是否具有可預測性之結果，近一步分析所得之實證結果後，提出修法或實務操作之建議。

關鍵字

股份收買請求權；公平價格裁定；實證研究；非上市櫃公司

並列摘要

Dissenting shareholder appraisal rights is one of the most important approach to protect minority shareholders’ rights in our commercial law , which gives minority shareholders can drop out when the company have fundamental changes. According to our Company Act and Business Mergers And Acquisitions Act, dissenting shareholders should try to make agreement with company when they exercise appraisal rights. In case no agreement is reached within 60 days since the resolution of the general meeting was made, the company shall apply to the court for a ruling on the fair price against all the dissenting shareholders as the opposing party within 30 days after that duration. Therefore the fair price ruling will be the last relief mechanism to practice his appraisal rights. How the court handle the fair price ruling cases in our country? On the basis of Non-Contentious Matter Law article 182, the shareholders of the company law have requested the court to decide the price of the shares to be purchased. Before the court decides, the court should interrogate the person in charge of the company and the shareholders who claim it. If necessary, the inspector must be selected as the financial person of the company. Hence, most courts distinguish whether the company is a listed company. (Including the stock exchange market, over-the-counter market and emerging stock market.) If the target company is a listed company, most courts will rule the fair price according to the exchange price at the stock market. On the contrary, the evaluation method will be diverse and complicated. The diverse and complicated evaluation method will lead the result of unpredictable ruling, which is harmful to shareholders to pursuit the rights, and is harmful to enterprises' M&A activities. This thesis attempts to observe from the perspective of empirical research, focusing on the fair price ruling results of non-listed companies in Taiwanese courts, summarizing the courts’ discretion process and the outcome of the decision. Further give some suggestions for revision.