公開收購變革後對利害關係人權益之探討

Impact on Stakeholders Post Reform of Public Takeover Regulations

蔡琇如(Hsu-Ru Tsai)

指導教授 ： 廖咸興

國立臺灣大學/管理學院/財務金融組/碩士(2018年)

https://doi.org/10.6342/NTU201800230

摘要

水能載舟亦能覆舟，法令規章的存在係為維繫金融市場交易秩序，惟若設計不夠完整亦將會衝擊金融市場之穩定，金融交易安全性對資本市場之重要性向來不言而喻，公開收購制度並非市場運作之主要模式，在105年5月百尺竿頭公司提出收購樂陞科技違約案對證券市場投下了震撼彈，造成金融市場動盪，公開收購制度成為眾所矚目焦點，樂陞案反映出資訊不透明、金融工具不當操作對整體金融秩序負面影響，也迫使政府重新檢視在公開收購過程中，除收購程序之外，被收購公司之公司治理及少數股東權益等議題。在重新檢視公開收購制度後，政府也在短期間重新修改了公開收購法令。
本論文就新舊制度前後法令之修訂為起始，分析新舊制度之差別比較，再針對法令變動前後對利害關係人之權益影響加以分析，本文提及新制度施行之後之二個個案，一為已持有被收購公司股權，進一步以公開收購方式取得經營主導權之佳世達公開收購拍檔科技，另一為直接以公開收購方式取得經營權之台達電公開收購晶睿科技，探討此二種經營策略採用公開收購之方式。新制度下之法令藉由提高公司治理之機制，保障少數股權之權益，建構了安全之公開收購平台，也讓收購方降低市場干擾，有利於經營版圖之拓展。結論段分析新制度之下對利害關係人之保障是否可達立法之美意。

關鍵字

公開收購 ； 少數股東權益 ； 公司治理

並列摘要

Regulations are a double-edged sword. It is needless to say that the safety of financial transactions highly relies on regulations, while the incompletion of regulatory framework impacts the market and creates disorders. As one of the options for business expansion, tender offer has not been considered as the major choice. In May 2016, The failed tender offer by Bai-Tsu-Kan-Tao co. to take over the shares of XPEC Entertainment created turmoil for the financial market. This event brought tender offer rules under the spot light and drew public attention. This case was a negative example for the entire financial market and demonstrated how lack of transparent information and improper transaction arrangements could seriously impact the market order. This failed tender offer also forced the government to review not only the regulations but also the issues in relation to corporate governance and minority shareholder rights. Subsequently, the government swiftly revised the tender offer regulations.
The research begins with the comparison of tender offer regulations before and after revision, analyzes the difference between the two versions, and further compares the possible impact caused toward stakeholders. This research consists of two cases. The first one is the tender offer from Qisda to acquire majority stake in Partners and move from minority shareholder to controlling shareholder. The second one is the tender offer from Delta to acquire Vivotek Inc.，while Delta didn’t hold any share of Vivotek prior to the transaction. The objective is to demonstrate how new tenor offer regulations improve the level of corporate governance, enhance minority shareholders’ rights, and build up a safely regulated tender off platform. At the same time, the noises in the market are reduced, so that a business expansion strategy can be better executed. To conclude, the research aims to analyze whether the revised regulations achieved the goal in better protecting all stakeholders.

並列關鍵字

Management Buyout ； Public takeover ； MBO protection of minority shareholder interests ； buyout financing

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