公司治理角度看上市上櫃公司成立 境外公司 －以關係人交易弊端防止為中心

From Regulating Offshore Companies and Related Parties Transactions to Corporate Governance

楊孝中(Hsiao-Chung Yang)

指導教授 ： 朱德芳

中原大學/商學院/財經法律研究所/碩士(2010年)

https://doi.org/10.6840/cycu201001059

摘要

摘 要
本論文主要介紹目前上市上櫃公司運用境外公司做為轉投資國外 (尤其是大陸地區) 以及促進營運效率的工具，惟公司內部經營者透過可控制之第三人設立之境外公司以非常規交易或假交易掏空公司資產，或與跨國金融機構簽約從事內線交易等弊案一再發生，境外公司的設立若無法禁止，如何防範弊端發生即是重要的課題。參考相關國內外文獻、書籍、論文及研究報告，並比較外國立法概況，加以彙整比較，期望藉研究的過程，了解國內相關議題法規範及主管機關實施不足之處並提出建議。
本論文研究重點分為三部分，第一部分，探討設立境外公司的優點、必要性，另以案例說明方式類型化境外公司所衍生的弊案類型。第二部分，前述以案例的方式介紹弊案的型態均與關係人交易有關，故先論述關係人交易的評價以及相關管制的方式。控制人所應負董事之義務，及司法審查標準的建立，關係人交易具體規範及董事違反義務時對公司之救濟方式，比較外國立法例及法院判決實務，說明國內立法上應改進之處。第三部分，針對公司治理內部監控機制中董事責任以外之內部控制制度、法令遵循機制、吹哨者保護及職業道德規範等，以及外部監控機制之加強簽證會計師查核內部控制制度以及資訊公開揭露等機制逐項討論，比較外國立法，討論國內監控機制不足之處並提出建議，以供日後修法之參考。
最後總結各章節的討論，提出結論及建議約略如下：國內因境外公司營運特性衍生之弊端，再加上各項監控機制嚴重不足，造成弊案手法一再重覆被使用。針對此現象提出的建議為加強與國外金融監理機構通報，避免跨國金融機構協助不肖經營者內線交易及洗錢。建立董事義務與其審查標準類型化，使有心經營公司的董事在有法源依據的情況下，不必事後為決策錯誤負擔責任，但相對地，亦要使可掌控公司的控制人負類似董事義務，避免控制人規避責任。強化各項監控機制，並由多項機制互相配合使用，方能有效防範弊案發生，增加投資人對金融證券市場的信心。強化公司治理是跨學術領域的重要課題，對於弊案的防止，擁有完善的法規範應是當中最有效且最重要的，故相關議題法規應多加強修訂。

關鍵字

境外公司 ； 關係人交易 ； 公司治理

並列摘要

Abstract
This thesis introduce that making use of offshore companies benefits the listed companies to invest to other countries (especially Mainland China) and to promote the efficiency of carrying on business. However, the controlling persons, by means of controlled persons, set up offshore companies to draw out of companies assets with irregular transaction and to deal with cross-border financial institutions to achieve insider trading. Because offshore companies could not be prohibited, it is an important issue how to avoid maladies when making use of offshore companies. This thesis refers to domestic and overseas documents, books, thesis papers and research reports. Comparing with legislation abroad, this report tried to understand the demerit of domestic legislation about related topics and provided some suggestions.
The emphasis on this thesis paper is divided into three parts. The first part discusses the advantage and necessity of offshore companies and then, on the other hand, illustrates the types of maladies by making use of offshore companies. The second part illustrates all the maladies discussed before are related to “related parties transaction”. Therefore, the assessment of “related Parties transaction” and its ways of control are discussed at first. Moreover, the duties of director should apply to controlling persons and the scrutiny standards of director duties should be established. Furthermore, the concrete norm of “related parties transaction” and the remedies to companies as directors disobeying fiduciary duties are discussed. Comparing with legislation and court precedent, there is so much improvement in domestic legislation of this issue. The third part, each function of corporate governance will be illustrated and examined, such as internal control system, legal compliance, the whistleblower protection, code of ethics, enhanced accountant investigation corporate internal control and information public disclosure. To focus on the insufficiency of each item illustrated above, this thesis provides suggestions and hopes to give reference of amending legislation.
At last, to sum up the discussion of every chapter, there are some conclusions and suggestions briefly as follows: by reason of characteristics of offshore companies and insufficient functions of corporate governance, the methods of maladies will be used repeatedly. Aimed at these phenomena, this thesis provides suggestions to enhance announcement with foreign Banking Supervision Institution to prevent cross-border financial organization from helping unworthy directors insider trading and money-laundering. Establish the domestic legislation concerning the director duties and the scrutiny standards of these. It can enable hard-working directors not to be responsible for ex-post wrong decisions. Comparatively, the controlling persons of companies should be obligated to have kinds of director duties to make sure that the controlling persons can’t evade duties. It could take precautions against maladies happiness to enhance corporate governance and to make use of one another’s functions of it. And then the investors of securities markets will increase confidence. It is an important issue across science domains to enhance corporate governance. As for preventing maladies from happening, it should be the most effective and important way to possess complete and detailed legislations and regulations. Therefore, as for the issue, we need to strengthen legislations and regulations

並列關鍵字

Corporate Governance ； Regulating Offshore Companies and Related Parties Transation

參考文獻

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