經營判斷法則之經濟分析－ 兼論經營判斷法則於閉鎖性公司之適用

The Economic Analysis of Business Judgment Rule– Also on the Application of Business Judgment Rule in Close Corporation

林夏陞(Hsia-Sheng Lin)

指導教授 ： 張心悌

國立臺北大學/法律學院/法律學系一般生組/碩士(2016年)

摘要

經營判斷法則在英美法上之發展歷史悠久且成熟，然而我國實務運用此法則之起步較晚，且並非所有民事判決皆願意承認此概念。美國法學說上對於經營判斷法則之性質有過爭論，通說及實務對於經營判斷法則之理解較偏向司法審查介入之標準及舉證責任之分配，當股東能舉證董事對於該決策違反獨立性、合理注意、善意或是有裁量權濫用等情形，法院即得介入審查董事之決策；但另有學者嘗試從董事會優位主義之觀點出發，認為法院不應從事後評斷董事會決策之好壞，除非董事有詐欺、不法之情形，法院介入審查董事決策之要件應限縮，以達到司法自制之目的。
　　又我國公司法於去年中，通過閉鎖性公司章節之增訂，對於創投產業或是其他資本額相對較小之事業，無疑是提供一個新的公司型態選擇。然而，當閉鎖性公司之董事違反善良管理人注意義務，而有司法審查介入之必要時，該公司之董事得否主張經營判斷法則之適用，值得探討。蓋身兼董事之控制股東可能藉由一些管道壓迫少數股東並侵害其利益，但閉鎖性公司不同於公開性發行公司，少數股東可以透過市場機制避免其權益受侵害。此時當董事之壓迫行為受到法院介入審查時，其若得主張經營判斷法則之保護，似有失公平。
　因此，本文嘗試整理經營判斷法則之性質爭議、法理基礎，並從經濟分析之角度探討其功能。再將我國之實務見解整理並予以比對，評析我國實務目前之不足之處。最後再討論經營判斷法則於閉鎖性公司適用之問題。

關鍵字

經營判斷法則 ； 審查標準 ； 經濟分析 ； 董事義務 ； 閉鎖性公司

並列摘要

The development of Business Judgment Rule in our country, in contrast to common law, started late, and the concept of this rule is not accepted by all civil judgments. There were a doctrinal dispute of this rule in American law, one considered the rule as the standard of liability, which established a requirement of judicial review and distribution principles of the burden of proof; another seem the rule as an abstention doctrine, which claim that Courts should abstain from reviewing the substantive merits of the directors' conduct unless the plaintiff can carry the very heavy burden of rebutting that presumption.
On the other hand, legislations of close company’s chapter in the Taiwan Company Act was adopted last year. It provided a new option to someone who want to set up a Venture Capital or small-capital businesses. But it is a issue that the Business Judgment Rule can apply in the directors’ fiduciary duty cases of close company or not. The minority shareholder in close companies, different from public companies, are vulnerable and could be oppressed by controlling shareholders. It would be unfair that director can protect by Business Judgment Rule when the court review director’s oppression.
In this way, this article synthesized the doctrinal dispute and guiding principle of this rule, also discussed the function of this rule in the method of economic analysis. Beside, this article synthesized the Judicial Opinions in Taiwan and commented on its disadvantage. Finally, this article discussed the application of Business Judgment Rule in Close Corporation

並列關鍵字

Business Judgment Rule ； Standard of Review ； Economic Analysis ； Directors’ Fiduciary Duty ； Close Corporation

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