企業併購與股東權益維護：論利害關係董事之說明義務

隨著全球市場之自由化及開放化，企業為提升競爭力與經營之綜效（synergy），透過併購其他公司的方式，可以快速獲得其他公司之現有客戶、市場占有率、人員、技術等有形及無形資產，且業務整合亦可發揮降低成本或增進效率之助益，但企業併購也可能同時產生裁員或股東權益受損的結果，因此公司經營者於併購決策中之角色及相關權責，實為企業併購法制與實務之核心問題。因此，本文遂擬以新修正企業併購法制中董事之說明義務為經，利害關係董事於企業併購下之基礎受任人義務規範為緯，探討企業併購時董事之說明義務原貌，以期達到股東權益維護之法律規範意旨。

關鍵字

企業併購；董事說明義務；利害關係董事；忠實義務

並列摘要

As long as the liberalization of global markets, in order to quickly expand to acquire tangible and intangible assets, such as customers, market shares, human resources, and know-how, mergers and acquisitions are effective way to enhance competitive edge and synergy. However, mergers and acquisitions may also cause layoffs and detriments to shareholders. Contemporaneous corporate law impose the duty of care and the duty of disclosure on corporate responsible persons, yet fails to lay out the standard, scope as well as the practical operations of such a duty. Accordingly, this article attempt to use the disclosure duty under newly-amended mergers and acquisition law and the disclosure under fiduciary duty of corporate directors. Contemporaneous corporate law impose duty of care and the duty of disclosure, the scope of the disclosure duty will also been explored.