本論文之研究主題為「我國私募制度之法律佈局」,透過比較法之方式,解析我國與美國的私募有價制度,並檢討我國現行法制對私募制度規定之闕漏,以裨提供未來制度調整之參考。此外,私募制度將對我國企業帶來何種影響,能帶來什麼幫助,亦是本論文想要關注的課題。本論文之架構共分為六章。 第一章說明本論文研究動機、方法、限制與範圍。民國九十年十一月十二日修正公布之公司法,公司法第二百四十八條第二項增訂私募公司債之規定,民國九十一年一月十六日立法院亦三讀通過證券交易法修正條文,增訂了有價證券私募制度之方法,使公開發行公司除了原本可依照公司法利用私募普通公司債籌資,尚可利用私募不同的有價證券,尋找最符合公司籌資的利益。然而何謂私募制度,私募制度在美國又是何種風貌,對於大部分的企業還是一個不熟悉的課題,本文希望透過對美國有關私募制度的法制作一介紹,並將我國現行的私募制度作一系統性及全面性的分析,以裨提供企業在籌募資金時參考。 第二章介紹美國私募制度,透過一九三三年證券法第四條第二項、Rule146、Regulation D、Rule144、Rule144A拼湊出美國私募制度之法律佈局。 第三章介紹我國私募有價證券,透過我國公司法及證券交易法及證期會所公佈之函釋,試圖勾勒出我國私募制度之法律佈局。另外,特別論述發行人違法私募之法律效果以及私幕時虛偽陳述之民事責任以面對爾後私募制度蓬勃發展時所面臨之難題。 第四章則比較我國與美國私募有價證券制度,希望能透過比較法的方式,讓我們對於我國私募制度有更清楚的認識。他山之石可以攻錯,透過中美法制的比較,可以讓我們更加了解私募制度所將面臨的難題及提供修法時參考之依據。 第五章則分別論述相關私募制度對企業之影響,包含了私募制度對降低企業代理問題之貢獻、私募制度與資訊不對稱之關係、私募制度與公司治理之關係、私募員工認股權證對企業之影響、私募制度和融資收購之關係、私募基金對企業影響等議題,試圖透過上述議題的探討,提供企業在使用私募制度之參考。 第六章則是結論,整合前述五個章節之內容勾勒出我國私募制度之法律佈局,並提出相關修法之建議,期盼能對我國未來私募法制建構有所裨益。
This research mainly focuses on the regulatory scheme of the private placement in Taiwan. It analyzes the regulations by comparing the differences between Taiwan and U.S. as revision in the future. Moreover, this research also examines the development of Taiwan’s corporations resulting from the enactment of private placement as well. The scheme of the discussion is divided into six chapters as follows: Part I illustrates the motivation, methods, limitations and realm of the research. The Taiwan’s Company Law revised the regulations of private placement in 2001. The Taiwan’s Securities Exchange Act amended in 2002 also expanded the realm in regulating private placement so that public offering companies could not only receive financial support from common bond by the Company Law, but also from other kinds of securities. However, most corporations are unfamiliar with the definition and scope of the private placement. This part of the discussion will introduce the U.S. laws in regulating private placement and analyze the current Taiwanese regulations as references for corporation operation in the future. Part II lays stress on the regulations of the U.S. private placement as per the Securities Act of 1933 Sec.4(b), Rule146, Regulation D, Rule144, and Rule144 A in which to form the regulatory scheme. Part III analyzes the regulatory scheme of Taiwan’s private placement as the laws and regulations promulgated by the SFC. Apart from these, this research promulgated emphasizes on the legal considerations and issues yet to be solved. Part IV discusses the contrast between the U.S. and Taiwan’s regulations of private placement in order to have a panorama view of the current laws. Part V demonstrates issues of implementing the private placement in Taiwan, such as the agency cost, information asymmetry, corporate governance, employee stock option plan, and leveraged-buy-out. Part VI concludes the former discussions in Taiwan’s regulatory scheme of private placement. Furthermore, this research proposes a workable regulatory scheme in Taiwan.