早在1970 年代「公司治理(corporate governance)」的概念即已出現 ,直到1997 年亞洲金融危機發生後,該項議題才又被廣泛討論。2000 年 爆發了堪稱是資本市場911 事件的Enron 財務會計醜聞案,更讓公司治理 先驅之美國迅速通過並頒佈沙賓法(Sarbanes–Oxley Act),以整飭與改革 年久失修之公司治理法制。 事實上,在亞洲金融危機發生之前,「公司治理」對國人而言,只是 一個陌生的學術名詞,但是歷經國內一連串企業大股東淘空,以及2000 年Enron 案爆發後,企業與政府驚覺公司治理之重要性,投資人也體認到 公司治理之良窳對於其利益之追求影響甚鉅。然我國現行公司法制之內部 監控機制中,監察人並未發揮其應有之功能,再加上國內公司股東多立於 領取紀念品之角色,而少有熱衷公司治理之積極股東。因此,邇來政府已 著手公司法及其相關規範之修正,期望能夠讓我國公司治理制度與世界接 軌。 公司治理在比較法上之研究已成為一門顯學,各國在從事法制之建構 與發展時,亦無法忽視比較法上之分析。美國企業之所以能在國際上持續 保有卓越的競爭力,在於其擁有良好的公司治理制度。若是能對美國公司 治理法制與實務有所了解,當有助於我國企業國際競爭力與健全公司治理 機制。是以,本文擬從比較法之觀點,研究與分析美國與著名研究機構之 公司治理法制;其次,分別以企業經營者與所有者之角度,來探討美國法 制在獨立董事與股東提案制度上之發展與革新,最後,具體提出公司治理 改革之建議,以期作為我國日後建構一套完整公司治理法制之參考。
The topic of “Corporate Governance” can be dated to 1970s, and has been widely discussed since the Asia financial crisis in 1997. In 2000, the Enron scandal in its financial statements caused a great impact on capital markets. As a result, the US congress enacted the Sarbanes–Oxley Act rapidly in order to complete the legal regime of corporate governance. Before the Asia financial crisis, corporate governance was not familiarized by our investors. After a series of illegal deforcement by major shareholders as well as the Enron scandal, enterprises and government are aware of the importance of corporate governance. Investors also realize that the effectiveness of corporate governance has a great impact on their investment returns. Even though the current Company Law requires an internal monitoring mechanism by setting up supervisory directors, this regulation is not well-functioned. In addition, most individual investors do not actively participate in monitoring firms. Therefore, government has started to review our Company Law and other related regulations in order to match our governance mechanism with the governance mechanism of most other countries. Corporate governance has been paid a lot of attention by researchers and practitioners. To construct and develop regulations, the comparative analysis is essential. The US firms possess better corporate governance mechanism, so they are able to maintain their competitive advantage in the world. Understanding their governance regulation and practice of governance mechanism would be able to help us in enhancing our governance mechanism and our competitive advantage. Therefore, this study intends to analyze corporate governance legal regime in the US. In addition, I would discuss the development and renovation of the US Law on independent directors and shareholder proposals. At the end, I would make some feasible suggestions on revolution of our corporate governance regulation for reference in constructing a comprehensive corporate governance legal framework.
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