我國資本市場整合之策略與法律問題研究

The Strategies and Legal Issues of Taiwan Capital Market Consolidation

蘇彥蓉(YEN-JUNG SU)

指導教授 ： 劉連煜

國立臺北大學/法律學院/法律學系/碩士(2008年)

摘要

一九九０年代以來，由於資訊科技快速發展，資本市場之競爭跨越國界藩籬，證券及期貨市場之交易所競爭加劇，同時，新種投資工具或平台興起，交易管道亦趨多樣化，使世界各國交易所力圖求新求變，合縱連橫以擴大自身之勢力版圖。
觀諸世界其他國家近年證券及期貨市場上交易所之發展經驗與變革，各交易所紛紛進行股份化及上市，就各國之整合模式觀察，其可歸為下述三類：第一類為控股公司模式，例如鄰近之香港及新加坡；第二類則為證券交易所控股模式，例如澳洲、義大利等國均屬之；第三類則由周邊單位合併，例如韓國。
我國證券期貨市場目前係由證券交易所、櫃檯買賣中心、集中保管結算所、期貨交易所等機構分立運作。本文即由世界主要國家整合經驗，分析我國交易所可能之整併方向，並就現存之法律問題，加以分析。就我國現行證券期貨法制以觀，前開四機構整合之法源依據散見於企業併購法及公司法等，並面臨證券交易法第一百二十八條之限制等法律問題，如修法順利整合後，亦有公平交易法結合審查之疑義，均值深入探討。此外，主管機關先前固以行政命令方式頒布證券期貨控股事業管理規則以暫時滿足迫切性之需求，惟其內容是否與現行法制有所扞格，亦待進一步檢視。
本研究經參酌世界主要國家交易所整合模式，分析各種模式於我國實施之利弊，衡量國內政經環境、市場生態與法制規範，以市場穩定發展與變動最小幅度之前提下，採取折衷方案，並以階段性漸進式作法，減少衝擊，並尋求阻礙最小且由主管機關支持之控股公司整合模式，肯定資本市場整合之必要性。
臺灣證券暨期貨市場在這波全球化浪潮之驅動下，將不可避免的加入此競爭行列，各周邊單位在我國證券暨期貨市場之發展歷程中將扮演相當重要且關鍵性之角色，研擬證券期貨周邊單位組織再造規劃案，實刻不容緩，期藉市場組織再造與資源整合，發揮市場經營效益，提昇國際競爭力與能見度。

關鍵字

證券交易所 ； 整合 ； 資本市場 ； 併購策略

並列摘要

Capital markets play a vital role in fostering sustainable capital formation by channelling the savings of an economy into investments. This facilitates the financing of various activities and helps to increase national output and economic expansion. In this process, stock exchanges play a significant role by creating an organized market where issuers and investors are brought together. In the last twenty years stock exchanges have undergone several radical transformations. One such transformation is the demutualization of stock exchanges. Demutualization has generally involved conversion of an exchange from a not-for-profit member owned organization to a for-profit shareholder owned corporation. Before we discuss the differences between the organizational structure of demutualized and nondemutualized stock exchanges, it is important to note that within each organizational structure there have been, and continue to be, significant variation in organization, operation, and regulation. Some of these differences relate to the role and powers of the exchange’s Board of Directors, the Chair of the Board of Directors, the officers, the powers of the chief executive officer, and the various committees and subcommittees. Further differences relate to the manner in which external bodies and public interest representatives have been able to influence the policies of the exchange. Also, the legal and regulatory frameworks vary considerably, as does the degree of oversight of each exchange by government or their designated regulatory authorities. As result, the specific circumstances of demutualization, the potential issues and regulatory responses to such issues will require a careful context specific analysis. However, an examination of the demutualization process highlights a number of common themes which we will explore in this paper. In this paper we will provide a broad overview of four issues central to understanding of stock exchange consolidation. In chapter 2, we will discuss the historical evolution of exchanges, and the advantages of demutualization. In chapter 3, we will discuss different strategies of stock exchanges consolidation, and the experiences of other countries. In chapter 4 and 5, we will discuss several issues relating to the regulation of Taiwan stock exchage consolidation. In chapter 6, we will discuss the role of competition law plays in this process. Finally in chater 7, we will discuss the corporate governance in emerging markets and some issues that are particularly important to such markets.

並列關鍵字

stock exchange ； consolidation ； capital market ； merge

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