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  • 學位論文

私募不法行為及立法研析

A Study of Private Placement Malpractice and Legislative Analysis

指導教授 : 賴英照
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摘要


本論文之研究主題為「私募不法行為及立法研析」,係透過比較美國私募制度,以及私募不法行為實務案例分析之方式,檢討我國私募有價證券制度之缺漏及不足之處。並基於前述比較及分析,對我國私募制度提出相關問題提出討論及建議,俾提供未來制度調整之參考。 本論文之架構共分為七章。第一章說明本論文研究動機、方法、限制與範圍。我國於2001年、2002年,為使企業籌資管道增加,便於公司法及證券交易法,增訂了有價證券私募制度之規範。然而,何謂私募?私募制度之發源地美國,現行私募規範又是何種風貌?而本國法引進後,有何種缺漏之處?實務運作上,又產生何種爭議及弊案?為解決前揭問題,擬透過介紹私募相關概念、美國私募制度、我國私募制度、不法案例之分析,提出研究之結果,進而對我國私募法制提出相關建議。 第二章為私募相關概念之介紹,從私募之定義、與公開發行之差異、私募市場之概況、實務運作之流程、私募之優缺點等五個面向,將私募相關概念為介紹,使讀者可對於私募有價證券有基本之概念。 第三章為美國私募制度之介紹,透過1933年證券法第4條第2項、SEC至1935年至1950年發行之行政命令、SEC v.Ralston Purina Co案、Rule146、Regulation D、Rule144、Rule144A,以及最新通過的JOBS法案,將出美國私募制度作完整之介紹。 第四章為我國私募制度之介紹,透過我國公司法、證券交易法以及主管機關所公佈之函釋,勾勒出我國私募制度之法律規範。並於同章中,將我國法與美國法之私募制度加以比較,進而提出我國私募制度的相關爭議,以及本文對於我國私募制度之建議。 第五章為私募不法案件之介紹及分析,先將目前法院與私募相關之判決予以整理及分析,再提出其中受到社會矚目之相關刑事不法判決,並加以介紹並評析,藉此方式了解我國現行私募法制上之缺漏之處及可能產生之弊案。 第六章為結論,整合前述五個章節之內容,勾勒出我國私募制度相關問題之全貌,以及本文所提之建議,期盼能對我國未來私募法制建構有所裨益。

並列摘要


The title of this thesis is “A Study of Private Placement Malpractice and Legislative Analysis”. Through the comparison with private placement system of the United States and the analysis of private placement malpractice cases, the insufficiencies of our nation’s private placement system will be outlined. And based on the comparison and analysis, this paper shall discuss relevant issues and propose suggestions that hopefully will serve as a guideline for future references. This thesis is divided into six chapters. Chapter One introduces the incentive, methodology, restraints and scope of this thesis. In hopes of increasing the means of raising funds for corporate enterprises, the Republic of China incorporated the private placement system into the Corporate Law and Securities Law in 2001 and 2002. But what exactly is private placement system? It originated from the United States, but what are its present features? After our incorporation, what inadequacies are present right now? And most importantly, what controversies and malpractices have aroused in practice? These problems will be addressed by introducing the private placement system of the United States and the Republic of China, while analyzing relevant malpractice cases. The results of which will serve as a recommendation towards improving our system. Chapter Two lays out the five fundamentals of private placement – its definition, differences with public offering, market status right now, operating procedures in practice and pros and cons – that will assist in the readers understanding. Chapter Three summarizes the private placement system of the United States, through introducing Article 4 Section 2 of the 1933 Securities Act, the orders issued by SEC from 1935 to 1950, the Ralston Purina case, Regulation 146, Regulation D, Rule 144, Rule 144A, Regulation S and the newly passed JOBS Act. Chapter Four briefs the private placement system of the Republic of China, the legal foundations of which will be defined by our Corporate Law, Securities Law and relevant decrees issued by competent authorities. There will also be a comparison between the United States and the Republic of China, where the results of which will attend as the foundation for future improvements. Chapter Five is the introduction and analysis of private placement malpractice cases. Current malpractice cases will firstly be organized and analyzed, from which ones that have major controversies or are under heavy public scrutiny will be drawn out and examined further. This will aid in understanding our private placement system’s insufficiencies as well as potential malpractices. Chapter Six draws the conclusion, in which relevant problems regarding the Republic of China’s private placement system will be outlined through the integration of the previous chapters’ contents. And from the advice offered in this dissertation, hopefully our nation’s private placement system will benefit therefrom.

並列關鍵字

Private Placement Regulation D Rule 144 Rule 144A JOBs Act

參考文獻


17. 蔡鐘慶,從比較法觀點探討我國私募制度之法律佈局,中原大學財經法律研究所碩士論文,2002年。
4. 吳吟蒞,私募前後獨特性波動、控制股東對私募折價及異常報酬影響,臺灣大學財務金融學研究所碩士論文,2011年 。
7. 任中美,美國歐巴馬總統簽署企業龍騰籌資法案(2012 JOBS Act),頁49至64,證交資料606期,2012年10月。
40. 黃正一,美國私募制度介紹(上),證交資料第492期,臺灣證券交易所,2003年4月。
17. 林嘉娜、陳脩文、李宥營、謝欣蕙,私募有價證券之經營效益分析暨監理制度之探討,證交資料589期2011年5月。

被引用紀錄


賴冠霖(2016)。有價證券私募法制之研究-以美國法為比較對象〔碩士論文,國立臺北大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0023-1303201714244929
許瀞文(2017)。私募公司之特性與短期異常報酬〔碩士論文,朝陽科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0078-2712201714435655

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