黃金降落傘於美國法下屬於重要之敵意併購防禦措施,美國許多公開發行公司均援用此措施以吸引具備長才之高階經理人,許多公司之經營團隊亦藉此措施來建構敵意併購之防禦,但是在美國,由於許多能力欠佳之高階經理人,仍坐領高額之黃金降落傘離職給付,造成社會觀感不佳,再加上美國次貸風暴爆發後,美國政府欲藉由一連串聯邦之立法,以限制特定之商業機構援用黃金降落傘條款;同時,更藉由相關立法,要求公開發行公司必須揭露經理人之薪酬內容;因此,本文欲以美國法以及相關判決作為借鏡,以尋求我國援用此措施之最佳方式。 本文主要分成六個部分,第一章為緒論,主要包括問題意識與動機,並包含研究方法及範圍;第二章則闡述目標公司經營者得否採取敵意併購防禦之論爭;第三章則介紹黃金降落傘的定義、類型以及範圍,並於本章介紹美國近期針對黃金降落傘限制之聯邦立法例;第四章則介紹黃金降落傘於美國法下之司法審查標準,包括針對敵意併購行為所採用之加強司法審查標準,同時於本章歸納出美國德拉瓦州、加州、俄亥俄州以及聯邦巡迴上訴法院之相關見解;第五章討論黃金降落傘於我國法下之適法性,並於本章文末處,以表格之方式,分別歸納我國締約公司之注意義務,以及我國法院可能採取之司法判準方向;最後,第六章之部分則為結論。
The Golden Parachute is an important tactic of hostile takeover defence in America. It is also a fascinating way to attract talented managers. Many management teams in American corporations use this tactic to attract intelligent managers and defend hostile takeovers. But the phenomenon of incapable managers who receive high severance pay leads to poor social perception. Besides, the subprime mortgage crisis happened in America. The U.S. government legislated the Emergency Stabilization Act to limit the using of golden parachutes. They also legislated the Dodd-Frank Act to make public traded corporations disclose the compensation of managers thereafter. Therefore, this article generalized the federal acts and cases of U.S. At the same time, this article wants to build the road of using golden parachutes in Taiwan by observing the experience of America. This article is divided in six parts. Charpter 1 discusses the motive and the purpose of this article. It also includes the method and the range of this research. Charpter 2 explains the thesis about supporting the hostile takeover defence or not. Charpter 3 illustrates the meaning, type and the development of golden parachutes. It concludes the U.S. federal acts about “say on pay” and the limit of golden parachutes in bailouts. Charpter 4 is the part of American judicial scrutiny. It introduces the enhanced judicial scrutiny of hostile takeover defensive tactics and the cases of Delaware, California, Ohio, the 6th Circuit Court and the 11th Circuit Court. Charpter 5 discusses the legality of golden parachutes under the Taiwanese laws. It includes two lists about the suggestion of corporations use golden parachutes and the possible judicial scrutiny in Taiwan. Finally the Charpter 6 is the conclusion.
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