- 期刊
控制股東掏空行為及其公司治理分析：以樂陞案為例
Tunneling Behavior of Controlling Shareholders and Corporate Governance:A Case Study of XPEC Inc.
摘要
本個案為真實事件之管理層級的圖書館個案，源於2016年8月31日樂陞爆發震撼台灣資本市場首宗成功公開收購，竟演變成證券詐欺交易，還隱藏具控制權的大股東利用經營機會，進行不法交易獲取不當利益之事實，不僅侵害公司及股東權益，也嚴重危害資本市場發展。樂陞股價的跌幅高達88.57%，成為2016年最大地雷股，股票甚至下櫃，受害股東多達2.2萬名。控制股東掏空公司的嚴重後果及影響廣泛，藉由本個案教學讓學生瞭解控制股東受到自身利益趨使掏空行為，重大損害中小股東利益需要被關注，進而學習從代理問題、公司治理與公開資訊分析，檢視控制股東掏空行為發生的本質、原因與所涉影響範圍。為健全公司治理實務，如何發現或是什麼因素激勵著控制股東的掏空行為，受股東委託的董事會有無發揮監督職能，投資人如何避免成為掏空受害者，乃至於證券監理的失靈等，皆是值得深入探討的問題。本文也藉此個案討論，提出現行公司經營、深化公司治理與證券監理的興革建議，應對控制股東及管理階層加強監督，增加公司內部的透明度，乃目前防範控制股東掏空行為發生及維護股東權益的重要議題。
並列摘要
This management-level library case is created on the basis of a real event, that the successful public tender offer to acquire XPEC turned out to be a securities fraud transaction on August 31, 2016. It shocked the capital markets since this kind of frauds was first seen and XPEC also concealed the fact that the controlling shareholders with control rights used operating opportunities to engage in illegal transactions and obtain improper interests, which both violated the rights of the firms and shareholders and seriously jeopardized the development of capital markets. The stock price of XPEC decreased by as much as 88.57%, which made it the largest landmine stock in 2016. The stock was even delisted from the OTC market, and affected as many as 22,000 shareholders. The repercussions of the controlling shareholder's involvement in tunneling the firm are severe with a wide range of influences. Through this case study, students will understand that more attention should be paid to the tunneling behavior of controlling shareholders affected by their own interests. It also focuses on expropriation of small and medium shareholder interests, and students will learn to examine the nature, causes and impacts involved in the tunneling behaviors of controlling shareholders from views of agency problems, corporate governance, and public information analysis. Issues that are associated with corporate governance practices require further discussions, such as the discovery of tunneling behaviors of controlling shareholders and why, whether the board of directors that are entrusted by the shareholders play a good role in supervisory, tips for investors to avoid becoming victims of tunneling, and the failure of securities supervision. Through this case study, this article also provides reform suggestions on enhancing current corporate management, corporate governance and securities supervision. To prevent tunneling behaviors of controlling shareholders and protect shareholders' equity, the company shall reinforce the supervision of controlling shareholders and the management team, and increase internal transparency.