隨著近年我國金融相關法規之逐漸整備與資本市場的全球化,敵意併購防衛措施之討論與導入備受注目。其中,毒藥丸制度廣為美國法上實務所採用,因而於導入可能性之探討上便無法予以忽視。惟我國目前學說礙於股東平等原則之考量,大多否定其適法性。然而,與我國同屬大陸法系,且同樣將股東平等原則視為公司法基本原理原則的日本於2005年經由『企業價值報告書』與『確保、提升企業價值及股東共同利益之併購防衛措施指針』正式引入毒藥丸制度,並於2007年的Bull-Dog Sauce案件中首度由法院肯認其適法性。因而,不免令人好奇日本法上係如何突破股東平等原則的檢驗而成功導入毒藥丸制度?而向來被公司法學者奉為圭臬之股東平等原則究所為何指?以此作為寫作動機展開以下之論述。 本文主要係藉由回顧我國傳統學界通說所定義之股東平等原則的內容與機能,且透過現行公司法關於股東平等原則之實踐與偏離的具體規範,以及舉出學說於具體適用股東平等原則時所出現之矛盾,凸顯傳統學說對於股東平等原則之意義與定位上所產生之問題點。再援引日本法上各種學說的考量點、法院實務具體之操作,以及德國法院與現行學界通說對於股東平等原則的運作,並斟酌公司契約連鎖理論之想法,於彙整我國法目前對於股東平等對待作為公司法上原理原則的需求後,企圖重新建構股東平等對待概念可能涵攝之內容,尋求其適當的機能、定位與適用根據。期待提供學界或實務界以有別於以往僵化的觀點開展彈性解釋、運作該原則之可能。並以重新理解的股東平等對待的概念規劃我國導入毒藥丸制度之可行模式。
As the amendment of the financial laws and regulations and the globalization of the capital markets in recent years, hostile takeover defense measures attract much discussion and attention. Among them, the poison pill is widely used in the United States. Consequently, the possibility of adoption of the poison pill will not be neglected . However, most scholars deny its legality due to the principle of “equitable treatment of shareholders” in Taiwan. The principle of equitable treatment of shareholders also plays a significant roles in Japanese Company Law as Taiwan , whereas the relative research report, guides, and judicial practices adopted the poison pill and admitted its legality respectively in 2005 and 2007 in Japan . Thus, it arouses the interests to research what causes the differences . The paper try to discover what exactly the principle of equitable treatment of shareholders which has been regarded as the bible of the Company law means and contains . This paper will highlight the discord of the traditional meaning and position of the principle of equitable treatment of shareholders by reviewing the traditional content and function of the principle , by listing the existing regulations and deviations of the principle , and by enumerating the contradictions of the application of the principle to specific cases in traditional theory . Then I will refer to the various academic opinions and judicial practices of the Japanese Law and the German Law , take Nexus of Contract into consideration, deliberate the needs of the principle in the Company Law of Taiwan , and attempt to reconstruct the concept of the equitable of the shareholders , and to find its appropriate definition, function , and source of law. Providing the scholars and judicial practices with a brandnew view different from the past to flexibly operate the concept of equitable treatment of shareholders is the purpose of this paper. After the above process of reasoning , there might be more space to plan a feasible poison pill .
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