從法律經濟分析觀點論商事契約設計─以併購契約中重大不利變更條款為例

Research on the Commercial Contract Design from the Economic Analysis of Law Perspective: A Case Study of Material Adverse Change Clauses

鄒鎮陽(Chen-Yang Tsou)

指導教授 ： 王文宇

國立臺灣大學/法律學院/法律學研究所/碩士(2016年)

https://doi.org/10.6342/NTU201600171

摘要

本文以法律經濟分析觀點出發，藉併購契約中重大不利變更條款為例，來探討商事契約設計之核心概念。
內文首先對契約法基礎原則及法律經濟分析理論作回顧，指出商事契約因當事人議約能力不同，而有迥異於民事契約的特殊性，並在此基準上強調商事契約設計的根本邏輯，即在追求降低交易成本，以達成當事人對效率之追求。緊接再以併購契約中重大不利變更條款為例，在對該條款之理論與美國和我國實務討論後，進一步以經濟分析觀點，檢視該條款之設計考量與實務適用，以論證商事契約之設計，確以追求經濟效率為本，而其具體表現在對交易中機會主義行為的控制、風險之分配與控制，以及對交易過程中事前成本和事後成本的兼顧。又在澄清商事契約設計核心思維後，本文對我國法制環境進行反思，指出我國現行契約法存有缺乏調整彈性，以及忽視妥適契約解釋之問題，亟待立法與司法實務改善。
本文結論強調，商事契約設計安排，應掌握契約設計上的彈性空間，並妥善分配與控制交易風險工作，尤其須綜合考量事前擬約與事後紛爭解決成本，以期當事人可透過最小交易成本耗費，獲得最大經濟效率。而我國契約法制環境，自應回應商事契約當事人追求經濟效率之需求，一則立法者宜致力於建置與修訂足以減少市場中交易成本之契約法，一則司法機關宜正確妥適的解釋商事契約，以為我國商業交易市場奠下得以蓬勃發展之磐石。綜言之，本文主張商事契約設計須對所涉交易背景為全面思考，以求實現當事人追求經濟效率之思維。

關鍵字

法律經濟分析 ； 商事契約 ； 契約設計 ； 企業併購 ； 重大不利變更條款 ； 機會主義行為 ； 風險分配

並列摘要

From the economic analysis of law perspective, this thesis researched on the main concept of commercial contract design. To make concrete discussion, material adverse change clauses (MAC clauses) in the contract of mergers and acquisitions are discussed as an example.
First of all, this thesis reviews essential principles of contract law and economic analysis of law, to draw the distinction between commercial contracts and civil contracts due to bargaining power of parties. Accordingly, this thesis claimed that the basic logic of contract design was to reduce transaction cost and promote transaction efficiency pursued by the parties in question.
In the next place, this thesis surveys the existing MAC clauses in mergers and acquisitions in the practice of the United States and Taiwan. It also adopts economic analysis of law perspective to discuss what purpose and consideration were expressed in the manipulation process of MAC clauses. This thesis proved that the core of commercial contracts design is actually based on the pursuit of economic efficiency. That is to say, the major factors of commercial contract design are controlling opportunistic behaviors, arranging risk distribution mechanisms, and striking the balance of ex ante cost and ex post cost in the transaction process.
Moreover, after clarifying the nucleus of commercial contract design, this thesis revisits the legal system of Taiwan with the purpose of pointing out that legislators and judicial participants shall immediately solve the problems of the lack of adjusting flexibility in contract law and the possibility of inappropriate method of contract interpretation in Taiwan.
To conclude, during the process of designing commercial contracts, one should keep in mind the flexibility and allocate the responsibility of risk control carefully and skillfully. Most important of all, the parties involved in the design of commercial contracts must comprehensively consider ex ante drafting cost and ex post disputes solving cost, in order to make maximum economic efficiency to the contractual parties by consuming minimum transaction cost.
In terms of the contract law system in Taiwan, no doubt shall it satisfy the need of contractual parties to pursue transactional efficiency. On the one hand, legislators ought to find and amend current contract law to lessen transaction cost in the market. On the other hand, judicial participants must interpret commercial contract appropriately so as to establish stable foundation for the business market in Taiwan.
Simply put, the design of a commercial contract ought to be based on the context of the transaction that the contract is meant to be controlled. No commercial contracts shall be designed without considering how to realize the economic efficiency which the contractual parties hope to achieve.

並列關鍵字

Economic Analysis of Law ； Commercial Contract ； Contract Design ； Mergers and Acquisitions ； Material Adverse Change Clauses (MAC Clauses) ； Opportunistic Behavior ； Risk allocation

參考文獻

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