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頁籤選單縮合
題 名 | 公司庫藏股之解禁--日本商法之修正=Deregulation of Company's Treasury Stock--Revision of Commerical Law in Japan |
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作 者 | 林麗香; | 書刊名 | 政大法學評論 |
卷 期 | 75 2003.09[民92.09] |
頁 次 | 頁217-243 |
分類號 | 587.252 |
關鍵詞 | 庫藏股; 股份買回; 自己股份; 代用股份; 員工持股; 股價對策; 減資; Treasury stock; Stock buyback; Self-owned stock; Substitute stock; Employee stock holding; Stock price strategy; Capital reduction; |
語 文 | 中文(Chinese) |
中文摘要 | 日本於平成六年(1994年)緩和公司買回自己股份之禁止,以作為活潑證券市場,恢復景氣之有利手段;然基於弊端發生可能之考量,其開放態度相當保守,僅以少數列舉事由為限,即閉鎖性公司買回之解禁、員工持股目的之買回、股份消除目的買回等而已。不過,至平成十三年(2001年)又修正商法,則完全摘除買回事由之限制,只要經股東會決議不拘任何事由皆可實施買回;同時買回後可能繼續保有而無期間之限制,即所謂庫藏股之解禁。其修法理由除前述證券市場之股價對策外,更基於為增強企業競爭力,配合企業組織調整之需要而予以解禁,此乃值深思。 本論文除探究架辭對公司庫藏股之解禁,態度由保守審慎而至於完全開放之立法背景外,更深入考察日本之庫藏股制度內容,包括買回財源範圍之擴大、對特定人之買回、買回股份之處分等,其中對於弊端發生之可能,對法制度上如何以對,尤值注意。而冀由此所獲之啟示作為將來檢討我國庫藏股制度之參考,蓋畢竟日本與我國相同為大陸法系國家,且面臨之社會、經濟問題相似之故也。 |
英文摘要 | In 1994, a company's purchase of this own stock was deregulated in Japan in an attempt to stimulate the security market and revitalize the economy. To avoid opening the gates to illegal conduct, the scope of deregulation was limited to specific activities such as stock buyback of closed companies, stock purchase for employees, and buyback for elimination of share holding. Yet in 2001, Japan revised its Commercial Regulations to remove all restraints on stock buyback. Under the new regulations, buyback may be exercised for any reason whatsoever, as long as the company's board of shareholders approves. Additionally, there is no limit on the length of time that the stock may be held, i.e. the so-called "deregulation of treasury stock". The 2001 revision is not merely a strategy to stimulate the security market and thus stock price, it aims to enhance the competitive ability of businesses, and is in coordination with corporate restructuring efforts. This study investigates the shift in attitude from conservative and cautious to complete open-mindedness accompanying the deregulation of treasury stock in Japan. The treasury stock system is also examined, including studies on the widening of the source of funds used in buybacks, buybacks from specific individuals, and the disposal of stock purchased. Special attention in paid to the provisions preventing illegal conduct in stock buyback. Future revisions of ROC regulations on treasury stock should take into account Japan's experiences and struggles. After all, ROC and Japan are both countries governed by the continental law system and face similar social and economic problems. |
本系統中英文摘要資訊取自各篇刊載內容。