頁籤選單縮合
題 名 | 我國併購法制的蛻變與前瞻=Transformation and Outlook of Laws and Policies Governing Mergers and Acquisitions in Taiwan |
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作 者 | 劉紹樑; | 書刊名 | 經社法制論叢 |
卷 期 | 32 2003.07[民92.07] |
頁 次 | 頁1-33 |
分類號 | 555.77 |
關鍵詞 | 合併; 收購; 併購; 企業改組; 公司法理; 證券法; 外人投資; 資本市場; 經濟發展; 制度改革; 公開收購; 連結稅制; 公司法治; Mergers; Acquisitions; Takeover; Reorganization; Corporate governance; Securities law; Foreign investment; Capital market; Economic development; Institutional reform; Tender offer; Consolidated income tax reporting; Corporate laws; |
語 文 | 中文(Chinese) |
中文摘要 | 本文敘述我國於2000年迄2002年之間有關併購法令與政策的變革,包括作者所參與的「企業併購三法」,並從制度改革的角度探討相關爭議與未來的挑戰。 本文第壹章先指出我國以往的經濟發展與併購活動無關,但是在未來必須加強併購法制,以藉併購活動促進企業再造以及維持國家競爭力。 本文第貳章繼而指出產業政策與文化因素係以往併購活動不發達的主因。 本文第参章則介紹近年重大財金法令的增修,包括金融機構合併法、公司法修正、證券交易法修正、企業併購法、公平交易法修正、金融控股公司法、金融重建基金條例、中央存款保險條例等,並指出這些急遽又重大的財金法律增修活動係為了解決金融危機,同時,這種危機改革式的法制變遷有其利弊。 本文第肆章介紹新併購法制所引進的機制,包括現金合併、三角併購,以及其他方式的免稅改組措施,在收購資產時活化對員工與退休金的移轉限制、上市櫃規定的配套修正、股份發行與轉換的規定、強化忠實義務、股權協議、連結稅制、簡化結合審查以及強制公開收購要約等制度。 本文第伍章介紹新制下已開發的新種案例,以及官僚體系以解釋法令或其他方式對新制的抗拒,並稱之為「帝國反撲」的現象。作者在第陸章結論時指出:制度改革必須深化,但也需要時間。無論如何,我國必須落實併購法制才能在競爭日益激烈的國際市場維持一席之地。 |
英文摘要 | This paper discusses efforts by the author and others to change Taiwan's laws and policies governing mergers and acquisitions in 2000-2002 as well as issues and challenges ahead from an institutional reform perspective. Part I discusses the irrelevance of mergers and acquisitions to Taiwan's previous economic development and the need to strengthen these institutions in the future because Taiwan needs to re-engineer its industries so as to remain competitive. Part II discusses the reasons (that is, industrial policy and cultural background) disfavoring M&A activities in Taiwan in the past. Part III describes new legislation such as Financial Institutions Mergers Act, Company Law amendment, Securities and Exchange Law amendment, Corporate Mergers and Acquisitions Law, Fair Trade Law amendment, Financial Holding Company Law, Financial Restructuring Fund Law, Deposit Insurance Company Law in the context of Taiwan's financial reform. It also analyzes the advantages and disadvantages of quick-fix reform legislation. In Part IV, the paper reviews the specific rules introduced in these new laws. They include cash-out, triangular and other types of mergers and tax-free reorganizations, more flexibility in treatment of labor and pension in asset acquisitions, relevant listing rule changes, share issuance and exchange rules, strengthened fiduciary duty, voting agreements, consolidated income tax reporting, streamlined merger review and mandatory bid. Part V describes emerging new cases and the bureaucracy's initial negative reactions to some of the new rules, and in Part IV the author points out the phenomenon of "empire stricking back". In other words, bureaucracy can still forestall new rules and it takes time for new rules to take root. The paper concludes by emphasizing the importance of a mature M&A regime to help Taiwan to become better adapted to keener international economic competition. This paper also contains a useful table listing 30 ways to classify mergers and acquisitions. |
本系統中英文摘要資訊取自各篇刊載內容。