頁籤選單縮合
題 名 | 交叉持股對公司治理之影響=The Effect of "Cross-Shareholding" on the Corporate Governance |
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作 者 | 洪秀芬; 陳貴端; | 書刊名 | 東海大學法學研究 |
卷 期 | 19 2003.12[民92.12] |
頁 次 | 頁211-249 |
分類號 | 553.78 |
關鍵詞 | 公司治理; 所有權; 表決權; 交叉持股; 交叉表決權; 股東平等原則; Corporate governance; Ownership; Voting power; Cross-shareholding; Cross-voting; The equitable treatment of shareholders; |
語 文 | 中文(Chinese) |
中文摘要 | 近幾年來在臺灣頻傳上市(櫃)公司發生財務危機情事,對國內證券金融市場造成嚴重衝擊,而在一連串的企業財務危機事件中,可觀察到為數甚多之企業係利用交叉持股炒作股價套利及股票質押借款方式來從事財務操作,此種融資循環方式在股市衰退時極易引發公司財務危機。除此之外,交叉持股公司可互相透過所持有股份之表決權來配合經營階層行使,使得經營者(董事會)可操縱股東會,有效支配公司,排除股東會對董事的監督,使公司選任董監事之機制及監督功能喪失,破壞了股東平等原則。鑒於交叉持股所引起之弊端,促使臺灣立法部門於2001年修改公司法,在第一六七條增訂從屬公司不得將控制公司股份收買或收為質物,但仍嫌不足。本文即是在探討企業運用交叉持股所產生之利弊、臺灣現行交叉持股的規範及其缺失,並提出筆者建議,以供各界參考。 |
英文摘要 | In recent years several financial crises had occurred within corporations that had severe impact on stock exchange and financial markets in Taiwan. It could be observed from serial corporation financial crises that numerous companies are engaged in cross-shareholding arbitrage and mortgage on stock to implement their financial management. The circulation of accommodation is easy to bring about financial crisis during the period of stock recession. Besides, the cross-shareholding would cause the other problem. Since the cross-shareholding companies could use the other party’s voting power to support each other’s management. It leads to the management (the board of directors) can control the shareholders’ meeting and prevent it from supervision. It not only deprives the shareholders’ meeting of its power of elect members of the board but also impairs the equitable treatment of shareholders. Owing to above flaw, legislators in Taiwan modified the Company Law in 2001. They added new provisions into Article 167 of the Company Law to rule that no subordinate company may buy stocks of its controlling company or take those stocks as mortgage object. Therefore, the analysis of this essay focuses on the positive and negative aspects of manipulating cross-shareholding, current rules of cross-shareholding and its shortness. The author also offers recommendations, which are wished to be valuable opinions to governmental authorities when they further amend the Bill. |
本系統中英文摘要資訊取自各篇刊載內容。