| 關 鍵 詞： |
公開收購；證券交易法；威廉斯法；強制公開收購；美國法；英國法 |
| 中文摘要： |
公開收購係取得企業經營權的方式之一，並為歐美各國於企業併購時的主要手段。有鑑於公開收購在企業購併中所扮演的重要角色，英、美各國早已發展出相當完備的公開收購制度。我國於一九八八年證券交易法修正時，參考英美公開收購制度，增訂第四十三條之一正式引進公開收購制度。然而，由於實務界對於公開收購並不熟悉，再加上當時制度本身對於公開收購的種種限制，導致利用此一制度的困難。雖然我國於二○○二年證券交易法修正時，修改第四十三條之一，並增訂第四十三條之二至之五，全盤翻修我國公開收購制度。然而，相較於歐美各國，我國實務界利用此一制度者並不多見，公開收購在我國仍處於發展階段。
近年來，政府鼓勵企業透過併購的方式，以增加競爭力。公開收購為企業併購常使用的方式之一，其規範的適當與否，將影響企業併購之意願。由於各國對於公開收購之規範大多以英、美兩國的公開收購制度為範本，因此，本文透過比較法的方式，首先探討公開收購之本質與規範原理，進而檢視我國與英美之相關規定，並針對我國現行公開收購制度的缺失，提出改善之建議，以期我國公開收購制度能在最健全之規範架構下，充分發揮其功能。
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| 英文關鍵詞： |
Tender offer；Securities and exchange act；Williams act；Mandatory offer；U.S. laws ; British laws |
| 英文摘要： |
The tender offer plays an important role in the corporate takeover arena and is widely used in many countries. Taiwan established its tender offer system in 1988 by adding Article 43-1 to the Securities and Exchange Act. Owing to the complex procedure and restrictions by the Taiwanese government, tender offer situations were very rare in Taiwan. Although the Taiwanese government significantly amended its Securities and Exchange Act in 2002，tender offers are still not favored by the Taiwanese enterprises. Accordingly，the current Taiwanese laws pertaining to tender offers need to be reviewed and amended on a comprehensive basis in order to create a more orderly, transparent, fair and economically efficient system in Taiwan.
Since tender offer regulations in most countries choose to emulate the British or American model and the British and American tender offer systems are well-established, consideration of the British and American systems is helpful in assessing the present Taiwanese tender offer system. Therefore, this article attempts to draw lesson from the foreign experience through a comparative study. It begins with a discussion of the concept of tender offers and examines underlying principles of the regulatory approach. Then，it provides an overview of the current tender offer systems in the U.K., U.S. and Taiwan. Finally, it offers suggestions for amendments to the Taiwanese law where applicable.
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| 目 次： |
壹、前言
貳、公開收購之規範原理
一、公開收購之本質
二、各國規範公開收購之共通原則
參、我國公開收購之現行規實務運作
一、我國對公開收購之相關規定
二、現行實務運作之缺失
肆、英美兩國對公開生購之規範及其比較
一、英國
二、美國
三、英美國國制度之比較
伍、從英美公開收購制度檢討我國法之規定
一、目標公司防禦措施之規範
二、資訊揭露之強化
三、內線交易規範爭議之因應
四、強制公開收購之確立
五、增加股權整合機制
陸、結論
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