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論著名稱: 跨國上市櫃有關股東權益保護之法律適用與衝突(A Study on the Application and Conflict of Law Regarding Cross-listing Affairs for Better Protection of Shareholder Interest in R.O.C)
編著譯者: 賴源河郭土木
出版日期: 2011.06
刊登出處: 台灣/銘傳大學法學論叢第 15 期 /1-46 頁
頁  數: 46 點閱次數: 5161
下載點數: 184 點 銷售明細: 權利金查詢 變更售價
授 權 者: 銘傳大學法律學院 授權者指定不分配權利金給作者)
關 鍵 詞: 跨國掛牌上市櫃股東表決權之行使出席股東會使用委託書實施庫藏股強制公開收購民事法律責任行政法律責任刑事法律責任
中文摘要: 企業跨國掛牌上市櫃為籌集資金、提昇競爭力與國際化所趨,然公司跨國掛牌上市櫃涉及有價證券之募集、發行、私募及買賣之管理、監督等相關事項,包括公司營運地、登記所在地及有價證券掛牌交易地,其法令規定寬嚴不一,現行實務就相關爭議如何適用法律一直未有明確之規定,因此僅能以上市櫃契約或要求發行人配合修正章程之方式作規範因應,惟契約與章程規範之效力如何尚待檢驗,尤其是涉及刑事、民事及行政責任部分是否屬於契約效力所能完全涵蓋不無疑義,行政院於 99 年底向立法院提出證券交易法修正草案,明定外國企業來臺上市櫃者,除主管機關另有規定外,準用我國證券交易法之相關規定等之相關修正。由於涉及證券募集、私募、發行、交易市場及股務事項經緯萬端,本文以股東權益保護為題,透過對於股東表決權之行使、出席股東會委託書之使用、庫藏股之實施、公開收購之進行與相關法律責任之追究等,來探討企業跨國上市櫃有關之法律適用與衝突問題,期能釐清問題,提出具體之建議以供司法實務界及相關機構參考。
英文關鍵詞: Cross-listed CompaniesPublic OfferingIssuingEexercise of Shareholder Voting RightsProxyTreasury Stock Tender Offer Civil LiabilityCriminal Responsibility Administrative ResponsibilityApplication of the Law of Conflict
英文摘要: The companies cross-listed on another country’s exchanges or over the counters for the purpose of raising business capital, enhancing competitiveness, and being globalized are very widespread. However, the cross-listing affairs including public offering, issuing, private placement, and the trading of securities in foreign country involve plenty of legal issues such as civil liability, criminal responsibility and administrative responsibility, and these legal issues are governed by many domestic and foreign company law, securities exchange acts and other relevant acts or regulations. Appropriately choosing and applying governing law or regulations regarding cross-listing affairs is a crucial point for the rights and obligations of investors of cross-listed companies. In our country, there is still a lack of regulation governing the application of law in cross-listing affairs. It results that the government authorities, exchanges or over the counters use listing contracts as a tool, or require cross-listed companies to amend their articles of incorporation, to adopt R.O.C law as the governing law in cross-listing affairs. And it causes the argument that if the principle of legal reservation is violated. Therefore, this study will not only explore the application and conflict of the law regarding cross-listing affairs in R.O.C, but also further discuss how to protect the interests of shareholders, particularly including the exercise of shareholder voting rights, the use of proxy to attend shareholder meeting, the implementation of treasury stock and the requirements of the tender offer, in cross-listed companies. At the end, this article will provide specific recommendations for authorities, experts and scholars reference.

目  次: 壹、前言
貳、跨國上市櫃之定義與實務運作
一、跨國上市櫃之定義
二、跨國上市櫃之實務運作
參、跨國上市櫃民事爭議之法律適用
一、基於契約關係之當事人意思為連接因素
二、以侵權行為為連接因素
三、民事法律適用準據法之分析檢討
肆、跨國上市櫃行政監督管理之法律適用
一、有關股東權益保護重要項目
二、列舉事項之完整性
三、我國行政主管機關得否為行政處分

伍、跨國上市櫃民事爭議之法律適用
一、第一上市櫃及興櫃外國公司準用之規定
二、第二上市櫃及興櫃外國公司準用之規定
三、第一第二上市櫃有關股東權益保護違反刑事責任規定
陸、結論與建議
一、應明定以最有利於我國投資人之法律為解決民事法律爭議之準據法
二、明定列示關於股東權益保護重要項目並增訂概括規定
三、應明定外國發行人及其內部人員應遵守我國法令及相關責任之規定
四、違反庫藏股買回實施與有價證券之私募程序之規定宜回歸行政罰
五、跨國公司股東違反強制公開收購規定宜修正為行政罰及限制表決權
六、公司法、企業併購法與其他相關法令宜一併檢討修正

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