| 關 鍵 詞： |
現金逐出合併；少數股東；利益迴避；資訊揭露；公平價格 |
| 中文摘要： |
如何保護少數股東之權利，乃現金逐出合併長久以來之爭議。而司法院釋字第 770 號解釋無疑是一個在憲法層次給予此問題明確論述的指標性解釋。本號解釋基於企業併購法制中不完善之「資訊揭露」與「確保公平價格」機制，致使少數股東權利遭受侵害，而給予所有被逐出之股東聲請法院裁定收買價格之救濟。就此，雖然解釋理由書詳盡闡述利害關係股東與董事迴避表決與否和資訊揭露之不充分對於少數股東權利之影響，及指摘無法確保被逐出股東獲得公平價格之現況，惟若從現金逐出合併之特徵觀察此等法制不備之處，似得以更深入發現並理解本號解釋所欲探討之問題核心。因此，本文擬藉由解釋現金逐出合併之性質及少數股東權利保護之轉變，以分析本號解釋觸及之各項爭點，並就此等疑問提出淺見。
|
| 英文關鍵詞： |
Cash-out Mergers；Minority Shareholders；Avoidance of Conflict of Interest；Information Disclosure；Fair Value |
| 英文摘要： |
There is a long-standing debate when it comes to the way to protect the minority shareholders in cash-out mergers. As an iconic legal interpretation, there is no doubt that J.Y. Interpretation No. 770 gave a definite opinion as to it from the point of view of Constitution. Such interpretation confirmed the right to bring an action under the appraisal right for all frozen-out shareholders due to the minority shareholders’ invaded situation resulted from the defects in the mechanisms of “information disclosure” and “fair value”. In terms of the reasoning, the interpretation has elaborated on the influence which comes from the avoidance of interested parties and the imperfect information disclosure, and pointed out the current situation in which the frozen-out shareholders are not ensured to have fair value. However, it is still capable of finding out and understanding the problem within the system of M&A laws more deeply from the characteristics of cash-out mergers. Therefore, this paper will analyze all issues indicated in the interpretation and provide opinions with explaining the attribute of cash-out mergers and the transformation of the protections for the minority shareholders.
|
| 目 次： |
壹、前言
貳、釋字第 770 號解釋之爭點
參、現金逐出合併之意義與特性
肆、少數股東權利保護之意義變化
伍、本號解釋各項爭點之探討
一、利害關係股東及董事是否應於併購決議之表決中迴避？
二、股東是否能夠於決議前獲取充足之併購資訊？
（一）利害關係董事與股東之資訊揭露
（二）現金對價之資訊揭露
三、反對股東遭逐出後是否能夠確保其股份獲得公平價格？
陸、結語
|
| 相關法條： |
 |
| 相關判解： |
|
| 相關函釋： |
|
| 相關論著： |
|