| 關 鍵 詞： |
股份買回；SEC Rule 10b-18；股東優先主義；利益衝突；代理問題 |
| 中文摘要： |
股份買回（Stock Buyback）係指公司將自己流通在外的股份，自行買回而回歸公司所有。針對股份買回，美國現行規範以美國證券交易委員會（SEC）於一九八二年所訂定之 Rule 10b-18 為主。SEC Rule 10b-18 為非強制性之安全港條款，自發性遵守的公司即可免於市場操縱之追訴。自此之後，股份買回逐漸成為風潮。然而，股份買回伴隨著諸多爭議，Rule 10b-18 之實效性受到質疑。美國股份買回係由董事會決定之，在董事大多也是股東的情況下，可能出現利益衝突，亦可能出現內線交易或市場操縱之亂象。此外，股份買回被認為擴大貧富差距，降低公司投資於研發之意願，導致經濟的不景氣。面對種種爭議，美國出現了改革之呼聲。我國同樣將股份買回之決定權交給董事會，美國法所出現的問題，均有可能在我國發生，因此美國法之發展十分值得我國借鏡。
本文第壹部分為前言。第貳部分美國股份買回的法制，即 SEC Rule 10b-18。第參部分介紹股份買回於美國引發之爭議，再於第肆部分統整目前被提出的改革手段與方向並評述其效果。第伍部分介紹並分析我國股份買回之法制，即證券交易法第 28 條之 2 及「上市上櫃公司買回本公司股份辦法」。最後於第陸部分回顧全文並做結語。
|
| 英文關鍵詞： |
Stock Buyback；SEC Rule 10b-18；Shareholder Primacy；Conflict of Interests；Agency Problems |
| 英文摘要： |
Stock buyback occurs when a company buys back its own outstanding shares with its own cash. The U.S. current main regulation on stock buybacks is Rule 10b-18, promulgated by the Securities and Exchange Commission(SEC). Although the rule is not mandatory, companies that voluntarily comply with the conditions will not be deemed as market manipulations. Since then, stock buybacks had increased exponentially. However, controversies arose with the stock buyback boom, and the regulatory efficacy of the SEC Rule 10b-18 has been called into question. The power to initiate stock buybacks is vested in the board of directors, whom at the same time are shareholders, resulting in conflict of interests, along with the risk of insider trading and market manipulation. Moreover, stock buybacks are also considered to be the bane of the widening wealth gap, and discouraged companies to invest in innovations, which in turn caused the stagnation of the economy. Facing all sorts of controversies, calls for reform in the U.S. have been ever louder and various plans have been proposed. Taiwan also vests the power to initiate stock buybacks in the board of directors. The controversies surrounding stock buybacks that has emerged in the U.S. will likely emerge in Taiwan as well. Hence, the developments of U.S. law should be noteworthy to Taiwan lawmakers.
Part I of the article is the introduction. Part II introduces U.S. stock buyback regulations, i.e., SEC Rule 10b-18. Then part III points out the various controversies surrounding stock buybacks. Part IV proceeds to give a broad overview of the reform proposals, and evaluates whether the efforts are effective in addressing the problem. Followed by Part V, which introduces and analyzes Taiwan’s regulations on stock buybacks, i.e., Article 28-2 of the Securities and Exchange Act and the “Regulations Governing Share Repurchase by Exchange-Listed and OTC-Listed Companies”. Lastly, part VI reviews and concludes the article.
|
| 目 次： |
壹、前言
貳、美國股份買回之法制
一、立法沿革
二、SEC Rule 10b-18
參、美國股份買回之爭議
一、利益衝突與代理問題
（一）管理者與股東間的代理問題
（二）股東與債權人間的代理問題
（三）大股東與小股東間的代理問題
二、內線交易與市場操縱
（一）內線交易
（二）市場操縱
三、貧富不均與排擠投資
（一）貧富不均
（二）排擠投資
肆、美國法制之改革倡議
一、實質管制取向
（一）提升資本利得稅之稅率
（二）對股份買回課稅
（三）將股份買回與員工待遇連結
（四）禁止或限制公司進行公開市場股份買回
二、公司治理取向
（一）限制董事會股份買回之決策權
（二）禁止買回公司之內部人於買回期間買賣股票
（三）加強買回公司的揭露義務
三、本文意見與分析
伍、臺灣股份買回之法制
一、決定機關
二、買回目的
三、買回之限制
（一）買回方式
（二）買回數量
（三）買回金額
（四）買回期間
四、揭露義務
（一）買回計畫之申報
（二）達到特定門檻之申報
（三）執行完畢之申報
（四）變更買回目的之申報
（五）公告於公開資訊觀測站
（六）公司應確實執行買回計畫
五、內部人禁止賣出
陸、結語
|
| 相關法條： |
 |
| 相關判解： |
|
| 相關函釋： |
|
| 相關論著： |
|