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Please use this identifier to cite or link to this item: http://ntour.ntou.edu.tw:8080/ir/handle/987654321/52181

Title: 論異議股東股份請求收買之公平價格
A study on the determination of fair price regarding dissenting shareholders' request for purchase
Authors: Lee, Ming-Yuh
李明諭
Contributors: NTOU:Institute of the Law of the Sea
國立臺灣海洋大學:海洋法律研究所
Keywords: 異議股東;異議股東股份收買請求權;公平價格
shareholders;dissenters appraisal rights;fair price
Date: 2017
Issue Date: 2019-05-23T06:24:39Z
Abstract:   鑒於現代公司制度的快速發展,在一股一權資本多數決原則下,股東所持有的股份數與其所具有的表決權成正比;公司勢必將股東大會中持股較多的股東的意思視為公司的決策意思,使得多數股股東的表決處於支配地位,多數股股東通過股東大會,而損害少數異議股東(dissenting shareholder)利益時,對於中少數異議股東利益保護即成為立法的一道議題,異議股東的收買請求權(appraisal remedy; appraisal right)」於是乎孕育而生。   法律上異議股東的收買請求權制度允許異議股東在特定情況下通過請求公司回購股份的方式,獲得合理補償的基礎上退出公司,為喪失決議否決權的少數異議股東提供了一條退出公司的合法途徑,兼顧公司及少數異議股東的權益。   本文首先介紹異議股東的收買請求權的制度概述、該制度的制度起源和概念辨析,從制度起源和理論基礎兩個方面闡釋了該制度存在的理論意義以及價值基礎。且通過對異議股東的收買請求權制度的比較觀察,以美國、日本以及我國為範本,指出各國關於異議股東股份收買請求權的立法體例及其規定,期盼為我國股份收買請求權制度參考。   繼而敘明異議股東股份收買請求權雖是一種特殊的股東退出機制,強調股份收買公平價格的如何評價才是具體有效表現的關鍵。公平價格的確認時點和確定方式則將會直接影響股份收買價格的計算與結果。對於公平價格的確認時點,以公司是否盡責地將股東大會的通知送達少數異議股東為依據,劃分為兩種情況。在公司盡責的情況下,以重大決議做出之時為確認時點。且不存在例外情況,異議股東一旦表明其退出,其退出的具體理由不成為獲得額外利益的依據。在公司未盡其責的情況下,以股東大會召開之日到股東知道或應當知道公司重大決議之時這一段時間為時間軸,由股東選擇其中任一時點作為確認時點;而在股份收買糾紛案件中,合理價格的確定方式需要在一定的框架下運行。公司與少數異議股東在重置資本法、收益現值法和市場比較法這一固定的框架內,根據公司的實際情況和各方法本身的利弊及其所包含的重要因素,綜合進行考慮,選擇任何單一方法或幾種方法的組合對股份回購價格進行確定,本文結合各國的立法及實務經驗,從具體適用情形等方面對該制度的構成要件加以比較論述,嘗試提供未來法院對股份收買價格裁判參考。
Along with the modern company system development, under power capital most definitely principles, which the shareholder has the right to vote which if the stock number has to be proportional; The company owns stocks the general meeting of shareholders in the many shareholder's meaning to regard as inevitably the company the meaning, causes the most stock shareholder's decision to be at the control position, most stock shareholder through general meeting of shareholders, when harms the minority objection shareholder benefit, namely becomes the legislation regarding the minority objection shareholder benefit protection a subject, the objection shareholder stock returns buys the request power thereupon to breed lives. The appraisal right of dissenters on the law allowed dissenters in a particular case by asking the company to buy back shares, given reasonable compensation on the basis of the exiting company, is losing the blocking minority dissenting shareholder resolution provided a legal way to exit the company, both the company and the interests of the minority shareholders. This article first introduces the system of appraisal rights of dissenters outlined, the origin and the system of concepts from the origins and theoretical basis of two aspects of the system theory and value base. And, through the comparative observation of the appraisal right of dissenters, templated on the United States, Japan and China, pointing out that States on the objection shareholder stock purchase rights legislation and its provisions, looking forward to the repurchase right system reference. Then stating the dissenters right to purchase in the future is a special shareholder exit mechanism, emphasizing the appraisal fair price how to evaluate is the key to effective performance. Fair price confirmation timing and determination will affect the stock purchase price calculation and results. For confirmation of a fair price point, responsible to serve a notice of the general meeting of the shareholders of the company minority shareholders on the basis of divided into two cases. In the case of due diligence of the company, with significant resolution to recognize de facto. And there are no exceptions, dissident shareholders once its out, pull out the specific reasons do not form the basis for additional benefits. In the case of companies did not do their duty, with the date of the general meeting to the shareholders knew or should have known the company was this time when big decisions for the timeline, confirmed by the shareholders choose any point as point and appraisal in cases of dispute, reasonable price assessment methods need to be run in a certain context. Company and minority objections shareholders in heavy reset capital method, and returns now value method and market compared method this a fixed of framework within, according to company of reality and the method itself of pros and cons and by contains of important factors, integrated for consider, select single method or several method of combination on shares repo price for assessment, paper combined States of legislation and the practice experience, from specific applies case, aspects on the system of constitute elements be compared discusses, attempts to provides future Court on shares buy price referee reference.
URI: http://ethesys.lib.ntou.edu.tw/cgi-bin/gs32/gsweb.cgi?o=dstdcdr&s=G0040446001.id
http://ntour.ntou.edu.tw:8080/ir/handle/987654321/52181
Appears in Collections:[海洋法律研究所] 博碩士論文

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