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  控制股東主導交易審查標準之建構─以現金逐出合併為中心─ 陳盈如

本文摘要
大法官釋字第770號解釋引出我國對於控制股東所主導現金逐出合併中,對少數股東保障上之疑義,學說與相關討論上更進一步指出,在現金逐出合併中,啟動現金逐出之門檻偏低、利害關係股東是否在董事會與股東會中迴避、特別委員會之職權、資訊揭露之充分程度以及權利救濟程序等,皆為現金逐出合併中少數股東權利保護再我國應檢討之重點。本文深入研究美國法律與法院判決對於控制股東主導交易中,控制股東之受託義務、交易公平性之審查標準、資訊揭露義務、特別委員會之設置與職責等之發展,並對我國之現行法制之相關問題做深入探討。本文希望藉由控制股東在現金逐出合併案中之受託義務建立,探討控制股東之受託義務內涵,進而提出我國將來在控制股東主導交易之法律規範修正,包含特別委員會之設置與職責等、司法審查標準之建立以及事後救濟程序等,以期對於我國在控制股東主導之交易中提升對少數股東權利之保護。
關鍵詞:控制股東、釋字第770號解釋、現金逐出、少數股東、特別委員會、整體公平性、受託義務
 
Abstract

J.Y. Interpretation No. 770 introduces the questions about the protection of minority shareholders in cash-out mergers led by controlling shareholders. Scholars and related discussions further point out the additional issues, which include the relatively low requirements necessary to initiate a cash-out merger, whether interested shareholders will refrain from voting at the board and shareholders’ meetings, the power and duties of the special committee, the adequacy of the information disclosure, and the types of relief available for minority shareholders. This article makes an in-depth study of US laws and court decisions regarding controlling shareholders’ fiduciary duties, the review standards for cash-out mergers, information disclosure obligations, the functions and duties of special committee, and the related issues in Taiwan's current legal system. This article proposes to establish the fiduciary duties for controlling shareholders and amending the laws and regulations for controlling shareholder-led transactions, which include the enactment of the special committees with specific functions and duties, the construction of the judicial standard of review and the types of relief of minority shareholders, to strength the protection of minority shareholders rights in the controlling shareholder-led transactions.