私募公司債與私募有價證券之比較研究 －以美國法為中心－

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Title:	私募公司債與私募有價證券之比較研究－以美國法為中心－ Private Placements of Corporate Bonds and Securities: A Comparative Study with Focus on American Law
Authors:	林郁君 Lin, Yu-Chun
Contributors:	法律學系
Keywords:	私募豁免證券豁免交易安全港規定公司債有價證券 private placement exempted securities exempted transactions safe harbor corporate bonds securities
Date:	2014
Issue Date:	2014-02-20 14:56:34 (UTC+8)
Abstract:	企業蓬勃發展乃係國家經濟發展之主要動力，為因應企業所需並使其得以更多元化之方式籌措資金，私募制度無疑是達到此目標之方法之一。私募具有經濟、迅速及多元之特色，對於企業而言乃係一不可或缺之籌措所需資金的方法，藉以提升企業競爭力。我國私募制度自民國90及91年修正公司法及證券交易法正式引進私募制度後，已實施逾十年之久，私募公司債及有價證券已成為公司重要的籌資管道，且讓不少有財務困難的上市櫃公司因此獲得所需資金並順利渡過危機。我國公司法及證券交易法均設有私募相關規範，但兩者之規範範圍有無衝突或不完備，均需深入研究探討。我國私募制度主要師承美國立法例，藉由比較台灣與美國之私募制度立法例，進而分析其異同，以美國私募制度值得作為借鏡之處，作為我國未來修法之方向。然而，私募雖可提供企業經濟且迅速之方式籌措所需資金，但必定會牽涉到股東、債權人及其他關係人之利益。我國私募制度尚有許多檢討之空間，如認購人與發行人並不是處在對等之地位，發行公司應有義務提供私募之相關資訊。美國私募制度能否完全移植至我國實務？以兼顧企業發展與投資保障為前提，如何豁免發行人向主管機關註冊登記，以達便利企業為私募行為？又該如何更加完善地保障認購人獲得私募相關資訊？及防範企業歸避公開募集程序？以上所述皆是本論文欲探究之問題，希冀研究結果未來可供實務及修法參考。 Whilst the prosperity of private enterprises is one of the main drives to promote national’s economic development, to have more diversified and flexible ways to help fund raising of enterprises private placement is surely one of key means to achieve this end. An economic, speedy, diversified way to raise need capital is essential to a corporation in order to promote its competitiveness. Private placement may serve this purpose. During more than ten years since the Taiwan’s authorities launched the private placement regime by amending the Company Act and Securities Exchange Act in 2001-2002, the private placement has become a significant fund raising manner for public companies. It has been working efficiently in terms of helping public listing companies which ever faced financial issues, getting capital injection timely and therefore survive over crisis. The standard scope, conflicts and uncompleted parts are all worth to probe. Taiwan’s private placement system has been followed from those of the U.S. Such a comparative approach may prompt appropriate future reforms on the law and regulation of private placement in Taiwan. Nevertheless, private placement may furnish corporations and inexpensive way to raise need capital, it will inevitably touch upon the interests of shareholders, creditors, and other constituencies. In practice, private placement system remains room for improvement; such that the subscriber and the issuer are not in a reciprocal position, and thus the issuer should be obligated to provide the company’s relevant information. Whether the American private placement experience can fully implant into ours is still an open question. By employing the comparative study methodology this research project therefore will seek to explore those issues remained in hope to be able to be of contribution to practical reference in the future.
Appears in Collections:	[Department of Law & Graduate Institute of Law ] thesis

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