| 摘要: | 大量取得股權申報制度旨在落實公開原則，期使公司股權重大異動之資訊能即時且充分公開，使主管機關及投資人能瞭解公司股權重大變動之由來及其去向，並進而瞭解公司經營權及股價可能發生之變化，以增進公共利益。然而，2020年6月30日大同股份有限公司股東會召開時，公司派股東為取得董事席次，竟利用大量取得股權申報制度剝奪市場派股東之表決權，引起社會譁然。本文將我國大量取得股權申報制度進行解構後，發現我國大量取得申報制度之規範內容及違反效果存有諸多缺失，有待修法解決。
中華人民共和國與我國皆參考美國1934年證券交易法之規定引進大量取得股權申報制度，且舊法皆存有諸多缺失。然而，中華人民共和國於2019年修法時，將大量取得股權申報制度全面修正，令制度更加完整；反觀我國於2023年修法時，僅將申報門檻調降，有為德不卒之憾。本文以為，他山之石可以為錯，故以中華人民共和國為比較研究對象，將中華人民共和國之大量取得股權申報制度進行解構及比較後，提出值得我國借鏡之處。
針對我國制度之缺失，本文疏理我國學說及實務見解，並借鏡中華人民共和國制度之優點後，建議將我國企業併購法之大量取得股權申報制度刪除，並將我國證券交易法之大量取得股權申報制度進行全面性修正，以落實公開原則。
The system of disclosure on the status of large-volume procurement of shares is enacted with a view to enhance public interests, and is intended to elaborate the principle of complete public disclosure of information to ensure that major changes of corporate share-ownership are completely disclosed to the public in a timely manner. Also, a large-scale purchase of shares disclosure system will enable the agency-in-charge as well as the investing public to know the reasons for and parties involved in those major changes and to gain a better understanding of possible changes in corporate control and share prices. However, during the shareholders meeting of Tatung Company on June 30, 2020, the shareholders controlling the company in order to secure directorships employed the system of disclosure over those of large-volume purchase of shares, and thus deprived the voting rights of those shareholders, which caused social outcry. After deconstructing Taiwan's system of disclosure on the status of large-volume shares procurement, this thesis identifies several deficiencies in both normative contents and legal effects of the system, which require further reformation of the law.
Both the People's Republic of China (“PRC”) and Taiwan have introduced the system of disclosure on the status of large-volume shares procurement by referencing to the provisions of the U.S. Securities Exchange Act of 1934. There are certain deficiencies in both the PRC and Taiwan’s old law. Nevertheless, when the PRC revised the law in 2019, it comprehensively revised the system of disclosure on the status of large-volume shares procurement to make the system more complete. In contrast, when Taiwan revised the law in 2023, it only lowered the threshold of disclosure, which is a pity that leaves room to improve. This thesis believes that stones from other hills may serve to polish the jade of this one, so taking the PRC as the object of comparative research. Comparing with the PRC’s system of disclosure on the status of large-volume shares procurement, the author pointed out what Taiwan can make further reference to.
In view of the deficiencies of Taiwan’s system of disclosure on the status of large-volume procurement shares, this thesis summarizes Taiwan’s related theories and practice. After drawing on the advantages of PRC's system of disclosure on the status of large-volume shares procurement, it is proposed to delete the system of disclosure on the status of large-volume shares procurement of Taiwan’s Business Mergers and Acquisitions Act, and comprehensively revise the aforesaid system of disclosure of Taiwan’s Securities and Exchange Act to implement the principle of disclosure. |
