A Comparative Study of the Underlying Policies behind the Taiwanese and U.S. Tender Offer Legislation

公開收購股權立法在美國與台灣的比較研究

在許多國家,公開收購股權已被看作是獲取公司經營權的一種方式。台灣在1988年建立起公開收購股權之制度。由於台灣政府所訂下的複雜程序與限制,因此在台灣甚少有公開收購股權的實踐。為了順利促成公開收購股權的目標,最近台灣立法部門已經修改了證券交易法與其他相關規範。不過,公開收購股權的相關問題仍舊存在。不同於台灣公開收購股權制度,美國國會自從在1968年通過威廉法案後,其公開收購股權的制度即存在多年。在財務金融法的領域中,由於台灣證劵交易法經常仿傚美國的模式,且美國已建立起完善之公開收購股權制度,本文擬從台灣與美國立法背後的政策比較研究中,獲得制度改革思考及辯論上的助益。本文首先探討管制公開收購股權的方式與途徑。其次則檢驗台灣與美國在公開收購股權制度上的管制合理性,並提供目前台灣與美國公開收購股權制度的全面觀點。最後,本文將提出可改善台灣公開收購股權制度的建言,以擷取可適用於台灣情況的美國經驗。

The tender offer has been used as a tool to acquire control of corporations in many countries. Taiwan first established its tender offer system in 1988. Due to the complex procedure and restrictions by the Taiwanese government, there have been few tender offer situations in Taiwan. For the purpose of facilitating tender offers, the Taiwanese government has significantly amended its Securities and Exchange Act and relevant regulations recently. However, problems regarding tender offers remain. In contrast to the Taiwanese tender offer system, the tender offer system in the U.S. has existed for many decades since the U.S. Congress enacted the Williams Act in 1968. In the financial law area, because the Taiwanese Securities and Exchange Act often chooses to emulate the American model and because the U.S. tender offer system is well-established, the debate about regulatory reform can benefit from a comparative study of the underlying policies behind the Taiwanese and U.S. tender offer legislation. This article begins with a discussion of approaches of regulating tender offers. Then, it examines the rationale for the Taiwanese and U.S. tender offer regulations and provides an overview of the current Taiwanese and U.S. tender offer systems. Finally, it offers suggestions for improving the Taiwanese tender offer system. This article aims at drawing lesson from the U.S. experience that might be adopted to the Taiwanese context.