企業併購中之股份收買請求權――功能定位與公平價格之決定

Appraisal in M&A: Its Function and Determination of Fair Value

本文觀察、分析德拉瓦州關於股份收買請求權之目的與公平價格決定方式的發展，試圖建立兩者關聯，並以彼邦近年發展與學說討論加以印證之，再由此反思我國股份收買請求權規定、學說與實務發展，主張在調整現行實務對於公平價格之認定方式後，我國股份收買請求權除了保障異議股東權益外，將兼具監督色彩。我國現行法雖已有受託義務相關規定及證券詐欺等實體規定，程序上並有股東代位訴訟及證券團體訴訟，而可就公司與董事行為進行監督，然各自有其不足，若股份收買請求權在企業併購法修正後將增加異議股東行使該權利的誘因，或可進一步思考以之作為審查併購交易妥適性之切入口。

This article observes and analyzes the purpose of appraisal right and the calculation of fair value under Delaware law, trying to establish their connection, which is verified by looking at the recent development of case laws and academic discussion. Then, this article further ponders on the design of appraisal right under Taiwan law, the relevant academic opinions and case rulings and argues that the purpose of appraisal right under Taiwan law, if adjusted to be well functioned, should be monitoring the board of directors, in addition to protection of dissenting shareholders. Although scrutiny such as fiduciary duty, securities fraud and procedural mechanisms like class action and derivative suits are available under Taiwan law, they have their shortcomings to be fixed. If the amendment of Business Mergers and Acquisitions Act incentivizes shareholders to assert appraisal right, it may be considered being utilized as the scrutiny of M&A transactions.