日本公開收購法制──附論日臺法制比較

The Japanese Legal Framework of Public Tender Offer with a Comparison Between the Systems of Taiwan and Japan

日本公開收購制度係於昭和46年（1971年），仿美國法而引進，分為非發行人公開收購及發行人公開收購（即公司買回自己股份）兩大部分。日本金融商品交易法主要圍繞在強制公開收購，明顯與臺灣證券交易法規範之基本體例不同，臺灣於1988年1月29日增訂公開收購制度時，便係以任意公開收購為骨架。臺灣公開收購法制之內容，雖然可以看出濃厚的日本法制色彩，惟細微的差異處不少，礙於篇幅，無法一一詳細說明。因此，本文擇數個較為重要之差異處，於文末加以評論。總體言之，較之日本法，臺灣公開收購法制明顯過度偏頗公開收購人，為落實保障投資之立法本旨，實應大幅修正！

The Japanese system of public tender offer, introduced in 1971 by referring to the American laws, can be divided into two main parts: public tender offer made by non-issuers and issuers (i.e. company’s purchase of its own shares). Japan’s Financial Instruments and Exchange Act, focusing primarily on mandatory public tender offer, differs clearly from the fundamental framework of Taiwan’s Securities and Exchange Act. While adding the public tender offer system on January 29, 1988, Taiwan has chosen the foundation of non-mandatory public tender offer. Even though we can observe Japanese’s deep influence on Taiwan’s public tender offer system, there are quite many subtitle differences between the two, which may not be itemized due to limitations of space. Accordingly, only several important differences will be chosen for discussion at the end of this article. Generally speaking, compared to its Japanese counterpart, Taiwanese public tender offer framework is overly favorable to the offeror, which shall be vastly changed to fulfill the legislative intent of investment protection.