台灣三家無線電視台股權大眾化之探討

Full and Fair Disclosure: A Study of TTV, CTV and CTS Stockshares Going Public

我國台視、中視、華視三家無線電視台的資本結構一直以來頗受 爭議，然而近年來隨著民間團體所發起的「黨政軍退出三台」活動要求三台公開釋股；國民黨黨營媒體事業股權釋出的發展趨勢；再加上三台為了擴充其二頻道的業務以及三台受到新興電子媒體之競爭，其近兩年之市場佔有率已逐漸遭受侵蝕等因素，使得三台已經逐漸展開公開發行與上市、股權大眾化的各項作業，這是一個發展趨勢。但是值得注意的是三台釋股之後，由於廣播電視法第12條對於廣播電視執照有效期間二年要申請換照一次的規定，且此執照在營運的過程之中，又可能因為違反廣電法第44、45條的規定而遭受停播，甚至於吊銷執照的處分，這些都可能影響電視台的經營績效甚至可能導致股東權益付之一炬；因此三家無線電視台本身之媒體特性以及其內部的經營狀況、資金調度、人事變更等訊息，在公開釋股之前及之後，都需要充分地公開透明化，以免將這些不確定風險拋向投資大眾，而喪失原先之三台股權大眾化的意旨。

The monopoly power of the three VHF TV stations in Taiwan (TTV, CTV, CTS) has always been criticized. The Article is focused on their capital structure controlled mainly by the government, theruling party-- Kuomintang (KMT) and the Ministry of National Defense. Recently, TTV, CTV and CTS have start to issue their stocks to certain private parties. In order to prevent the public investors from the uncertain risk, 'full and fair disclosure' is the best way to ensure a fair relation between TV Companies and public investors. It is also important to provide public investors with a reasonable disclosure of risk and return. So the study attempts to introduce the procedures and then presents the important viewpoints, as follows: (1) According to Sec. 12 of The Broadcasting Act, every two years, the TV station license should be renewed, the rule is out of date and not economic, so the term of license must be extended longer than two years. (2) The accounting system in Taiwan is also unfamiliar with intangible assets of TV company, because it includes so many concepts, such as the license terms, the operating schedules and program ratings, intellectual property rights, etc. The information must also be full and fair disclosure. (3) Besides, the law and regulation in Taiwan is also set to prevent inequitable and unfair practices on such exchanges and markets. Sec.36 (2)(2) of The Stock Securities and Exchange Act rules that 'The major and influential events of the company should be known by the public. 'Such as the staff rearrangement, the financial statement of the TV station, etc. All of the information must be offered by the three TV companies to the public.