股份逆向分割與少數股東之保護

Reverse Stock Split and Protection of Minority Shareholders

股份逆向分割，又稱股份合併，係指降低公司流通在外之股份數，而將一定數量之股份合併為一股，不能合併之畸零股則以現金之方式給付。由控制股東發動的股份逆向分割，得作為逐出少數股東「私有化」的手段之一，在功能上等同於現金逐出合併。在制度的設計上，如何在鼓勵控制股東追求效益與維護少數股東權利間達到平衡？控制股東在股份逆向分割中對少數股東的受託人義務標準為何？控制股東在董事會或股東會中是否應盡說明義務，並迴避表決權之行使？對於被逐出的少數股東，是否應該提供一定程度的保護？例如賦予少數股東股份收買請求權？又股份逆向分割中，公司以現金買回少數股東手中的畸零股，其公平價格應如何計算？本文分析我國股份逆向分割減資決議之相關法律規範與法院見解，進一步參考美國法之相關法律規定、法院判決、學說見解，以及我國大法官釋字第770號解釋內容，研究在我國法制下，就股份逆向分割逐出少數股東的交易如何建置一個較完整的法律規範，以達到促進經濟並保護少數股東之目的。本文最後並就股份逆向分割制度提出立法與司法之相關建議。

A reverse stock split, also known as stock consolidation, is a type of corporate action which reduces dramatically the authorized and outstanding shares by consolidating a certain amount of shares into one share and paying the fractional share by cash. A reverse stock split initiating by controlling shareholders is one way to privatize a company and the functional equivalent of a cash our merger. How to balance between the efficiency achieved by a reverse stock split for controlling shareholders and the protection of minority shareholders? What is the standard of review for controlling shareholders’ fiduciary duty in a reverse stock split? Do controlling shareholders have the duty to explain and duty to avoid voting on the board and shareholders’ meetings resolving a reverse stock split transaction? Can minority shareholders who are cashed out have the appraisal right in a reverse stock split? How to decide the “fair value” of a fractional share? To answer the above questions, this paper analyzes the laws and court decisions regarding a reverse stock split in Taiwan, studies the U.S. laws, important court decisions, and scholarship, as well as the Constitutional Court Interpretation No. 770 of Judicial Yuan in Taiwan. To reach the purpose of enhancing economic efficiency and protecting minority shareholders, this paper proposes an amendment to laws governing fractional shares and the proper court interpretation concerning a reverse stock split.