非公開發行公司資訊揭露法制之研究

A Legal System Study On The Information Disclosure Of Non－－public Companies

系所名稱：財經法律學研究所 學位別：碩士 畢業學年：99年 指導教授：王志誠 2006年12月29日，知名的力霸企業集團爆發大規模違法掏空案件。力霸集團轉投資事業亞太固網公司，其資本額已達656餘億元，股東各達6萬餘人，卻因為其非「公開發行公司」，從而免除了證交法加諸公開發行公司應充分揭露公司財務資訊之義務，此處無疑地替有心掏空企業之人士開了一道方便之門，使其可在資訊不對稱之前提下，不法輸送公司利益至私人口袋，危害投資大眾甚深。對此一疏漏，為強化非公開發行公司之資訊揭露機制，經濟部於96年似有意發貣公司法第156條之修正，提出登記資本額達一定數額且股東人數達一定數額以上之公司，擬藉由恢復強制公開發行，而適用證交法之規定，以收提升財務透明度之效。惟此法是否得當，且強制公開發行是否為提升資訊透明度之唯一路徑，實不無疑問，令人不禁懷疑立法者是否又陷入「頭痛醫頭、腳痛醫腳」之粗糙立法模式，如此作法，對於中小企業衝擊及尌防弊之實效性而言，是否又將招致難以估計之反效果。對此，本文亦將彙整國內外相關文獻，提出相關論點，佐證非公開發行公司在一定前提下資訊揭露之必要性及其法理基礎，並提出可行之法制架構，其中包括可能之揭露主體、範圍、揭露帄台建置及規範體例編排之探討，以供立法諸公衡酌之用。

An embezzlement case involving the Rebar Group, a prominent business group in Taiwan, was exposed on Dec. 29, 2006. Asia Pacific Broadband Telecom Co., a subsidiary of Rebar Group, at the time had a capital in excess of NT＄65.6 billion and more than 60,000 shareholders. But because Asia Pacific Broadband Telecom was not a public company, it was not obligated to disclose company financial information in accordance with the Securities Exchange Act. The absence of such a requirement no doubt opened a door for those who harbor the ill intention to embezzle company funds. Because of information asymmetry, those with ill intentions were able to embezzle money for their own use, thus seriously undermining the interests of the public investors.In response to such an oversight and to strengthen the mechanism for information disclosure by non-listed companies, the Ministry of Economic Affairs in 2007 seemed intent on initiating amendment of Article 156 of the Company Act, which would increase the transparency of a company’s financial information by restoring the system of mandatory public offering and applying the Securities Exchange Act to companies with registered amount of equity capital reaching a certain level and with the number of shareholders reaching a certain amount. However, the appropriateness of the proposed amendment, and whether mandatory public offering is the only way to increase transparency, is not without debate. There were those who questioned whether the legislators were merely trying to soothe the symptoms and not addressing the root cause of the problem. They claimed that the proposed amendment would undermine the small and medium enterprises (SMEs) and be counter-productive in the prevention of anomalies. With regard to this issue, this paper will review the relevant literature in Taiwan and aboard and present arguments for the necessity of information disclosure, under certain conditions, by non-listed companies, as well as the legal basis for such arguments. The paper will proceed to present a feasible legal framework, which may be used as reference by legislators. The framework will include ways to identify non-listed companies that might be required to disclose information, scope of disclosure, creation of a platform for disclosure, and the applicable legislation.