日本公開收購法制之變革──簡評我國強制公開收購法制

The Reform of Japan’s Tender Offer Regulations: A Brief Commentary on Taiwan’s Mandatory Tender Offer Regulations

2024年日本金融商品交易法修正後，對公開收購法制進行諸多變革，而該修正內容將於2026年5月1日開始施行。值得關注者，日本現行強制公開收購之規定，主要適用於場外交易之情形，且適用門檻採用三分之一基準。但在近年所發生之數起敵意併購事件中，併購人以場內交易方式，大量收購目標公司股權，引發學界討論此等控制權移轉之情形，是否亦會影響目標公司股東權益，而有必要將場內交易納入強制公開收購之適用範圍。為此，主管機關啟動修法作業，設置公開收購工作小組，再次檢討該法制之立法目的乃至於應有之規範模式，並完成公開收購報告。而2024年之修法結果，雖未全盤採納公開收購報告之建議，但幾個重要之修正內容，例如：將場內交易納入強制公開收購之適用範圍，或是將適用門檻從三分之一基準降低至30%等，均係依據該報告之建議完成。至於，公開收購報告中未被採納之建議，則留待日後之立法。反觀我國強制公開收購法制，自1988年證交法修正時引進後，雖在2002年證交法修正時進行大幅調整，但該法制之立法目的乃至於規範模式，至今仍受到諸多質疑。本文希冀借鏡日本法之修法歷程，有助於開啟我國法重省之可能。

Following the 2024 amendment to Japan’s Financial Instruments and Exchange Act, numerous changes were introduced to tender offer regulations, which will take effect on May 1, 2026. Japan’s current mandatory tender offer regulations primarily apply to transactions outside the centralized stock market, with the eligibility threshold set at one-third. However, recent hostile takeovers, in which acquirers acquired significant amounts of target company equity through on-exchange transactions, have sparked academic debate about whether these transfers of control also affect the interests of target shareholders, raising the question of whether on-exchange transactions should be included in the scope of mandatory tender offer. To this end, the competent authorities initiated legislative revisions, establishing a tender offer working group to re-examine key issues such as the legislative purpose and regulatory framework of the law, and completed a tender offer report. While the subsequent amendments did not fully incorporate the recommendations of the tender offer report, several key amendments were made based on its recommendations, such as including on-exchange transactions in the scope of mandatory tender offer and lowering the eligibility threshold from one-third to 30%. Recommendations not adopted in the tender offer report will be left for future legislation. In contrast, Taiwan’s mandatory tender offer regulations, introduced in 1988 with the Securities and Exchange Act amendment, underwent significant adjustments in 2002. However, the legislative purpose and regulatory model of the regulations have been widely questioned. This article draws on the legislative process of Japanese law to offer insights into Taiwan’s legal system.