| 英文摘要 |
As corporate is deemed an economic organization, the theory of corporate law is deeply affected by economics — especially the concept of efficient market. In order to observe the application of efficient market in the corporate law, this article explores the development of efficient capital market hypothesis (the “ECMH”) to depict the ideal of efficient market, its implications, and limitations. Using fraud on the market theory, scrutiny of management, and insider trading theory as examples, this article observes the application of efficient market in the U.S. corporate law, concluding that the concept of efficient market should be cautiously applied. Based on the above observations, this article further extends its exploration to the determination of fair price. As of now, few discussions about the application of efficient market exist in Taiwan. While such insufficiency allows the corporate law theory in Taiwan to avoid the overextension of efficient market, the opportunity for examination and the insights from such examination is lost as a result.
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