有價證券下市交易之探討

A Study of The Listed Securities Terminating

公司因其股票獲准公開上市，而有人數眾多之股東；一旦終止上市，即再成為少數大股東私有。依證券交易法第43條之1規定，終止上市之規定，有三種情形，包括公司自願申請，證交所之強制下市，以及主管機關之命令等三者。關於有價證券之收購，規定於證券交易法，但關於公司之併購，則規定於企業併購法。依企業併購法第2條第1項規定：「公司之併購，依本法之規定；本法未規定者，依公司法、證券交易法、公平交易法、勞動基準法、外國人投資條例及其他法律之規定。」。事實上，下市交易涉及兩大利益之拉鋸，一方為控制大股東之經濟利益，一方為小股東之保護。因此，如何在兩者間取得平衡，為下市交易最大之課題。 If the stocks obtain permission to go public, the shareholders become more numerous. As soon as it is to terminate listed securities, the company is going to privately-owned of the minority shareholder. According to Securities and Exchange Act Article 43-1provited,1.The number of securities proposed for public tender offer by the offer or plus the total number of securities of the public company already obtained by the offer or and its related parties do not exceed five percent of the total number of voting shares issued by the public company.2. The securities purchased by the offer or through the public tender offer are securities of a company of which the offer or holds more than 50 percent of the issued voting shares.3. Other circumstances in conformity with the regulations prescribed by the Competent Authority. Regard as Purchase of Securities is set for the Securities and Exchange Act, but regard as business mergers is set for the Business Mergers And Acquisitions Act. According to Business Mergers And Acquisitions Act Article 2(2) provided, Any merger/consolidation and acquisition by a financial institution shall be done pursuant to the Financial Institutions Merger Act and the Financial Holding Company Act; if not expressly provided in the said two Acts, this Act shall govern. As matter of fact, it is to terminate listed securities of the business transactions that concern a stalemates of both sides. One side is the interests of majority shareholder, and the other side is the protection of the minority shareholder. Therefore, it is the most impotence to balance the interests between majority shareholder and minority shareholder.