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系統識別號 U0002-1007201121104800
中文論文名稱 歐盟跨國企業合併之研究
英文論文名稱 The Study of Cross-Border Mergers in the EU
校院名稱 淡江大學
系所名稱(中) 歐洲研究所碩士班
系所名稱(英) Graduate Institute of European Studies
學年度 99
學期 2
出版年 100
研究生中文姓名 陳映蓁
研究生英文姓名 Ying-Chen Chen
學號 697290335
學位類別 碩士
語文別 中文
口試日期 2011-06-17
論文頁數 119頁
口試委員 指導教授-陳麗娟
委員-陳彥良
委員-洪秀芬
中文關鍵字 歐洲聯盟  營業所設立自由  跨國企業合併指令  公司法  股東權利  債權人保護  員工共同參與 
英文關鍵字 European Union  freedom of establishment  cross-border merger directive  corporation law  shareholders’ rights  protection of creditors  participation of employee 
學科別分類 學科別社會科學區域研究
中文摘要 全球化的浪潮使跨國企業併購活動日益熱絡,多國籍企業常藉由併購活動重新配置資源、促進產業轉型或提高本身的生產力與競爭力。自1958年歐洲經濟共同體成立以來,歐洲聯盟即為了達成商品、人員、勞務和資金的自由流通而進行法律整合;另一方面,歐盟於2000年的里斯本策略與2010年公布的「EUROPE 2020策略」中,均將提升歐盟經濟的競爭力與永續發展列為重要目標。歐盟不斷致力調合會員國間的法規差異,以移除聯盟內的跨國併購障礙,深化區域經濟的統合。

歐盟各會員國有不同的公司法制度,各會員國對於可進行合併活動之公司類型規定不同,彼此之間也無規範一致的跨國合併程序。這些障礙提升跨國合併的成本與風險,對想要跨國經營的中小企業而言更為不便。近年來,歐盟公布一系列規範國內與跨國合併活動、股東權益、獨立專家報告、企業合併與分割須提交報告文件之要求等指令,同時規範投資人、員工等利害關係人在企業合併時的保護標準,希望促進歐洲單一市場的效率。對歐盟而言,降低跨國企業合併所需耗費的成本更可提升內部市場整體的經濟競爭力。

本論文係在歐洲公司法的架構下,以歐盟跨國合併指令為中心,探討過去會員國在跨國合併上的障礙與立法過程中之主要爭點、分析歐盟基於營業所設立自由原則所規範的跨國合併指令內容,探討歐盟在規範跨國合併程序中,調合各國在保護股東權利、債權人權利及保障員工權益的標準。最後,本論文以荷蘭的個案研究,歸納歐盟在跨國合併法制與實務上的發展趨勢,以期作為台商前進歐盟市場的參考。
英文摘要 The trend of the globalization has promoted cross-border merger and acquisition (M&A) activities all over the world. The M&A activities are important tools for multinational corporations reallocating their resources, promoting industrial transformation, improving productivity and enhancing competitiveness. Since the establishment of the European Economic Community in 1958, the European Union has contributed to the legal integration in order to establish an internal market with goals of guaranteeing the free movements of goods, services, capital and people. Moreover, the objectives of the Lisbon strategy in 2000 and EUROPE 2020 Strategy in 2010 are making the EU as the most competitive and sustainable growth Economy in the world. Therefore, the EU has focused on harmonizing the legal differences among the Member States, removing obstacles of cross-border M&A and deepening the regional economic integration.

There are lots of differences of corporation legal systems among the EU Member States Besides, the Member States have their own regulations for the domestic merger. The obstacles caused by the differences of corporation law have caused the costs and risks of the international merger activities, especially for small and medium-sized companies in Europe. Recently, the EU has provided a series of regulations regarding to the domestic and cross-border merger of limited liability company, shareholders’ rights, the requirement of an independent expert’s report, reporting and documentation requirements for merger and division and so on. The EU also has published standards for the investor protection and the right of employees in case of mergers in order to enhance the market efficiency. In sum, reducing the costs of the multinational merger activities can improve the competitiveness of the European internal market.

Based on the framework of the European corporation law and the directives related to cross border merger, this thesis focuses on the previous obstacles and the legislative integration of cross border merger in the EU. This thesis also analyses the procedures of cross border merger regulated in the directives and the standards of shareholder, creditor and employee protection. Finally, the thesis works on a case between the Netherlands and Sweden, to describe the development of cross-border merger law in the EU, which could be taken as an example for Taiwan’s companies.
論文目次 第一章 緒論 1
第一節 研究動機與目的 1
一、研究動機 1
二、研究目的 3
第二節 研究方法..........5
第三節 文獻評論..........6
第四節 研究範圍與限制 10
一、研究範圍 10
(一)本論文所指稱的歐洲企業 11
(二)本論文所指稱之合併概念 12
二、研究限制 13
(一)時間限制 13
(二)語言及文獻蒐集限制 14
第五節 研究架構 14
第二章 影響歐盟跨國企業合併的背景與因素 17
第一節 跨國合併法制的發展背景 17
一、歐洲公司法的發展 17
二、營業所設立自由原則 22
第二節 影響跨國合併之外部因素 24
一、公司所在地說與設立說的爭議 24
(一)設立說 25
(二)所在地說 25
(三)兩學說衝突對跨國合併的影響 26
二、會員國對跨國合併不同的規範 29
第三節 影響跨國合併之內部因素 31
一、員工共同參與決定制度 31
二、股東的權利保護 32
三、債權人的權利保護 36
第四節 整合內部因素之差異 39
一、董事會的責任與義務 40
二、股東權益 40
三、債權人權益 42
四、員工權益 42
第五節 小結 44
第三章 歐盟跨國企業合併的規範 47
第一節 跨國合併指令的立法過程 47
第二節 歐洲法院Sevic判決的意義 50
第三節 企業跨國合併的運作方式 52
一、股份有限公司合併指令與跨國合併指令 53
(一)適用的公司類型與準據法 54
(二)合併契約應揭露的資訊 54
(三)董事會或經營階層應盡之責任與義務 55
(四)合併程序與簡易合併之規定 57
(五)獨立專家報告 58
(六)合併案的法律問題 59
二、簡化公司合併與分割需提交文件規定指令 60
(一)獨立專家報告 60
(二)資訊揭露與公示 60
(三)文件內容要項 61
(四)簡易合併事項 61
第四節 對股東、債權人與員工權利的保護措施 61
一、股東 61
二、債權人 62
三、員工 63
第五節 小結 68
一、營業所設立自由在跨國企業合併的意義 68
二、對員工、債權人與股東權利保護的限制 69
第四章 歐盟跨國企業合併運作之探討─以荷蘭為例 75
第一節 荷蘭公司法特色與公司制度概述 75
一、荷蘭公司法的特色 75
二、荷蘭的公司制度 77
第二節 荷蘭轉換跨國合併指令的修法內容 79
一、合併契約 80
二、董事會報告 81
三、獨立專家意見書 81
四、合併程序、合併生效與登記 81
五、少數股東的保護 83
六、債權人的權利保護 84
七、員工共同參與制度 84
八、相關資訊揭露 87
九、簡易合併之規定 87
第三節 荷蘭公司的跨國合併實務:以Obtineo與LBi合併案為例 88
一、合併事實 88
二、合併契約與合併過程 90
三、關於股東、債權人與員工權益事項 93
第四節 荷蘭公司法在歐盟跨國合併法制架構下的發展 95
第五章 結論 99
第一節 歐盟跨國企業合併法規的發展趨勢 99
第二節 歐盟架構下荷蘭跨國企業合併法規對台灣的啟示 102

附 錄 相關指令一覽表 108
參考文獻 111


圖目錄
圖1-1:論文研究架構圖 16
圖3-1:歐盟企業跨國合併程序 67
圖4-1:Obtineo與LBi合併生效前之組織結構 89
圖4-2:合併後新公司(New LBi)之組織結構 90
圖4-3:LBi與Obtineo合併後新公司持股結構 92

表目錄
表2-1:歐盟國家針對國內公司變更所在地之規定 28
表2-2:2005年法國、德國、英國對股東權利的保障指數評估 34
表3-1:參與跨國合併公司成立特別談判小組之說明範例 65
表3-2:各會員國適用跨國合併指令之公司類型與審查機關 72

參考文獻 一、中文資料
書籍
王文宇 (2006),公司法論,台北:元照出版公司。
王泰銓 (2009),歐洲事業法(一)歐洲公司企業組織法,台北:五南圖書出版有限公司。
協和國際法律事務所 (2011),後ECFA實戰財金法律,台北:書泉出版社。
梁宇賢 (2006),公司法論,台北:三民書局股份有限公司。
陳麗娟 (2008),歐洲共同體法導論,台北:五南圖書出版股份有限公司。
陳麗娟 (2009),全球化之公司治理,台北:五南圖書出版股份有限公司。
陳麗娟 (2010),歐洲經濟法,台北:五南圖書出版股份有限公司。
陳麗娟 (2010),里斯本條約後歐洲聯盟新面貌,台北:五南圖書出版股份有限公司。
廖大穎 (2003),公司債法理之研究 ─ 論公司債制度之基礎思維與調整,台北:正典出版文化有限公司。
期刊論文
王文宇 (1998),世界主要國家併購相關法律規定之比較,經濟情勢暨評論季刊,第4卷第2期,頁60-102。
李禮仲 (2002),企業併購法之探討,國政研究報告,財金(研)091-045號,頁1-5。
陳麗娟 (2005),歐洲共同體競爭法與商品自由流通原則 ─ 從歐洲法院之案例法論歐洲共同體在共同市場內維持自由貿易之機制,東海大學法學研究,第23期,頁223-251。
陳麗娟 (2009),歐洲聯盟法制巡禮 ─ 競爭法與公司法,月旦法學雜誌,第174期,頁5-29。
劉連煜 (2006),公司合併態樣與不同意股東股份收買請求權,月旦法學雜誌,第128期,頁26-36。

二、英文資料

官方文件
Council of the European Union (2005), Adoption of a Directive on Cross-border mergers in the European Union, 12482/05 (Press 238).
Dutch Corporate Governance Committee (2003), The Dutch corporate governance code-principle of good corporate governance and best practice provisions.
European Commission (2003), Commission proposal for a Drirective on cross-border mergers-frequently asked questions, COM (2003), Memo/03/233.
European Commission (2007), Commission Staff Working Document-Impact assessment on the Directive on the cross-border transfer of registered office, SEC (2007) 1707.
European Commission, DG Internal Market and Services (2005), IPM survey on obstacles to cross-border mergers and acquisitions.
European Commission (2010), European Corporate Governance Forum-Minutes of the meeting of 26 Nov. 2010, MARKT/F2/LT.
European Commission (2010), EU Competition law-Rules applicable to Merger Control-Situation as at 1 Apr. 2010.
European Commission (2009), Green Paper - the interconnection of business registers, COM (2009) 614 final.
European Commission (2003), Modernizing Company Law and Enhancing Corporate Governance in the European Union - A Plan to Move Forward, COM (2003) 284 final.
European Commission (2009), Transposition of Company Law and Anti-Money Laundering Directives - State of Play as at 22/10/2009 - View per directive. Available from: http://ec.europa.eu/internal_market/company/docs/official/091022trans-dir_en.pdf
European Commission (2007), 8th Meeting of the Advisory Group on Corporate Governance and Company Law, COM (2007), DG MARKT/F2/LZ D.
High Level Group of Company Law Experts (2002), Report on Issues Related to Takeover Bids, chaired by Jaap Winter, Brussels.
High Level Group of Company Law Expert (2002), A Modern Regulatory Framework for Company Law in Europe, Brussels.
Organization for Economic Co-operation and Development (2004), OECD Principles of Corporate Governance, Paris.
Statistics Netherlands (2009), Internationalisation Monitor 2009, Available from: http://www.cbs.nl/NR/rdonlyres/F86F98A6-1B01-4D99-A216-FD88059B4487/0/2009M21pub.pdf
UK Department for Business (2008), Enterprise and Regulatory Reform (BERR), European Company Law and Corporate Governance-Government Response to the Consultation on the Cross-Border Merger Directive, London.
United Nations Conference on Trade and Development (2009), World Investment Report 2009: Transnational Corporations, Agricultural Production and Development, New York.

書籍
Brigham, Eugene F./Houston , Joel F. (2007), Fundamentals of Financial Management, Boston: South-Western College Pub.
Cerioni, Luca (2007), EU Corporate Law and EU Company Tax Law, Cheltenham: Edward Elgar Publishing Limited.
City&Financial Publishing (eds.) (2008), A Practitioner’s Guide to Takeovers and Mergers in the European Union, Surrey: City&Financial Publishing.
Clark, Robert Charles (1986), Corporate Law , London: Cavendish Pub Ltd.
Cook, C. J./Kerse, C. S. (2000), EC Merger Control, 3rd edition , London: Sweet and Maxwell.
Dashwood, Alan/Ward, Angela (ed.) (2000), The Cambridge Yearbook of European Legal Studies Volume 2, Oxford: Hart Publishing.
Dornseifer, Frank (2005), Corporate Business Forums in Europe- A Compendium of Public and Private Limited Companies in Europe, London: Sweet & Maxwell.
Fibbe, Gijs K. (2009), EC Law Aspects of Hybrid Entities, Amsterdam: IBFD Publications B.V..
Geens, Koen/Hopt, Klaus J. (ed.) (2010), The European Company Law Action Plan Revisited: Reassessment of the 2003 Priorities of the European Commission, New York: Cornell University Press.
Grundmann, Stefan (2007), European Company Law, Oxford: Intersentia.
Hopt, Klaus J. (2008), “Comparative Company Law”, in: Reimann, Mathias/ Zimmermann, Reinhard (eds.) The Oxford Handbook of Comparative Law, Oxford: Oxford University Press.
Kaczorowska, Alina (2009), European Union Law, London: Routledge-Cavendish.
Kraakman, Reinier/ Armour, John (eds.) (2004), The Anatomy of Corporate law: A comparative and functional approach, Oxford: Oxford University Press.
Van Gerven, Dirk (2010), Cross-Border Mergers in Europe, Cambridge: Cambridge University Press.
Van Hulle, Karel/Gesell, Harald (eds.) (2006), European Corporate Law, Baden-Baden: Nomos Verlagsgesellschaft.

期刊
Baelz, Kilian/Baldwin, Teresa (2002), “The End of the Real Seat Theory (Sitztheorie): the European Court of Justice Decision in Ueberseering of 5 Nov. 2002 and its Impact on German and European Company Law”, German Law Journal, No. 12. Available from: http://www.germanlawjournal.com/print.php?id=214
Becht, Marco (1999), “European Corporate Governance: Trading off liquidity against control”, European Economic Review 43, pp.1071-1083.
Colucci, Michele (2005), “Legal Regulation of Disclosure of Information to Employees or Prospective Employees in the European Union and Italy”, COMP. LABOR LAW&POL’Y JOURNAL, Volume 22, pp.539-584.
Didier Martin/Forrest G. Alogna (2007), “A European Delaware: The Nascent Regulatory Market in Europe”, Corporate Finance & Capital Markets Law Review , pp.1-40.
Jungmann, Carsten (2006), “The Effectiveness of One-Tier and Two-Tier Board Systems in Europe”, European Company and Financial Law Review, Volume 3, Issue 4, pp. 426-474.
Kersting, Christian/Schindler, Clemens Philipp (2003), “The ECJ's Inspire Art Decision of 30 Sep. 2003 and its Effects on Practice”, German Law Journal, Volume 04, No.12, pp.1277-1291.
Lele, Priya P./Siems, Mathias M. (2007), “Shareholder Protection Index for the UK, the US, Germany, France, and India”, Journal of Corporate Law Studies pp.17-50.
Leyens, Patrick C. (2005), “German Company Law: Recent Development and Future Challenges”, German Law Review, Volume 6, No. 10, pp.1407-1477.
Meinema, Martha (Dec. 2002), “Mandatory and Non-Mandatory Rules in Dutch Corporate Law”, Electronic Journal Of Comparative Law, Volume 6.4, pp.158-170.
Papadopoulos, Thomas (2008), “Legal Perspectives on the Scope of the Thenth Company Law Directive on Cross-Border Mergers”, European Current Law, No. 10, pp.1-5.
Pelle, Philippe (Mar. 2008), “Companies Crossing Borders within Europe “Utrecht Law Review, Volume 4, Issue 1, pp. 6-12.
Raaijmakers, Geert T.M.J./Olthoff, Thijs. P. H. (Mar. 2008), “Creditor protection in cross-border mergers; unfinished business”, Utrecht Law Review, Volume 4, Issue 1, pp.34-39.
Siems, Mathias M. (2005), “The European Directive On Cross-Border Mergers: An International Model?” Columbia Journal of European Law, Volume 11, pp.167-186.
Siems, Mathias M. (2007), “SEVIC: Beyond Cross-Border Mergers”, European Business Organization Law Review, Volume 8, No. 2, pp.307-316.
Siems, Mathias M. (2008), “Shareholder Protection around the World”, Delaware Journal of Corporate Law, Volume 33, pp.111-147.
Siems, Mathias M. (Jun. 2010), “The Web of Creditor and Shareholder Protections in 25 countries: A Comparative Legal Network Analysis”, Arizona Journal of International and Comparative Law, Volume 27, No. 3, pp. 747-786.
Saenger, Ingo (2005), “Recent Developments in European Company and Business Law”, DEAKIN LAW REVIEW, Volume 10, No. 1, pp.297-318.
Timermann, Levinus (2010), “Principles of prevailing Dutch company law”, European Business Organization Law Review, Volume 11, Issue 4, pp.609-627.
Timmerman, Levinus/Doorman, Alexander (Dec. 2002), “Rights of Minority Shareholders in the Netherlands”, Electronic Journal of Comparative Law, Volume 6.4, pp.181-211.
Wyckaert, Marieke/Geens, Koen (Mar. 2008), “Cross-border mergers and minority protection-An open-ended harmonization”, Utrecht Law Review, Volume 4, Issue 1, pp.40-52.

學術機構報告
Armour, John et al. (2009), ”How Do Leagal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection”, ECGI Law Working Paper, No. 129.
Betz, Nicole (2008), “EC and EU”, Discussion Paper in The European Union in International Affairs Conference – GARNET 2008.
Bratton, William W./McCahery, Joseph A./Vermeulen, Erik P. M. (Jan. 2008), “How does Corporate Mobility Affect Lawmaking? A Comparative Analysis”, ECGI Working Paper, No. 91.
Ferran, Eilis (Oct. 2005), “The Place for Creditor Protection on the Agenda for the Modernisation of Company Law in the European Union”, ECGI Law Working Paper, No. 51.
Gelter, Martin (2010), “Tilting the Balance between Capital and Labor? The Effect of Regulatory Arbitrage in European Corporate Law on Employees”, ECGI Working Paper, No. 157.
Hopt, Klaus J. (Oct. 2005), “European Company Law and Corporate Governance: Where does the Action Plan of the European Commission Lead?”, ECGI Working Paper, No. 52.
Martin, E., Pundt, A./Nerdinger, F.W. (2006), “Employee Participation and Corporate Culture”, Working Papers from Project TiM of University of Rostock, No. 1.
Martynova, Marina/Renneboog, Luc (Feb. 2008), “Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions”, TILEC Discussion Paper, No. 2008-008.
McCahery, Joseph A./Vermeulen, Erik P. M., (Jun. 2007), “Understanding Corporate Mobility in the EU-Towards the Foundations of a European ‘Internal Affairs Doctrine’ ” Working Paper in 5th European Company Law and Governance Conference.
Otsuka, Shoji (Jan. 2006), “Promotion of Employee Participation in Corporate Governance in Japan through Institutionalizing the Supervisory Board: Implications and Lessons from German Experience”, JCER Staff Report, No. 74.
Schopman, K.A.M. (2004), “Changing Company Law in the Netherlands”, European Commerce Registers’ Forum (ECRF) Report, in 7th International Conference of the Commerce Registers of Europe.
Weiler, J.H.H. (2009), “Company’s Cross-border Transfer of Seat in the EU after Cartesio”, Jean Monnet Working Paper, No. 7.
Wymeersch, Eddy (Mar. 2003), “The Transfer of the Company’s Seat in European Company Law”, ECGI Law Working Paper, No. 08.
Wymeersch, Eddy (Nov. 2006), “Reforming the Second Company Law Directive”, Financial Law Institute Working Paper, No. WP2006-15.

民間機構報告
The Board of Directors of LBi (Apr. 2010), Welcome to the Extraordinary General Meeting of shareholders of LBI International AB (publ), Stockhom, Sweden.
Cleary Gottlieb Steen&Hamilton LLP (Jul. 2008), “Implementation of the Cross-Border Merger Directive in The Netherlands”, Cleary Gottlieb Steen&Hamilton LLP, Brussels.
Danske Markets (2010), Information to the shareholders of LBI INTERNATIONAL AB (PUBL) regarding the merger with OBTINEO NETHERLANDS HOLDING N.V.. Available from: http://www.lbi.com/assets/Static_Reports/Information%20document%20merger%20Obtineo%20and%20LBi%20Latest.pdf.
European Confederation of Directors' Associations (ecoDa) (Mar. 2010), Corporate Governance of Guidance and Principles for Unlisted Companies in Europe, Brussels.
Ernst&Young (Jan. 2009), “Corporate Law Legal Alert”, Donahue&Partners LLP, New York.
Findling, Jean-Francois (2006), “European Construction-A Bridge For Cross-Border Mergers”, Noble & Scheidecker, Luxemburg.
Freshfield Burckhaus Deringer (May 2007), “Implementation of the EU cross-border mergers directive in Germany”, Freshfield Burckhaus Deringer LLP, Dusseldorf. Available from: http://www.freshfields.com/publications/pdfs/2007/may21/18736.pdf
Freshfields Bruckhaus Deringer (Jul. 2008), “The Cross-Border Mergers Directive-Implementation in the Netherlands”, Freshfields Bruckhaus Deringer LLP, Amsterdam.
Freshfields Bruckhaus Deringer (Jun. 2010), The Enterpise Chamber’s decision on PCM-Potential Effect on Leverage Buyouts in Holland, Freshfields Bruckhaus Deringer LLP, Amsterdam.
Stibbe (2008), “Implementation of the Cross-Border Merger Directive on 15 Jul., 2008”, Stibbe, Amsterdam.

學位論文
Elisabeth Johansson/Claudine Pettersson (2006), “Merger- How companies prepare for it - Case Studies of Cloetta Fazer and CashGuard Group”, Department of Business Administration and Social Sciences, Division of Industrial marketing and e-commerce, Master Thesis, Lulea University of Technology.

三、德文資料

書籍
Heckshen, Heribert (2009), Problem der grenzuberschreitenden Verschmelzung-Historiche Entwicklung, Munchen: Beck’sches Notar-Handbuch, 5. Auflage.
Kindler, Peter (2005), Internationales Handels- und Geseilschaftrecht in Munchener Kommentar zum Burgerlichen Gesetzbuch, Band 11. Munchen:Verlag C. H. Beck.
Kindler, Peter (2006), Vorschlag einer internationalen Fusionsrichtlinie(Zehnte gesellschaftsrechtliche Richtlinie), Munchener Kommentar zum BGB 4. Auflage 2006, Munchen:Verlag C. H. Beck.
Lucks, Kai/Meckl, Reinhard (2002), Internationale Merger und Acquisitions: Der prozessorientierte Ansatz, Heidelberg : Springer-Verlag.

期刊
Herrler, Sebastian/Schneider, Susanne (2009), Go ahead, come back-von der Limited (zuruck) zur GmbH, Zivil- und steuerrechtliche Grundlagen mit Erfahrungsbericht” in DStR, Heft 47, S. 2433-2440.
Oechsler, Jurgen (2006), Die Richtlinie 2005/56/EG uber die Verschmelyung von Kapitalgesellschaften aus verschiedenen Mitgliedstaaten, NZG Heft 5, S.161-166.
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