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系統識別號 U0002-2406200920420400
中文論文名稱 歐盟架構下法國公司治理改革之研究 (2000-2008年)
英文論文名稱 The Study of Corporate Governance Reform in France under the EU Framework (2000-2008)
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 97
學期 2
出版年 98
研究生中文姓名 劉千郁
研究生英文姓名 Chian-yu Liu
學號 695290410
學位類別 碩士
語文別 中文
口試日期 2009-06-17
論文頁數 102頁
口試委員 指導教授-陳麗娟
委員-苑倚曼
委員-沈中衡
中文關鍵字 法國  歐盟  公司治理  公司法 
英文關鍵字 France  EU  corporate governance  company law 
學科別分類 學科別社會科學區域研究
中文摘要 自2001年美國安隆(Enron)公司爆發財務醜聞以來,類似的不實財務報表事件陸續發生,金額也如滾雪球般越滾越大。這些操弄報表數字以中飽私囊的行為不但讓投資人的權益受損,也撼動了社會大眾對資本市場的信心,影響金融體系的功能,更有可能危害經濟成長。在這樣的背景下,進行公司治理的改革實為刻不容緩,歐盟國家自然不能置身事外,加入這波改革的行列,冀望能夠同時建全金融市場結構,吸引國外資金流入。

  歐盟的主要經濟強權之一的法國,在其固有的經濟背景與企業文化基礎上進行了一系列的立法行動,本論文將就經濟暨合作發展組織(OECD)所重視的四個公司治理重點(董事會職責、股東權益、利害關係人權益與資訊揭露)作一探討,介紹法國自2000年到2008年間民營企業組織與政府立法的現況與結果。

  以法國做為歐盟會員國進行公司治理改革為例,可以看出歐盟各國因為政治、經濟環境不同,實行單一的公司治理法規耗費成本過高且實行不易,因此歐盟傾向於利用指令(directive)在各會員國進行轉換立法,以確保企業資訊的透明化,並落實市場監督的目的。
英文摘要 Since the Enron financial scandal in 2001 and the fraud financial reports, the corporate governance reform has been considerably worldwide increased. It is inevitably to rebuild the investor confidence on the financial market.

Like most of European Union member states, France has reformed a series of its laws and rules in corporate governance. This thesis works on the responsibility of board, the rights of shareholders, the role of stakeholder, and better disclosure, which are the focus of OECD Principles of Corporate Governance published in 2004.

Due to the economic differences and historical backgrounds among the member states, enforcing a common company law is costly and difficultly achievable. The EU Commission obliges all the member states to transpose directives and recommendations into national laws in order to remove all investment barriers and build up an integrated capital market in the future.
論文目次 第一章 緒論........................................1
壹、 研究背景與動機............................1
貳、 研究目的..................................3
參、 章節架構..................................4
肆、 研究範圍..................................7
第二章 歐洲公司治理................................9
第一節 歐洲公司治理概況............................9
壹、 歐洲公司治理模式.........................10
一、 單軌制董事會結構.........................10
二、 雙軌制董事會結構.........................11
第二節 歐洲公司治理準則...........................13
壹、 董事會職責...............................14
貳、 股東權益.................................15
一、 股東基本權益.............................15
二、 公平對待股東.............................16
參、 利害關係人權益...........................17
肆、 資訊揭露與透明度.........................18
第三節 歐盟公司法行動計畫.........................20
壹、 公司法高級專家小組報告...................20
貳、 2003年公司法行動計畫.....................24
參、 歐盟公司法行動計畫具體措施...............25
第三章 法國公司組織與特色.........................33
第一節 公司型態與成立.............................33
壹、 法國常見公司型態.........................33
一、 股份有限公司.............................33
二、 簡化股份有限公司.........................34
三、 有限公司.................................34
貳、 股份有限公司(SA)的成立...................35
參、 股份有限公司(SA)的組織...................37
第二節 法國公司治理特色...........................41
壹、 股權集中.................................41
貳、 人際關係色彩濃厚.........................43
參、 家族經營與金字塔經營持股.................44
肆、 國家控制色彩濃厚.........................47
第四章 法國公司治理...............................51
第一節 法國公司治理規約...........................51
壹、 MEDEF-AFEP公司治理準則與建議報告.........51
貳、 AFG公司治理建議報告......................55
參、 2001年新經濟法規.........................56
肆、 2003年金融保證法.........................57
伍、 金融市場管理局條例.......................59
第二節 法國公司治理實質改革內容...................61
壹、 董(監)事會...............................61
一、 董(監)事會職權與組成.....................61
二、 職務數目的限制...........................64
三、 預防利益衝突.............................65
四、 獨立董事.................................65
五、 委員會的設立.............................66
貳、 股東權益.................................68
一、 少數股東權益.............................68
二、 雙(多)重表決權制.........................70
三、 禁止自我交易.............................71
參、 利害關係人的權益.........................72
一、 勞工參與.................................72
二、 對債權人的責任...........................72
肆、 資訊揭露.................................73
一、 公司年度報表的資訊 .......................73
二、 法國雙重審計制...........................74
三、 董事與高階主管薪酬的揭露.................76
四、 董事與高階經理人之離職補償金.............76
五、 董事會責任與揭露資訊指令.................77
六、 大股東的資訊揭露.........................78
七、 資訊透明指令.............................79
八、 審計指令.................................80
第三節 法國公司治理現況............................81
壹、 金融市場管理局公司治理與內部監控報告......81
一、 董事的資訊揭露............................82
二、 委員會的設立..............................83
三、 董事與高階經理人薪酬的揭露................84
貳、 Heidrick & Struggles研究報告..............85
一、 董事會的職責與組成........................87
二、 董事資訊揭露..............................89
第五章 結論........................................93
參考文獻...........................................97

圖目錄
圖1-1:論文架構圖…………………………………………6
圖2-1:單軌制公司治理架構………………………………11
圖2-2:雙軌制公司治理架構………………………………12
圖3-1:LVMH集團2005年股權結構…………………………46
圖4-1:2009年歐洲國家公司治理排行……………………86
圖4-2:2007年法國企業董事會組成比例圖………………88
圖4-3:2009年法國企業董事會組成比例圖………………88
圖4-4:法國CAC 40企業董事資訊揭露比例圖……………89
圖4-5:2007年歐洲與各國董事薪酬………………………90
圖4-6:2009年歐洲與各國董事薪酬………………………91



表目錄
表3-1:各國前20大上市企業股權分佈情形……………………………42
表3-2:各國中型企業股權分佈情形……………………………………42
表4-1:董事會、董事長、執行長職責比較表…………………………63
表4-2:2007年金融市場管理局公司治理報告企業設置委員會情形…83
表4-3:2008年金融市場管理局公司治理報告企業設置委員會情形…84
表4-4:法國CAC 40企業董事會內設置委員會比例……………………87
參考文獻 一、 中文部分

書籍:
吳當傑(2004),公司治理理論與實務,台北:孫運璿學術基金會。
陳麗娟(2008),國際經濟法精義,台北:五南圖書。
陳麗娟(2009),全球化之公司治理,台北:五南圖書。
葉銀華、李存修、柯承恩(2002),公司治理與評等系統:台北,商智文化。
劉紹樑(2002),從莊子到安隆:A+公司治理,台北:天下雜誌。

期刊:
施鵬鵬,法國金融市場監管管窺,證券市場導報,2006年第5期,頁35-39。
陳麗娟(2008),歐洲黃金股之研究,東吳法律學報,第二十卷,第二期,頁139-172。

學位論文:
吳馥羽(2002),歐洲公司治理政策之研究─並以荷蘭為例,高雄:國立中山大學管理學院企業管理研究所碩士論文。


二、 外文部份

Books:
Dornseifer, Frank (ed.)(2005).Corporate Business Forms in Europe, London: Sweet & Maxwell.
Grundmann, Stefan (2007). European company law. Organization, Finance and Capital Markets, Oxford: Intersentia.
Hop, Klaus J., et al. (eds.)(2005).Corporate governance in context : corporations, states, and markets in Europe, Japan, and the US, Oxford: Oxford University Press.
Keasey, Kevin& Thompson, Steve& Wright Mike (eds.)(2005). Corporate Governance: accountability, enterprise and international comparisons, UK: John Wiley & Sons, Ltd.
O’Brien, Justin (ed.)(2005). Governing the corporation, regulation and corporate governance in an age of scandal and global markets, UK: John Wiley & Sons, Ltd.
Van Hulle, Karel and Gesell, Harald (eds.)(2006).European Corporate Law, Baden-Baden: Nomos Verlag.
Periodicals:
Alcouffe, Christine(Mar 2000). Judges and CEOs: French Aspects of Corporate Governance, in: European Journal of Law and Economics, vol.9, no.2, pp.127-144
Black Redding(2001). Corporate governance in France- the NRE Act, in: The IFLR Guide to corporate governance, pp.107-112
Dechert LLP(Feb 2007). Implementation of Transparency Directive Changes Shareholder Notification Requirements across Europe, in: Dechert on Point, issue 3, pp.1-6
Enriques, Luca and Volpin, Paolo(Winter 2007). Corporate Governance Reforms in Continental Europe, in: Journal of Economic Perspectives, vol.21, no.1, pp.117-140
Enriques, Luca(2003). Bad apples, bad oranges: A comment from old Europe on post-Enron corporate governance reforms, in: Wake Forest Law Review, vol.38, pp.911-934
La Porta, Rafael& López de Silanes, Florencio& Shleifer, Andrei(1999). Corporate Ownership Around the World, in: the Journal of Finance, vol.54, no.2, pp.471-517
Lannoo, Karel(1999). A European perspective on Corporate Governance, in: Journal of Common Market Studies, vol.37, no.2, pp.269-294
Vander Bauwhede, Heidi J.C. and Willekens, Marleen(2008). Disclosure on Corporate Governance in the European Union, in: Corporate Governance: An International Review, vol.16, no.2, pp.101-115
Walters, Stephen(2002). Corporate governance in France: more change on the way? in: The IFLR Guide to corporate governance 2002, pp.101-103

Articles in books:
Della Berta, Cecillia(2005). France, in: Dornseifer, Frank (ed.): Corporate Business Forms in Europe, London: Sweet & Maxwell, pp.171-209
Garnier, Alain and Buseine, Virginie(2006). VIII France, in: Van Hulle, Karel and Gesell, Harald(eds.): European Corporate Law, Baden-Baden: Nomos Verlag, pp.141-153
Hopt, Klaus J.(2005). European Company law and corporate governance: Where does the Action Plan of the European Commission lead? , in: Hopt, Klaus J., et al.(eds.): Corporate governance in context: corporations, states, and markets in Europe, Japan, and the US, Oxford: Oxford University Press, pp.119-142
O’Sullivan, Mary(2005). Analysing Change in Corporate Governance: The Example of France, in: Keasey, Kevin& Thompson, Steve& Wright, Mike (eds.): Corporate Governance: accountability, enterprise and international comparisons, UK: John Wiley & Sons, Ltd., pp. 351-387
Schaub, Alexander A.(2005). European responses to corporate governance challenges, in: O’Brien, Justin (ed.): Governing the corporation, regulation and corporate governance in an age of scandal and global markets, UK: John Wiley & Sons, Ltd., pp.63-78

Papers at the conference:
Enriques, Luca and Gatti Matteo(2006). EC reforms of corporate governance and capital market law, prepared for the 2006 policy dialogue on Corporate Governance by the Indian Ministry of Company Affairs and by the OECD.
Simon, Joëlle (2004). Corporate Governance in France Company Law and Corporate Governance Codes, in : European Corporate Governance in company law and codes, prepared for the European Corporate Governance Conference of October 18 2004, the Hagues, the Netherlands

Working papers:
Armour, John and McCahery, Joseph A.(2006). After Enron: Improving corporate law and modernizing securities regulation in Europe and the US, Working paper No.2006-07, Amsterdam Center for Law and Economics(ACLE).
Armour, John(2005). Who should make corporate law? EC legislation versus regulation competition, Law working paper No.54/2005, European Corporate Governance Institute (ECGI).
Baums, Theodore(Mar 2007). European Company Law beyond the 2003 Action Plan, Law working paper No.81/2007, European Corporate Governance Institute (ECGI).
Conac, Pierre Henri& Enriques, Luca& Gelter Martin(Oct 2007). Constraining Dominant Shareholders’ Self-Dealing: The legal Framework in France, Germany, and Italy, Law working paper No.88/2007, European Corporate Governance Institute (ECGI).
Enriques, Luca(May 2005). EC Company law directives and regulations: How trivial are they? Law working paper No.39/2005, European Corporate Governance Institute (ECGI).
Hertig, Gerard and McCahery, Joseph A.(Jan 2007).Optional rather than mandatory EU company law framework and specific proposals, Law working paper No.78/2007, European Corporate Governance Institute (ECGI).
Hopt, Klaus J. and Leyens, Patrick C.(Jan 2004). Board Models in Europe, reccent Developments of Internal Corporate Governance Structures in Germany, the United Kingdom, France, and Italy, Law working paper No.18/2004, European Corporate Governance Institute (ECGI).
Hopt, Klaus J.(Dec 2006). Comparative company law, Law working paper No.77/2006, European Corporate Governance Institute (ECGI).
Hopt, Klaus J.(Jan 2007). Modern company and capital market problems: improving European Corporate governance after Enron, Law working paper No.05/2002, European Corporate Governance Institute (ECGI).
Krivogorsky, Victoria and Wolfgang, Dick(Sep 2008). Corporate Governance Regulation and Practice in Europe- comparative study, Working paper of Social Science Research Network(SSRN).
Morck, Randall K. and Steier, Lloyd(Jan 2005). The global history of corporate governance-an introduction, Working paper 11062, National Bureau of Economic Research(NBER).
Piot, Charles and Missonier-Piera, Franck(2007). Corporate Governance, audit quality and the cost of debt financing of French listed Companies, Working paper of Social Science Research Network(SSRN).
Rehman, Scheherazade S.(2004). Competitiveness and corporate governance in the EU, Occasional Paper series No.CSGOP-04-31, the George Washington Center for the study in globalization, George Washington University,.
Van der Elst, Christoph(2008). Shareholder mobility in five European countries, Law working paper No.104/2008, European Corporate Governance Institute (ECGI).
Zetzsche, Dirk(June 2008). Shareholder passivity, cross-border voting and the shareholder rights, Center for business and corporate law research paper series No.31 (07/2008), Heinrich-Heine-University Duesseldorf.

政府或國際機構報告:
Autorité des Marchés Financiers(AMF)(2007). AMF 2007 Report on corporate governance and internal control.
Autorité des Marchés Financiers(AMF)(2008). AMF 2008 Report on corporate governance and internal control.
Commission of the European Communities(2003). Communication of the Commission- Modernizing Company law and Enhancing Corporate Governance in the European Union, A Plan to Move forward, COM/2003/0284 final.
Commission of the European communities(2007). COMMISION STAFF WORKING DOCUMENT, Impact assessment on the proportionality between capital and control in listed company, SEC(2007) 1705.
Europe Commission, Internal Market Directorate General(2002). Comparative Study of Corporate Governance Codes Relevant to the Europe Union And Its Member States.
European Association of Securities Dealers(2000), EASD corporate governance principles and recommendations.
Euroshareholders(2000). Euroshareholders corporate governance guidelines 2000.
High Level Group of Company Law Experts(2002). Report of the High Level Group of Company Law Experts on a Modern Regulatory Framework for company law in Europe(2002), chaired by Jaap Winter.
Institutional Shareholder Services (ISS), European Corporate Governance Institute (ECGI), Shearman & Sterling LLP.(2007). Report on the Proportionality Principle in the European Union.
Organization for Economic Co-operation and Development (2004). OECD principles of corporate governance.
United Nations Conference on Trade and Development(2003). Case study on corporate governance disclosure in France.
Weil, Gotshal& Manges LLP(2002). Comparative Study of Corporate Governance Codes Relevant to the European Union and its Member States, on behalf of the European Commission, Internal Market Directorate General.
Winter, Jaap (June 2006). The shareholders’ rights directive and cross-border voting.

民間組織報告:
Association française de la gestion financière(AFG)(2008). Recommendations sur le gouvernement d’entreprise.
Association Française des Entreprises Privées(AFEP)& Conseil National du Patronat Français(CNPF)(1995). Le conseil d’administration des sociétés cotées.
Heidrick & Struggles International Inc.(2005). Corporate governance in Europe: what’s the outlook? Heidrick & Struggles 2005 Study.
Heidrick & Struggles International Inc.(2007). Corporate Governance in Europe 2007 report.
Heidrick & Struggles International Inc.(2009).Corporate governance report 2009 : boards in turbulent times.
MEDEF& AFEP(2003). Le gourvernemnt d’entreprise des sociétés cotées.
MEDEF& AFEP-AGREF(2002). Pour un meilleur gouvernement des enterprises cotées, rapport du groupe de travail présidé par Daniel Bouton.
Mouvement des enterprises de France(MEDEF)& Association Française des Entreprises Privées(AFEP)(1999). Rapport du Comité sur le gouvernement d’entreprise présidé par M. Marc Viénot.

外文學位論文:
Inal, Burcu(2000). Corporate Governance in the United States, Canada and France, A thesis to the Faculty of Law, Institute of Comparative Law, McGill University, Montreal, Canada


三、 網路資源
法國全國審計師協會(CNCC)官方網站 http://www.cncc.fr/reglementation.html
法國法令資料庫官方網站http://www.legifrance.gouv.fr/
法國金融市場管理局(AMF)官方網站http://www.cob.fr/default.asp
歐盟官方網站 http://ec.europa.eu/internal_market/company/modern/index_en.htm
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