| 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。
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. |
