交叉持股对公司治理之影响洪秀芬陈

2112003.12∗KeyWordscorporategovernanceownershipvotingpowercross-shareholdingcross-votingtheequitabletreatmentofshareholders∗212AbstractInrecentyearsseveralfinancialcriseshadoccurredwithincorporationsthathadsevereimpactonstockexchangeandfinancialmarketsinTaiwan.Itcouldbeobservedfromserialcorporationfinancialcrisesthatnumerouscompaniesareengagedincross-shareholdingarbitrageandmortgageonstocktoimplementtheirfinancialmanagement.Thecirculationofaccommodationiseasytobringaboutfinancialcrisisduringtheperiodofstockrecession.Besides,thecross-shareholdingwouldcausetheotherproblem.Sincethecross-shareholdingcompaniescouldusetheother2132003.12party’svotingpowertosupporteachother’smanagement.Itleadstothemanagement(theboardofdirectors)cancontroltheshareholders’meetingandpreventitfromsupervision.Itnotonlydeprivestheshareholders’meetingofitspowerofelectmembersoftheboardbutalsoimpairstheequitabletreatmentofshareholders.Owingtoaboveflaw,legislatorsinTaiwanmodifiedtheCompanyLawin2001.TheyaddednewprovisionsintoArticle167oftheCompanyLawtorulethatnosubordinatecompanymaybuystocksofitscontrollingcompanyortakethosestocksasmortgageobject.Therefore,theanalysisofthisessayfocusesonthepositiveandnegativeaspectsofmanipulatingcross-shareholding,currentrulesofcross-shareholdinganditsshortness.Theauthoralsooffersrecommendations,whicharewishedtobevaluableopinionstogovernmentalauthoritieswhentheyfurtheramendtheBill.121429420007159-2082OECD3OECDPrinciplesofCorporateGovernanceI.TheRightsofShareholdersThecorporategovernanceframeworkshouldprotectshareholders’rights.II.TheEquitableTreatmentofShareholdersThecorporategovernanceframeworkshouldensuretheequitabletreatmentofallshareholders,includingminorityandforeignshareholders.Allshareholdersshouldhavetheopportunitytoobtaineffectiveredressforviolationtheirrights.III.TheRoleofStakeholdersinCorporateGovernanceThecorporategovernanceframeworkshouldrecognizetherightsofstakeholdersasestablishedbylawandencourageactiveco-operationbetweencorporationsandstakeholdersincreatingwealth,jobs,andthesustainabilityoffinanciallysoundenterprises.IV.DisclosureandTransparencyThecorporategovernanceframeworkshouldensurethattimelyandaccuratedisclosureismadeonallmaterialmattersregardingthecorporation,includingthefinancialsituation,performance,ownership,andgovernanceofcompany.V.TheResponsibilitiesoftheBoardThecorporategovernanceframeworkshouldensurethestrategicguidanceofthecompany,theeffectivemonitoringofmanagementbytheboard,andtheboard’saccountabilitytothecompanyandtheshareholders.42165SeeFrankH.EasterbrookDanielR.Fischel,TheEconomicStructureofCorporateLaw,at12HarvardUniversityPress1991.62172003.1221871183-1952003158179-1832192003.12919321991AdolfA.BerleGardinerC.Means,ModernCorporationandPrivatePropertyreprinteded.,Transactionpub.1991.22010SeeMichaelC.JensenWilliamH.Meckling,TheoryoftheFirm:ManagerialBehavior,AgencyCosts,andOwnershipStructure,3J.Fin.Econ.3051976.RichardA.PosnerKennethE.Scott,EconomicsofCorporationLawandSecuritiesRegulation,at40Litter,BrownandCompany1980.2212003.1211collectivechoiceproblem1226132003866551051097102021420503115033://üfungdurchdasTransPubG,DB2002,S.157-165244678410682003.09.0482003.09.066669201567024102452003.1224620021200319842002111991196119932000519801019951199420007342002599-1161232002663-771242002880-842472003.1232220033105-166732001647-5920029151-179/16200112111-141/2111999379-88/28200091-70/292000111-494521999121-811199174-2429420007159-208vs.30120011201-2471999192-991591999218-2315719981231-35451999289-982481996213-17/2000279-8719981188-96200010277119127228987141476629317268042207571016862002.11.0442002.11.2132002.11.2842003.03.1942003.09.0482003.09.0662492003.1262002.11.2121999.10.131999.10.21OE