劉啟群臺灣大學：會計學研究所陳慈雅Chen, Tzu-YaTzu-YaChen2007-11-282018-06-292007-11-282018-06-292007http://ntur.lib.ntu.edu.tw//handle/246246/61799本研究以介紹我國庫藏股制度為中心，參考比較各國關於庫藏股制度的規定，藉以針對我國實施六年多以來的庫藏股制度提出改革芻議。庫藏股制度設立之初便引起廣泛討論，諸如護盤條款、決議方式及買回總金額上限等，對於可能產生內線交易及操弄股價之弊端更是學界極思修改甚至廢除庫藏股制度的原因。本研究鑒於庫藏股制度已實施多年，爲兼顧效率與公平，並參考國外立法例，建議修改決議方式、買回總金額上限、執行率下限及資訊揭露等，使我國的庫藏股制度更臻完備。In this thesis, some suggestions are advanced to improve Taiwan’s regulation of stock repurchases. The legal base for our present system is in Article 28-2 of Securities and Exchange Law and Article 167-1 of Company Law. The former is set up for TSEC and OTC listed companies, and is generally so-called the implementation of treasury stock system whereas the latter is set up for all kinds of companies. To stabilize stock prices was one of the reasons why our authority introduced this system from other countries in 2000. Many academics, however, argued that this system has a lot of drawbacks to be amended, and has many negative effects, such as insider trading, and stock price manipulation. At first, this thesis introduces the advantages and drawbacks of treasury stock. Secondly, it focuses on introducing our present legal system of company’s buying-back its own stock shares. Then it introduces and compares with the system among many countries like US, Japan, and European. Further, it collects the legal opinions of the concerned authorities to improve the better understanding of our nowadays conditions. Finally, it discusses and analyses the possible models and methods of improving our system and offers some suggestions to improve our present systems of stock repurchases. By introducing and comparing the treasury stock system in Taiwan and in other countries, this thesis finds that the treasury stock system in Taiwan is quite different from that in other countries, such as the way of decision, the total amount of buyback, information disclosure and so on. Since our enterprises have used the present system for over six years, and in order to balance the tradeoff between efficiency and justice, this thesis provides some eclectic suggestions to improve our present legal system of shares repurchases. This thesis believes that the suggestions will help our country to keep paces with other modern countries. Furthermore, the suggestions will also push our enterprises to maintain the flexibility and efficiency in using the treasury stock system.目錄 誌謝 i 中文摘要 ii 英文摘要 iii 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機及目的 3 第三節 研究架構與流程 4 第二章 理論與文獻探討 6 第一節 庫藏股之定義 6 第二節 庫藏股制度之功能 10 第三節 庫藏股制度之弊端 12 第四節 買回動機假說 14 第三章 我國庫藏股制度與實施現況 17 第一節 立法沿革 17 第二節 制度介紹 19 第三節 實施現況 37 第四章 各國庫藏股制度之規定及比較 39 第一節 各國規定 39 第二節 台灣與各國規定之比較 61 第五章 我國庫藏股制度評議 68 第一節 制度面 70 第二節 法令面 74 第六章 我國庫藏股制度改革芻議 86 第一節 建議架構 86 第二節 芻議 89 第三節 修改後的庫藏股制度 96 第七章 結論 99 參考文獻 101 附錄一 105 附錄二 113697038 bytesapplication/pdfen-US庫藏股決議方式買回總金額執行率資訊揭露內線交易股價操弄Treasury stockRepurchasesinsider tradingstock price manipulationSuggestions.otherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/61799/1/ntu-96-R94722005-1.pdf