Dissertations / Theses on the topic 'Poison pills'

Abstract

Problem: The problem of this thesis involves the controversy that the implementation of poison pills generates. The conflict amongst various stakeholders that are affected directly or indirectly by the implementation of the poison pill also contributes significantly to the problem of this thesis.

Purpose: The purpose of this thesis is to investigate and compare the benefits of the poison pill adoption on shareholder and management interests. We also seek to evaluate arguments for and against pill adoption, and determine if these arguments are valid in view of facts established from our study.

Conclusions: Our study in this thesis has brought us to five conclusions about the poison pill policy in fulfillment of the purpose. We state in our conclusion that arguments for and against the poison pill can both be validated depending on the case, we also state that a general conclusion cannot be drawn as to the negative or positive effect of the poison pill on stakeholders. We proceed to argue that the pill is a very effective fighting toll in the current business world and state that more should be done to regulate pill implementation. We finish up our conclusion by identifying what appears to be an inverse relationship between management and shareholders benefits from the implementation of the pill.

Originality: The uniqueness of our study resides in the theoretical framework that is developed from two prevailing hypotheses in the academic research of the poison pill. The previous studies either take on the management entrenchment hypothesis (MEH) or the shareholder interest hypothesis (SIH). However, we have combined the elements of both hypotheses and jointly revealed the advantages and disadvantages of the pill adoption for both management and shareholders via our original management shareholder benefits comparison matrix.

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Este estudo tem por objetivo investigar se as poison pills exercem influ?ncia no n?vel de gerenciamento de resultados das companhias listadas na B3. Para isso, foram coletados dados referentes ? presen?a desse dispositivo anti-takeover bem como de cl?usulas acess?rias ?p?treas? associadas ?s poison pills nos estatutos sociais de 225 companhias n?o-financeiras. As informa??es necess?rias para estima??o dos accruals discricion?rios pelo modelo proposto por Dechow, Sloan e Sweeney (1995), assim como as vari?veis de controle inseridas no modelo econom?trico, foram obtidas por meio da base de dados Bloomberg?, compreendendo o per?odo 2010-2016. Com base nos resultados, verificou-se que a ado??o das poison pills n?o exerce influ?ncia significativa no n?vel de gerenciamento de resultados. Entretanto, a inexist?ncia dessa rela??o n?o sinaliza que essas companhias n?o est?o envolvidas em pr?ticas de gerenciamento de resultados, uma vez que a dummy Poisonpill n?o se apresenta estatisticamente distinta do grupo base, composto por companhias que n?o adotam poison pills e que apresentam rela??o negativa e significativa com os accruals discricion?rios. Por fim, no contexto nacional, foram encontradas evid?ncias de que as cl?usulas ?p?treas? podem ser inseridas nos estatutos sociais visando exacerbar o n?vel de gerenciamento de resultados, visto que os achados demonstram que as poison pills com cl?usulas ?p?treas? efetivamente se diferenciam das poison pills, apresentando rela??o positiva e estatisticamente significativa com os accruals discricion?rios.
This study aims to investigate if the poison pills influences on the earnings management level of the companies listed in B3. For this, data were collected regarding the presence of this antitakeover device as well as of ?eternity? accessory clauses associated with the poison pills in the bylaws of 225 non-financial companies. The informations that are necessary to estimate the accruals discretionary by the model proposed by Dechow, Sloan and Sweeney (1995), as well as the control variables inserted in the econometric model, were obtained through the Bloomberg? database, comprising the period 2010-2016. Based on the results, it was verified that the the adoption of the poison pills doesn?t have a significant influence on the earnings management level. However, the non-existence of this relationship doesn?t indicate that these companies are not involved in earnings management practices, since the Poisonpill dummy is not statistically distinct from the base group, which is composed by companies that do not adopt poison pills and that present negative and significant relation with the discretionary accruals. Finally, in the national context, evidence has been found that "eternity" clauses can be inserted into the bylaws to exacerbate the level of earnings management, since the findings demonstrate that poison pills with "etenity" clauses effectively differentiate themselves of the poison pills, presenting a positive and statistically significant relation with discretionary accruals.

Thesis (Ph. D.)--University of Oregon, 2002.
Typescript. Includes vita and abstract. Includes bibliographical references (leaves 112-118). Also available for download via the World Wide Web; free to University of Oregon users.

Nowadays, many firms are or have already been engaged in an acquisition process, either as target or acquirer. While these companies seem confident in the potential returns of such endeavors, the positive aspect of those acquisitions has yet to be proven. There is indeed a vivid discussion among scholars, which are divided into two categories. On the one hand, there are those considering acquisitions as a source of additional knowledge that will in turn increase the innovation within the company; and on the other hand, those denigrating acquisitions, assimilating them to a “poison pill” for innovation. The purpose of this research is therefore to investigate whether the acquisitions will influence positively or negatively the innovative performance of companies involved in such processes. Using a quantitative approach, this research analyzed the R&D investments made by those companies and the issued patents gained in return. The research provides mixed results. While acquisitions seem to have a positive impact on the companies‟ innovative performance during the two years following the acquisition, this positive impact does not last and even becomes negative during the third year.

Dentre os atuais desafios do direito societário brasileiro, a estrutura da propriedade acionária das sociedades por ações de capital aberto e a identificação daqueles que as comandam merecem destaque. O aquecimento das transações realizadas via mercado de capitais e a consolidação dos segmentos especiais de governança corporativa no Brasil resultaram no chamado fenômeno de dispersão acionária, que evidenciou certa ruptura na tradicional estrutura de propriedade acionária exclusivamente concentrada, até então predominante nas companhias brasileiras. Diante desse cenário contrastante, de mudanças no perfil do poder de controle sobre as companhias brasileiras, o presente trabalho apresentará em seu capítulo terceiro, após breve análise das estruturas de capital identificadas em diferentes economias e de retrospectiva sobre a propriedade acionária das companhias brasileiras (a serem apresentadas em seu segundo capítulo), extensa pesquisa empírica realizada com o propósito de identificar a atual estrutura de propriedade acionária predominante entre as companhias brasileiras listadas no segmento especial do Novo Mercado da BMF&BOVESPA (Novo Mercado), e com o objetivo de averiguar a existência do chamado controle societário minoritário entre tais companhias, conforme detalhado nos apêndices desta dissertação. Referida pesquisa empírica representa, ainda, rico processamento da base de dados e informações divulgadas à Comissão de Valores Mobiliários (CVM) pelas companhias listadas no Novo Mercado, e serve de base para a avaliação da necessidade de eventuais mudanças nos conceitos adotados pelo Direito Societário pátrio, tendo em vista entendimento divergente identificado na doutrina e em julgados da CVM no âmbito da possibilidade de existência de um controle societário exercido por acionista ou grupo de acionistas não detentores da maioria do capital social votante, conforme detalhado no quarto capítulo deste estudo. Por fim, serão apresentadas, no quinto e último capítulo, as considerações finais à análise proposta, com destaque para as principais conclusões obtidas na elaboração dos capítulos terceiro e quarto descritos acima, dentre elas a existência do controle societário interno não majoritário (controle minoritário) entre companhias listadas no Novo Mercado, bem como os reflexos dessa constatação no âmbito da prática do Direito Societário.
Among the current challenges of the Brazilian Corporate Law, the structure of the capital ownership of the corporations and the identification of those who exercises control over it remains an important aspect to be taken into consideration when analyzing the main aspects of the Brazilian capital market. The heat up of the transactions carried out through the capital market, and the consolidation of the special corporate governance segments in Brazil resulted in the so called phenomenon of the dispersed ownership, which revealed a rupture from the traditional structure of extremely concentrated ownership, that was prevailing until now among the Brazilian corporations. Given such contrasting scenario of changes in the profile of corporate power over Brazilian corporations, these thesis, after describing, over its first two chapters, the structures of capital ownership existent in different economies and providing a retrospective on the capital ownership of Brazilian corporations, presents, in its third chapter, an extensive empirical research performed with the purposes of identifying the current structure of capital ownership prevailing among the Brazilian companies listed in the Novo Mercado, special segment of the Brazilian Exchange BMF&BOVESPA (the New Market), as well as ascertaining the existence of minority corporate control among such companies, as detailed in the appendixes hereto. The referred empirical research presents, furthermore, detailed data processing in connection with the information disclosed by such companies to the Brazilian Stock Exchange Commission, the Comissão de Valores Mobiliários (CVM), and is also used as basis for reviewing the need of eventual changes in the concepts embodied by the Brazilian Corporate Law, in view of the divergent understanding identified in the Brazilian doctrine and judgments issued by the CVM in connection with the existence of a corporate control exercised by a shareholder or group of shareholders owner of shareholding not representative of the majority of the voting capital stock, as detailed in the fourth chapter of these thesis. Finally, the fifth and last chapter of these study presents the final considerations in connection with the review proposed hereto, highlighting the main conclusions obtained through the elaboration of the third and fourth chapters described above, among them the existence of a not majority internal control (minority control) in companies listed in the New Market, as well as the effects of such conclusion in the light of the practice of corporate law.

Il presente lavoro si occupa delle tecniche comunemente citate come clausola di protezione alla dispersione azionaria, usate dalle società brasiliane. Dette tecniche sono state soprannominate dalla comunità giuridica nazionale di poison pills (pillole di veleno). Lespressione già è utilizzata nellesperienza nordamericana per riferirsi a un insieme di misure difensive contro la scalata ostile, con la quale la poison pill alla brasiliana si somiglia molto poco. Il tema si inserisce nel contesto più ampio della scalata della società cotata (takeover) e le tecniche di difesa usualmente impiegate per impedirla o tornarla più difficile, quando non desiderata. Tali tecniche sono principalmente usate da società con capitale disperso sul mercato mobiliare e il cui potere di controllo è praticato con il controllo di porzione ridotta del capitale sociale. La ricerca per una maggiore dispersione azionaria, così come la presenza solamente di azioni votanti, ha fatto con che la pillola brasiliana si tornassi specialmente comune nelle società elencate nel Nuovo Mercato della BM&F-Bovespa S.A. Borsa Valori, Borsa Merce e Mercato a termine. Lanalisi proposta è circoscritta a dette società e alla difesa da loro adottate. In questo modo, si parte dallanalisi della disciplina giuridica delle offerte pubbliche volontarie (articolo 257 della Legge di Società per Azioni), principale strumento per la scalata del controllo di società cotata, passiamo per i due principali sistemi di regolazione della scalata, con distacco ai modelli nordamericani e inglese/europeo, per infine arrivare alla valutazione della misura difensiva denominata poison pill tanto come originalmente concepita, nella pratica forense nordamericana, quanto nella sua versione brasiliana. È tema recente nella letteratura giuridica brasiliana, ancora poco investigata, ma abbastanza conosciuta, studiata e vissuta dalla dottrina ed esperienza straniera, con base nella quale il presente lavoro è stato sviluppato.
O presente trabalho cuida das técnicas comumente referidas como cláusula de proteção à dispersão acionária, empregadas pelas companhias brasileiras. Tais técnicas foram apelidadas pela comunidade jurídica nacional de poison pills (pílulas de veneno). A expressão já é utilizada na experiência norte-americana para se referir a um conjunto de medidas defensivas contra a tomada de controle hostil, com as quais a poison pill à brasileira guarda pouca semelhança. O tema insere-se no contexto mais amplo da tomada de controle da companhia aberta (takeover) e as técnicas de defesa usualmente empregadas para impedi-la ou dificultá-la, quando indesejada. Tais técnicas são principalmente empregadas por companhias com capital disperso no mercado mobiliário e cujo poder de controle é exercido com a detenção de parcela reduzida do capital social. A busca pela maior dispersão acionária, bem como a presença apenas de ações votantes, fez com que a pílula brasileira se tornasse especialmente comum nas companhias listadas no Novo Mercado da BM&F-Bovespa S.A. Bolsa de Valores, Mercadorias e Futuros. A análise proposta circunscreve-se a tais companhias e à defesa por elas adotada. Dessa forma, parte-se da análise da disciplina jurídica das ofertas públicas voluntárias (artigo 257 da Lei das Sociedades por Ações), principal instrumento para a tomada de controle da companhia aberta, passa-se pelos dois principais sistemas de regulação da tomada de controle, com destaque para os modelos norte-americanos e inglês/europeu, para enfim chegar à apreciação da medida defensiva denominada poison pill tanto como originalmente concebida, na prática forense norte-americana, quanto em sua versão brasileira. É tema recente na literatura jurídica brasileira, ainda pouco explorado, mas bastante conhecido, estudado e vivenciado pela doutrina e experiência estrangeira, com apoio na qual o presente trabalho foi desenvolvido

L'objectif de cette thèse est d'analyser le système juridique français et brésilien concernant les stratégies de défense contre les offres publiques d'acquisition visant à prendre le contrôle des sociétés cotées en bourse. Les offres publiques d'acquisition font l'objet d'un vif débat, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société cible. En France, de nombreux efforts législatifs ont été mis en œuvre en vue d'encadrer les OPA et de lutter contre les prises de contrôle rampantes. L'analyse du droit positif permet de mettre en lumière ces différents efforts ainsi que leur mise en œuvre à travers diverses techniques par les sociétés visées. Grâce à l'analyse juridique des stratégies anti-OPA en France, le système brésilien peut prendre connaissance de cette expérience et trouver la meilleure approche juridique pour les sociétés cotées ayant un capital flottant important. Au Brésil, la récente vague d'IPO a été possible grâce à la réforme dans la bourse BM&FBOVESPA. Dorénavant, la BM&FBOVESPA présente le scénario idéal pour prendre le contrôle des sociétés cotées. Ainsi, l'importance de ce thème est le résultat de la dispersion de l'actionnariat après la première vague d'introduction en bourse dans le marché de capitaux brésilien, et en France, elle se traduit par l'évolution dans environnement légal des défenses anti-OPA face à des pratiques qui ne cessent d'évoluer
The objective of this thesis is to analyse the French experience and the Brazilian legal environment concerning the defense strategies against hostile corporate takeovers aimed at taking control over public companies. Through the analysis of the French legal system of the anti-takeover strategies, the Brazilian system will be able to acquire this experience and find the best legal approach for Brazilian public companies with dispersed ownership. The importance of this theme is the result of the ownership dispersion following the first IPOs in the current Brazilian securities exchange market, which provides the ideal scenario for taking control of these publicly-traded companies, as well as the changes and the evolution in the French legal environment

Opérations particulièrement complexes, les offres publiques d'acquisition ne cessent de faire parler d'elles, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société visée. De nombreux efforts législatifs ont été mis en œuvre en vue d'encadrer les OPA et de lutter contre les prises de contrôle rampantes. L'analyse du droit positif permet de mettre en lumière ces différents efforts ainsi que leur mise en œuvre à travers diverses techniques par les sociétés visées. Ces dernières ont par ailleurs développé un certain nombre de mécanismes de défense anti-OPA particulièrement efficaces, mais se révélant le plus souvent insuffisants face à l'ingéniosité dont peut faire preuve l'initiateur. Le droit positif montre ainsi ses limites face à des pratiques qui ne cessent d'évoluer. L'analyse prospective du droit anti-OPA permet d'observer les nouvelles mutations que subit le droit positif au regard des nouveaux enjeux économiques. Elle permet également d'envisager de nouveaux modes d'appréhension des OPA hostiles. Il est ainsi possible d'observer que le gouvernement d'entreprise prend une place considérable dans la vie des sociétés cotées. De même, la montée en puissance de la régulation et l'interventionnisme de l’État sont de plus en plus marqués ; et les salariés s'impliquent de plus en plus dans la gestion de l'entreprise. L'ensemble de ces paramètres marquent un glissement progressif vers une réorganisation du mode de fonctionnement des sociétés, ce qui a amené au développement du soft law, un droit à la frontière du droit positif et des pratiques des sociétés. Le soft law constitue à ce titre une approche inédite des OPA hostiles, dont l'analyse permet de cerner les apports liés à la mutation du droit positif et d'envisager l'émergence de nouveaux moyens de défense. Celui-ci doit toutefois demeurer complémentaire au cadre législatif et réglementaire existant
No abstract

As medidas defensivas contra tomadas de controle constituem o núcleo de estudo desta dissertação. São instrumentos jurídicos adotados principalmente por companhias abertas com dispersão acionária, visando à proteção contra uma eventual tentativa de tomada de controle. O assunto é de especial interesse no atual momento do mercado de capitais brasileiro, que vem apresentando significativo desenvolvimento nos últimos anos e propiciando meios para a proliferação no Brasil de companhias abertas com dispersão acionária. O estudo do tema é feito concomitantemente à crescente utilização no Brasil de proteções contra tomadas de controle, inclusive por companhias não dotadas de dispersão acionária. Algumas medidas defensivas são inspiradas na experiência prática de outros países e vêm sendo transplantadas para o Brasil sem a adequada harmonização às características do nosso regime jurídico. Este trabalho analisa os efeitos da utilização de medidas defensivas e, na medida do possível, a admissibilidade da adoção de determinadas defesas no Brasil. São também abordados os balizamentos para a postura da administração de companhias diante de tentativas de tomada de controle. São estudados os padrões de tratamento do tema nos principais modelos existentes na experiência internacional, a fim de fornecer subsídios para a criação de uma identidade brasileira no tratamento das defesas contra tentativas de tomada de controle.
The defensive anti-takeover measures constitute the core area of study in this dissertation. These are legal devices adopted mainly by publicly-held companies with widespread ownership dispersion, aiming at protection against an eventual takeover attempt. The subject is of special interest at the current moment of the Brazilian capital markets, which have shown significant development in the recent years, providing means for the proliferation in Brazil of publicly-held companies with widespread ownership dispersion. The study of the issue is done concomitantly with the increase of utilization in Brazil of anti-takeover protections, including by companies without widespread ownership dispersion. Some defensive measures are inspired by the practical experience of other countries, being transplanted to Brazil without the proper harmonization with the characteristics of our own legal system. This work analyzes the effects of the utilization of defensive measures and, to the extent possible, the admissibility of adoption of certain defenses in Brazil. The boundaries for the behavior of the management of companies under takeover attempts are also approached. The patterns for the treatment of this issue in the main existing models in foreign experience are studied, so as to provide subsidies to the creation of a Brazilian identity in the treatment of the defenses against takeover attempts.

Poison pills are controversial devices. There is no common conclusion how the market reacts to their adoption. This empirical study finds statistically significant, positive abnormal returns centred on the day of the adoption of the pill. Consequently, this paper argues in favour of the shareholder wealth maximization hypothesis, stating that poison pills protect shareholders by giving the management a superior bargaining position. Further sub-sample analysis shows that poison pill adoption with an unwelcomed takeover threat drive the positive results in the sample. Routine poison pills do not show clear positive abnormal returns at the date of the pill adoption. This conclusion coincides with similar results found by Schepker, Oh and Patel (2016). Keywords: poison pills, shareholder wealth maximization hypothesis, market

碩士
國立成功大學
法律學系
102
This research paper presents an introduction and an explanation of defensive tactics against takeover in United Stated and Japan.It focuses on Poison Pills(shareholder right plains). The paper begins by introducing and explaining methods of takeover in Taiwan.Then it explains the use of Poison pills and judgements in United Stated and Japan and discusses the possibility of Poison Pills in Taiwan.Finally the paper formulates conclusion and suggestion. The conclusion of the possibility of Poison Pills in Taiwan is affirmative but not all types can be used.The suggestion of the paper is that Taiwan government could learn Corporate Law of Japan to amend Corporate Law and Securities Exchange Act.

This paper examines the Ontario Securities Commission's regulation of poison pills as well as several proposals to reform the current regulatory regime. In particular, the paper argues that regulation and reforms should be viewed within the context of two fundamental, normative questions that underlie much of corporate law: what is the purpose of the corporation, and who should determine whether these goals are being met. After outlining several competing theories, the paper explains why a corporate model based on the shareholder-centric, wealth maximization theory is best suited for hostile takeover situations. Additionally, the paper argues that a structural bid reform that would require hostile bidders to include minimum tender conditions and additional opportunities for target company shareholders to tender following a successful bid would provide the best way to incorporate this corporate model into Ontario securities regulation.

碩士
國立臺北大學
法律學系一般生組
97
Chapter One: Preliminary While there are many literatures discussing the defensive measures in a general way, the author of this thesis focuses intently on Poison Pill, the most useful and effective defensive tactic in American. The author details the types, court’s opinions and related regulations about poison pills in American. Moreover, the author tries to infer the legality of poison pills in our county. Chapter Two & Three: The Classification of Defensive Tactics & The Mechanics and Features of Poison Pills In order to get a comprehensive understanding of the nature of defensive measures, the classification of defensive tactics is introduced in the beginning. Then, the tactic of Poison Pill is presented. Its definition, function, pros and cons, and the authorities adopting it are described in detail. Chapter Four: The Types of Poison Pills In America, the tactic of poison pills could be roughly divided into two types—the standards and the variations. The court of Delaware declared the basic and commonly used poison pills, Flip In and Flip Over, valid. However, these standard poison pills do not prevent a raider from conducting a proxy contest to unseat the board. As a result, the variations, Dead Hand and No Hand, were developed to make up for the defect. Dead Hand was a tactic that only the continuing boards could redeem the poison pill. No Hand was a deferred redemption pill, which was redeemed only after a certain period of time. However, the Delaware court had invalided the Dead Hand and No Hand under the Delaware General Corporation Law. Chapter Five: The Efficiency of Poison Pills The Court decided the efficacy of poison pills through the Business Judgment Rule (BJR) and the Enhanced Scrutiny (ES). If the boards of a target corporation adopted defensive tactics before the hostile takeover took action, the court should apply BJR as judicial scrutiny. On the contrary, if defensive measures were adopted after a raider attacked, the court should apply ES to examine the legality of the adoption by the boards of the target company. Chapter Six: The Legality of Poison Pills in Our Country Here, the practicability of poison pills under our domestic laws is discussed in two ways. One is granting dividends to shareholders, and the other is offering securities or private placement. It is subsequently found that adopting stock purchase pills through granting dividends and offering securities is unworkable. However, non-public offering the preferred stocks, convertible bonds, warrants, and debt with warrants are feasible ways to adopt stock purchase pills in our country. Chapter Seven: Conclusion In the author’s opinion, the useful and effective defensive tactic in American, Poison Pill, could also be used in our country in some ways.

碩士
國立臺灣大學
國際企業學研究所
102
This study investigates the variables to the termination of poison pill plans. In contrast with the prior studies, which focus on the effectiveness of poison pills in deterring merger and acquisition (M &; A) attempts as well as their impact on M &; A premium, this study explores two different sets of variables that may help explain the termination of poison pills. Specifically, the sets of variables being explored in this study include firm attitude toward M＆A and the characteristics of the firm. We find that institutional shareholding, outside director shareholding percentage, cash-to-total assets-ratio, staggered board, market value, and directors'' age significantly correlate with the firms'' ceasing these plans. This finding suggests that companies with sound corporate governance mechanism and/or the companies that do not look attractive to potential bidders appear to be more inclined to terminate the poison pill plan.

碩士
國立中正大學
財法所
97
In recent years, cross-board merger and acquisition activities have arisen under the influence of liberalization of global trade markets. Among these activities, hostile takeover which was originated from specific regions in the UK and the US has become rampant in European and Asian markets. Many nations have thus begun to examine and discuss the coping measures in corporate laws. In our nation, this global tendency cannot be resisted either. Due to the legislations and market changes, hostile takeover cases are on the increase. As a result, defensive tactics against hostile takeovers have become one of the core research issues for many researchers. Legislations that prevent hostile takeovers are derived from US laws and diverse. Decision makers of defensive tactics, legislation of defensive tactics, allocation of decision-making power between Board of Directors’ meetings and shareholders’ meetings, and fiduciary duties of the Board are also encompassed in these legislations. In the present, a complete set of legislations and defensive tactics against hostile takeovers is still absent in our nation. Therefore, it is meaningful to conduct a comparative study of the types of hostile takeovers and defensive tactics. Considering the above motivation and our social structure composed of mainly small and median enterprises (SMEs), the focus of this study was placed on Poison Pills (also known as shareholder right plan), the most extensively adopted defensive tactic among SMEs in the US. First of all, the necessity of defensive tactics against hostile takeovers and the impacts of Poison Pills on pursuit of efficiency and maximization of social wealth were discussed from the perspective of economic efficiency. A thorough introduction of the concept, evolution, argument, and practical types of Poison Pills in the US was presented. Later, policies and legislations concerning defensive tactics in the US, Japan, and European Union were also explored to analyze the attitude and regulation of each nation towards Poison Pills. Further, the domestic laws with effect of diluting ownership were introduced and examined to find out the feasibility of applying Poison Pills and succeeding the legal experience of other nations in our nation. Comments of some scholars were also employed as a reference for future legislation of anti-hostile takeover laws. Finally, based on the research data and findings, conclusions and suggestions were proposed.

碩士
國立臺灣大學
法律學研究所
98
As the amendment of the financial laws and regulations and the globalization of the capital markets in recent years, hostile takeover defense measures attract much discussion and attention. Among them, the poison pill is widely used in the United States. Consequently, the possibility of adoption of the poison pill will not be neglected . However, most scholars deny its legality due to the principle of “equitable treatment of shareholders” in Taiwan. The principle of equitable treatment of shareholders also plays a significant roles in Japanese Company Law as Taiwan , whereas the relative research report, guides, and judicial practices adopted the poison pill and admitted its legality respectively in 2005 and 2007 in Japan . Thus, it arouses the interests to research what causes the differences . The paper try to discover what exactly the principle of equitable treatment of shareholders which has been regarded as the bible of the Company law means and contains . This paper will highlight the discord of the traditional meaning and position of the principle of equitable treatment of shareholders by reviewing the traditional content and function of the principle , by listing the existing regulations and deviations of the principle , and by enumerating the contradictions of the application of the principle to specific cases in traditional theory . Then I will refer to the various academic opinions and judicial practices of the Japanese Law and the German Law , take Nexus of Contract into consideration, deliberate the needs of the principle in the Company Law of Taiwan , and attempt to reconstruct the concept of the equitable of the shareholders , and to find its appropriate definition, function , and source of law. Providing the scholars and judicial practices with a brandnew view different from the past to flexibly operate the concept of equitable treatment of shareholders is the purpose of this paper. After the above process of reasoning , there might be more space to plan a feasible poison pill .

碩士
國立臺北大學
法律學系一般生組
99
In 2008, the global financial crisis stroked the global stock markets, M & A activity was significantly reduced; however, with the recent economic recovery, global M & A activity appears to be just around the corner, making a comeback. According to the Ministry of Economic Affairs from 91 to 98 years of statistics, the number of mergers and acquisitions over 1300, amounting to 6,200 billion. Besides, the cross-strait economic and trade development in recent years with frequent cross-border mergers and acquisitions can reasonably be expected to scale the number of cases and should be able to grow even further. Nevertheless, from 2005 to July 2010, the domestic development of hostile takeover occurs between China Development Financial holdings and Taiwan International Securities Corporation, one of the most compelling argument is “when faced with hostile takeover, the fiduciary duty of target company directors for setting a variety of defensive tactics and the resulting correlation problems”. Therefore, in many M & A issues, I re-think focusing on the fiduciary duties of a target company's Board of Directors under the Hostile Takeover. 　First, in the second chapter, this article is to start with the viewpoint of corporate governance, to review directors and shareholders of the division of authority in the corporate. This article attempts to operate from the “Principle of Separating Ownership and Control” and analysis of who owns the rights to sell the company. 　Then, in the third chapter is focusing on the correlation between hostile takeover and defense tactics. Here, this article starts with the advantages and disadvantages of hostile takeover, consolidation theory and judicial practice for understanding the right of directors to take defensive measures. Besides, I also analyze and introduce the process of Poison Pill defensive tactics. Finally, I describe the development of the Anti-Takeover Statutes of the United States. 　The fourth chapter is to analyze the target company board of directors decided to adopt the legality of poison pills. To understand the obligations of the authorized directors of the target company content, this practice start parsing the Delaware judicial precedents established principles, observe how the standard of review when the target company directors in the decision to adopt defensive measures in the case, that is, Directors how to determine the authorized representative has been fulfilling its obligations. In addition, the introduction and analysis of four poison pill decision between 2010 to 2011 by the Delaware Court, understand the recent development of practice, and for our country to determine and establish the authorized obligations for the target company. 　The fifth chapter reviews mergers and acquisitions statutes in Taiwan. How the attitude control laws and regulations and court practice for the operation of the target company directors to face the threat of hostile M & A party should be how to face the obligation to comply with its authorized representative. Implications from the current legal issues related to mergers and acquisitions, our country implementation of the possibility of poison pill defenses, directors and shareholders of the conflict of interest, considering the interests of interested parties, to the obligation of the authorized representative to make a comprehensive review of methods review. Finally, at the sixth chapter is the conclusion to the current problems facing the legal norms to make recommendations for future legislation and judicial practice in Taiwan.

碩士
國立交通大學
企業管理碩士學程
100
Abstract Ever since United States and Canada had signed U.S.-Canada Free Trade Agreement on 1988, the development of regional free trade agreements (FTA) has been widely spread. Over the past two decades, unprecedented proliferation of FTA to promote regional economic integration has been observed. The formation of FTA was aimed for economic integration between the parties that’s involved. Benefits of FTA include secure markets and providing export opportunities for domestic companies by dismantling the trade barriers between the participating nations. The importance of secure markets as a motive for participating in FTAs has become even greater as regionalism has expanded. This because the greater tendency towards, regionalism means the potential loss of market opportunity as a result of being excluded from a regional free trade agreement, also known as the marginalization effect, has become an increasing serious issue. Taiwan is an island with economy that’s heavily depends on exports for economic development and growth. Since its accession to WTO in January 2002, Taiwan has begun to conduct FTA negotiation with other WTO members. However, Taiwan was unable to secure FTA with any of its major partners, such as U.S., EU, and ASEAN. Even though Taiwan tried to conclude or to begin negotiation with other countries and other trade areas, Taiwan is suffering from China’s political isolation policy. Thus, in the East Asia region, Taiwan and North Korea are the only two Asian countries that are excluded from the regional economic integration. On June 29, 2010, Taiwan and China have finally come to an agreement and signed their version of FTA. It is so called the Cross-Straits Economic Cooperation Framework Agreement (ECFA). The ECFA is a landmark agreement between the two political rivals since the end of the Chinese Civil War in 1949. Nevertheless, the focal point for Taiwan is its attempt to prevent itself from marginalization with the composition of FTAs within its neighboring region. With ECFA signed and become effective, Taiwan is facing new opportunities and challenges in the regional integration as well as global trade. The objective of this case study is to evaluate the implications of ECFA based on the comparison and contrast with CEPA, the FTA signed between Hong Kong and China. Further, an analysis of what ECFA had (not) achieved on Taiwan economy thus far. Finally, since ECFA is part of the East Asian regional economic integration trend that started off by the formation of ASEAN FTA, the marginalization effect based on trade figures with ASEAN will also be analyzed.