非上場化取引におけるフェアネス・オピニオンの意義と取締役の責任

フォーマット:

論文

責任表示:

永江, 亘 ; Nagae, Wataru

言語:

日本語

出版情報:

金沢大学人間社会研究域法学系, 2013-04-11

著者名:

• 永江, 亘
• Nagae, Wataru

掲載情報:

平成24(2012)年度 科学研究費補助金 研究活動スタート支援 研究成果報告書 = 2012 Fiscal Year Final Research Report

巻:

2011-2012

開始ページ:

4p.

バージョン:

author

概要:

米国の議論から、フェアネス・オピニオンの機能は裁判所に準規範的な意見を提供することにあり、取引態様によっては市場株価へ信頼を寄せることが適当ではない場合に、その機能が最大化される。他方で、裁判所がこれらの意見を信頼し、判断を下すためには、その判断の妥当性の検証及び当該専門家の独立性の検証が必要となる。以上のような条件を満たした場合、フェアネス・オピニオンによる取締役責任の免責効果は、我が国の取締役に求められる公正な価格決定プロセスの実践という要請に照らしても、認められるものと … 考えられる。<br />Through an exploration of the arguments in the U.S., the author understands thatfairness opinions can function as a complement to a market-based mechanism in closed-market deals because they can analyze the hypothetical value of the corporation and add value to show fairness with opinion. Nevertheless, fairness opinions haveinherent limitations: they cannot show an ascertained or predicted price or forecast the price an acquirer would ultimately offer. As a response to such limitations, Americanacademics have recommend that courts review the reasonability of fairness opinionsand/or their fee structure and develop guidelines together with a self-regulatory body.With respect to the role of fairness opinions in Japan, a number of Japanese academics have made reference to using fairness opinions or some other outside opinion in corporate control transactions because they share the same doubt concerningmarket-based mechanisms. However, there exist certain conflicts on how to interpret the duty and liability of corporation directors. This study examines recent cases and shows that recent court decisions and academics have tended to require directors to show, at minimum, fair process. Moreover, this article notes that courts have not considered the situation for relying on fairness opinions, nor the deal structure for, norinherent problems with them. To correspond, this article suggests that courts shouldconsider these issues when they use fairness opinions to deny the liability of directors,and calls for disclosure system amendment so as to require additional disclosure in certain closed-market transactions.<br />研究課題/領域番号:23830027, 研究期間(年度):2011-2012 続きを見る

URL:

http://hdl.handle.net/2297/00052748