規範競爭理論與公司證券法制的建構：兼論對台灣法制的可能啟示

Regulatory Competition in Corporate Regimes: And Some Observations on Possible Regime Changes in Taiwan

10.6199/NTULJ.2009.38.01.01

邵慶平(Ching-Ping Shao)

規範競爭 ； 規範外部性 ； 向上提升 ； 向下沈淪 ； 內部事務準則 ； 囚犯困境 ； regulatory competition ； regulatory externality ； race to the top ； race to the bottom ； internal affairs doctrine ； prisoner's dilemma

臺大法學論叢

38卷1期（2009 / 03 / 01）

1 - 59

繁體中文

競爭的因子在立法過程中究竟扮演什麼角色？在經濟全球化的今天，許多國家為了經濟發展，紛紛修訂相關法規以吸引人才及外商的直接或間接投資。依此觀之，負責制定法律規範的政府幾與一般市場上之生產者無異，而不同政府間自然就會有規範競爭的情形產生。尤有甚者，若各國的選法規則可以完全尊重當事人選定之準據法，則將形成另一種「外帶型」的規範競爭，而這也使得政府所生產的規範產品將處於更大的競爭壓力之下。 雖然規範競爭早已是外國學界激烈討論的課題，惟在台灣，完整而深入的理論論述尚屬少見。有鑑於此，本文以公司證券法制的討論為核心，嘗試從規範競爭的觀點加以分析。本文首先解釋規範競爭理論的源起，以及如何讓競爭有效率地運作的先決條件。在這樣的基礎上，本文進一步分析整理美國公司法制與國際證券法制上的相關討論，以求完整呈現外帶型規範競爭的優劣評估。本文相信這樣的認識與探討，將可刺激台灣主管機關思考規範競爭的正面效應，並重新檢視公司證券法制上的規範政策。

What is the role of competition in the process of law-making? At the age of economic globalization, many countries are making regulatory efforts to compete for talents and foreign direct or indirect investment. In this view, government is little different from another producer in the overall economy, and law is the product. Regulatory competition across jurisdictional lines is therefore inevitable. In addition to the prototype, a ”portable” form of regulatory competition can be put in place provided that all conflict of laws rules allow individuals or firms to choose the applicable law among jurisdictions. Under such circumstances, regulatory products can be put under even more competitive pressure. While regulatory competition is vociferously debated in other parts of the world, theoretical discussions on this topic are rarely seen in Taiwan. This article on corporate-securities regime is an attempt to fill the vacuum. It first explains the theoretical origin of regulatory competition, and examines the prerequisites to an efficient regulatory market. Based on the systematic understanding, it further offers a thorough analysis on ”portable” regulatory competition with thorough presentation of arguments for and against the U.S. corporate charter competition and international securities regulations. Such understanding and academic inputs, this article believes, should inspire Taiwan's regulator to review its regulatory thinking and initiate some changes to reap the competitive benefits.

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