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本頁翻譯進度

燈號說明

審定:劉江彬
審定簡介:
課程中譯計劃審定老師

翻譯:林繼耀(簡介並寄信)
編輯:朱學(簡介並寄信)

第一至十三堂課之讀物清單
Reading List for Classes 1-13

修習本課程之同學應考慮購買下列兩本參考書:
Students should consider purchasing the following two books:
  • Oesterle, Dale,《企業併購入門》,West出版社,二○○一年。
    Oesterle, Dale. Mergers and Acquisitions in a Nutshell. West Group, 2001.
    本書大多數章節均將被列為指定閱讀之範圍。
    Most of Oesterle will be assigned.
  • Bagley, Constance, Craig Dauchy,《創業者商法指南》,West出版社,一九九八年。
    Bagley, Constance, and Craig Dauchy. The Entrepreneur's Guide to Business Law. West, 1998.
    本書內容約有三分之一將被列為指定閱讀之範圍。
    About a third of Bagley will be assigned.

其他閱讀資料將於課堂上提出或發放。
Other readings will be made available or handed out in class.

本課程除本閱讀清單外尚有許多重要的補充資料,參與課堂評論之來賓亦將提供相關閱讀補充資料。
There will be substantial additions to this reading list. Many of the guest commentators will be supplementing these readings.



單元一:併購基本觀念概論
Module I - An Overview of Fundamentals

課程一:導論:併購之主要參與者,其法律責任及其於併購初期所扮演之角色
Class 1: An overview of key players, their legal responsibilities and early roles.

  • Oesterle,《企業併購入門》第一章。
    Oesterle, Nutshell. "The Basics of a Corporate Acquisition." Chap. 1.
  • Texaco v. Pennzoil案判決摘要 729 S.W.2d 768;關於本案交易之參考資料請參見講義資料第一至第十二頁。
    Excerpts from Texaco v. Pennzoil, 729 S.W.2d 768; materials discussing deal that are pages 1-12 of the bound handout (OCW).
  • 評論人Mahoney先生提供之Pennzoil v. Texaco案交易時間表,影印資料將於課堂上發放。
    Mr. Mahoney's "Pennzoil v. Texaco Deal Timeline"; hardcopy distributed in class.
  • 意向書草稿,請參見講義資料第十三至第十七頁。
    Draft Letter of Intent, pages 13-17 of the bound handout.

課程二及課程三:不同交易架構中之稅務考量
Classes 2 and 3: Tax considerations in deal structures.

  • Oesterle,《企業併購入門》第八章《併購與重整之聯邦稅務措施》。
    Oesterle, Nutshell. "Federal Tax Treatment of Mergers, Acquisitions, and Reorganizations." Chap. 8.
  • 評論人Allen先生論「企業收購與出讓」之大綱,請參見講義資料第十八至第三十三頁。*
    Mr. Allen's outline on "Acquisitions and Dispositions of Businesses"; pp. 18-33 of the bound handout. *
  • 評論人Allen先生提供之Excel表單範本一、範本一(b)及範本二,此項資料之書面將於課堂上發放,相關檔案亦已存放於班級網站之伺服器。請注意本項資料與講義資料第三十四至四十五頁之表單範本內容有異,請勿混淆。*
    Mr. Allen's Excel spreadsheet, Fact Patterns #1, #1(b), and #2: hardcopy was distributed in class; file has been posted on the class server; please note NOT to refer to the Fact Patters on pp. 34-45 of the bound handout. *

*本課程期望建立同學們對於併購交易中稅務議題之廣泛認識,及認識經理人於決定交易結構時之稅務規劃。此類稅務規劃可能包括(但不限於)以現金或股票為對價之不同意涵、商譽與稅務之關聯、資產收購與股權收購之基本差異、影響經理人是否選擇適用所得稅法第三百三十八條(將股權收購視為資產收購)之因素、及營業損失淨額之價值等。本課程之目的係協助同學們了解經理人於進行交易時所必須考量之宏觀、策略性之稅務議題。同學們毋須確定精確之課稅結果,本課程亦不會使用任何數學或做任何稅務之計算。
* Students are expected to have a broad understanding of the tax issues related to M&A deals, as well as some of the tax choices that managers face in deciding upon a deal structure. Some such examples may include (but are not limited to): the different implications of paying with stock versus cash, the relevance of goodwill, the basic differences of buying assets versus stock, why a manager would make a 338 election (or (h) or (h)(10)), and/or the value of NOLs. The goal is to help students understand the big, strategic tax issues that mangers must consider when doing deals. Students are not expected to be able to determine precise tax consequences, nor will they have to do any math or make any tax computations for this course.

課程四:媒合交易
Class 4: Putting the deal together.

  • 標示之股權收購契約,請參見講義資料第四十六至第九十七頁。上課同學僅須深入了解第三點一條第(a)項、第五點五條、第五點七條、第五點九條第(e)項,第五點十一條、第五點十二條、第五點二十一條、第五點二十二條、第五點二十三條、第五點二十四條、第九點二條第(b)項及第九點三條。**
    Marked up copy of the Stock Purchase Agreement; pages 46-97 of the bound handout; you will only be responsible for knowing in detail sections 3.1(a), 5.5, 5.7, 5.9(e), 5.11, 5.12, 5.21, 5.22, 5.23, 5.24, 9.2(b), and 9.3. **
  • 企業收購模範契約第二點四條關於法律責任部分(節錄自企業收購模範契約),請參見講義資料第九十八至第一○二頁。
    Section 2.4 on Liabilities (excerpt from Model Agreement for the Purchase of a Business); pp. 98-102 of the bound handout.
  • 評論人Mahoney 先生提供之Powerpoint投影片內容,此項資料之書面將於課堂上發放,相關檔案亦已存放於班級網站之伺服器。
    Mr. Mahoney's PowerPoint presentation, a paper version of which was distributed in class. It has also been posted on the class server.

**然而同學們仍應就與交易相關之廣泛議題,例如「重大不利變更約款」、「聲明與承諾」與「一般公認會計原則」等,有所認識。
** However, students are also expected to understand the broad but relevant deal-related issues surrounding concepts like "material adverse change clauses", "representations and warranties", and GAAP accounting.

課程五:勞動法:主要僱員及企業僱主之觀點
Class 5: Employment law: The perspectives of key employees and of the corporation as an employer.

  • Bagley,《創業者商法指南》第二章《離開你的僱主》(第九頁至第二十八頁)。(請略過「付諸實行」部分)。
    Bagley, Entrepreneur's Guide. "Leaving Your Employer." Chap. 2 (pp. 9-28). (Skip "Putting It into Practice")
  • 前揭書第十章《整合人力資源》(第二六五頁至第三二四頁)。(請略過「付諸實行」部分)。
    ------. "Marshalling Human Resources." Chap. 10 (pp. 265-324). (Skip "Putting It into Practice")

課程六:融資收購與資金提供者之觀點
Class 6: LBOs and the perspective of financial sponsors.

  • Oesterle,《企業併購入門》第九章《目標公司董事會防止被併購之權力》。
    Oesterle, Nutshell. "The Target Board's Power to Block Takeovers." Chap. 9.
  • 前揭書第十章《董事會出售公司之決定》。
    ------. "The Board of Directors' Decision to Sell the Firm." Chap. 10.
  • Mills Acquisition Co. v. Macmillan, Inc.案判決,559 A.2d 1261 (OCW). ***
    Mills Acquisition Co. v. Macmillan, Inc., 559 A.2d 1261 (OCW). ***
  • Kendall and LeClaire,《指標案例與特別股選擇權之限制》。 ***
    Kendall and LeClaire. "The Benchmark Case and the Limits of Preferred Stock Options." ***

*** 以上資料將於課程六之課堂中發放。
*** Handout, to be distributed in class 4.



單元二:特殊交易類型
Module II - Some Complications

課程七:智慧財產作價:談高科技新創公司之買賣
Class 7: Intellectual property as an asset; Selling and buying the hi-tech start-up.

  • Bagley,《創業者商法指南》第十四章《智慧財產與網路法》(第四八七頁至第五五一頁)
    Bagley, Entrepreneur's Guide. "Intellectual Property and Cyberlaw." Chap. 14 (pp. 487-551).

課程八:經理人及董事之法律責任
Class 8: The legal liability of managers and board members.

  • Bagley,《創業者商法指南》第十七章(《公開發行》第六四九頁至第七○三頁)
    Bagley, Entrepreneur's Guide. "Going Public." Chap. 17 (pp. 649-703).
  • 沙氏法案(亦稱沙賓法案)諮詢報告。
    Sarbanes-Oxley Advisories.

課程九:反托拉斯法之考量與主管機關之許可
Class 9: Antitrust concerns and regulatory clearance.

  • Akula,反托拉斯法入門(供了解反托拉斯法背景用)。
    Antitrust Law in a Peanut (Akula) (for general background).
  • Varta Bosch併購案(歐盟對於本案之裁決)。
    Varta Bosch (EU ruling on a proposed merger).
  • 美國司法部就該部與Gemstar-TV Guide International Inc.達成和解之新聞稿(併購案中利用未公開資訊進行證券交易之問題)
    Department of Justice Press Release: Gemstar-TV Guide Settlement (the "gun-jumping" problem in mergers).
  • 美國線上(AOL)與時代華納(Time Warner)合併案相關資料:
    AOL/Time Warner merger items:
    美國聯邦貿易委員會之許可 (OCW).
    Federal Trade Commission Approval (OCW).
    美國聯邦貿易委員會之許可 (OCW).
    Federal Communications Commission Approval (OCW).
    美國聯邦通訊委員會Michael Powell 委員對美國線上與時代華納合併案之評論 (OCW).
    Comments of FCC Commissioner Powell (OCW).
  • Oesterle,《企業併購入門》第十三章《併購之反托拉斯相關立法》(第二七三至二七九頁)。
    Oesterle, Nutshell. "Antitrust Legislation on Acquisitions." Chap. 13 (pp. 273-279).

課程十:面臨財務危機之公司
Class 10: The distressed company.

  • Bagley,《創業者商法指南》第十二章《破產與債權人之權利》(第三八四頁至第四三○頁)
    Bagley, Entrepreneur's Guide. "Creditors' Rights and Bankruptcy." Chap. 12 (pp. 384-430).
  • Oesterle,《企業併購入門》第五章《繼受相關議題:契約權利之移轉與繼受人責任》第十九、二十及二十一節(第九十八至一二○頁)。
    Oesterle, Nutshell. "Successorship Issues: Assignments of Contract Rights and Successor Liability." Chap. 5, but only sections 19, 20, and 21 (pp. 98-120).

課程十一及課程十二:特殊交易條件(包括收購公開發行公司所衍生之相關議題)
Classes 11 and 12: Some complex deal terms, including issues that arise in the purchase of a publicly-held company.

  • Oesterle,《企業併購入門》第九章《目標公司董事會防止被併購之權力》(第二三一至二五三頁)。
    Oesterle, Nutshell. "The Target Board of Directors' Power to Block Takeovers." Chap. 9 (pp. 231-253).
  • 前揭書第十章《董事會出售公司之決定》(第二五五頁至第二六五頁)。
    ------. "The Board of Directors' Decision to Sell the Firm." Chap. 10 (pp. 255-265).

課程十三:金融法規之強制力
Class 13: The hard edge of financial regulation.

  • Akula. 《商業犯罪:面對法律追訴之處置》,《史隆管理評論》四十一卷第三期(二○○○年春季號)。
    Akula. "Business Crime: What To Do When the Law Pursues You." Sloan Management Review 41, 3 (Spring 2000).
  • John Gutfreund案美國證券管理委員會起訴所羅門公司行政主管之相關文件(除輪值同學外為選讀)。
    In the matter of John Gutfreund. (SEC release on action against Solomon executives) (optional unless you are on deck) (OCW).



 
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