The protection of minority shareholders is one of the important topics in company law. The two major oppression of minority shareholders are from the management and the majority shareholders. In this thesis, I seek to study the two oppression and the minority protection under the company law in Hong Kong and China. This thesis discusses: (i) Whether the Hong Kong common law system provides better protection to minority shareholders than is found in the Chinese civil law system? (ii) Whether the high degree of concentrated corporate ownership leads to the poor protection of minority shareholders in Hong Kong and China? (iii) What are the transplantation effects of foreign company laws on the protection of minority shareholders in Hong Kong and China? (iv) Whether the existing legal remedies to minority shareholders in Hong Kong and China are adequate? and (v) What are the problems of minority shareholders protection in Hong Kong and China? A comparative study of corporate governance and the protection of minority shareholders in Hong Kong and China is to identify the similarities and differences in the two systems for the purposes of legal reform. This thesis argues that mere adoption of Hong Kong common law system according to the legal origin theory could not improve corporate governance and minority shareholders protection in China; Chinese corporate governance and minority shareholders protection reform must include both legislative and structural aspects and these aspects are shaped by the initial paths according to the path dependence theory. This thesis argues that the high concentration of corporate ownership does not necessarily lead to poor legal protection of shareholders in Hong Kong, and the weak protection of minority shareholders in China is not due to its civil law origin but its structures relating to the rule of law principle. This thesis examines the theoretical debates between the legal origin theory and the path dependence theory and applies them to Hong Kong and China. This thesis contends that the basic company law has already achieved a high degree of uniformity in Hong Kong and China and the base of divergence between Hong Kong and China is in the structural and institutional differences. This thesis argues that the success of legal transplantation and minority protection in Hong Kong is dependent upon its initial structures which have been locked-in to the current structures. This thesis concludes that the issues of minority shareholders protection in China are in its socialist market economy, state intervening policy, public ownership, relation-based tradition, rule by law culture, corruption practices, dominant role of the CCP and non-independent judiciary; and the Chinese minority protection reform, in a broader sense, involves not only the legislative issue but also the structural issues which relate to the rule of law principle. This thesis proposes that the transplantation of foreign company law will not necessarily improve the protection of minority shareholders and hence the corporate governance in China. This thesis also confirms that direct transplantation of foreign law is not always suitable for countries with less developed structures. These findings are also relevant to other emerging economies and developing countries in understanding the limitations on the use of foreign law to improve corporate governance and the protection of minority shareholders.

本論文為管理層收購法律規範理論與實務之研究，比較台灣與日本兩國法律規範及實務運作方式，借鏡上市公司股權結構及管理層收購發動背景與我國相似之日本，檢討我國管理層收購之相關法規範，並試提出修正建議。 在管理層收購下，管理層一方面為收購方，一方面亦為目標公司之決策機構，其間之利益衝突不言而喻，且管理層收購亦伴隨著逐出少數股東之下市交易，如何能確保交易公平並保障少數股東之利益，為各國法規範管理層收購之一大重點。 本文以2011年國際私募基金Kohlberg Kravis Roberts & Co. L.P.來台收購我國半導體大廠國巨股份有限公司一案帶入我國管理層收購之法規範及實務運作，並點出該案及其後一連串之修法下我國法仍存在之問題，再探討日本法下管理層收購之相關規範及實務運作模式，並以日本兩實務案例：日立集團旗下之日立機材株式會社創始股東聯合國際私募基金凱雷集團發動管理層收購事件、日本判決著名案件Rex Holdings管理層收購事件兩案，深入探討日本法之管理層收購實務運作及相關判決，最後則以兩國實務案例比較，進一步檢討我國法之問題。

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires" / Dans une perspective pratique et axée sur le droit transactionnel, l'auteur dresse un portrait global du régime juridique s'appliquant aux actionnaires minoritaires de sociétés par actions publiques canadiennes. Pour ce faire, il aborde, dans un premier temps, les divers mécanismes transactionnels utilisés par les sociétés désirant procéder à une opération de changement de contrôle. Dans un deuxième temps, il enchaîne en expliquant les enjeux entourant la protection des actionnaires minoritaires pour, par la suite, décrire les obligations afférentes au Règlement Q-27. Finalement, il propose une analyse du traitement des porteurs minoritaires à la lumière, d'une part, de la gouvernance d'entreprise et, d'autre part, de l'activisme des investisseurs institutionnels. / In a practical perspective based on transactionallaw, the author shows a global portrait of the legal regime applicable ta minority shareholders of Canadian publicly listed corporations. Firstly, he tackles the various transactional mechanisms used by corporations that want ta proceed ta a change of control operation. Secondly, he continues by explaining the issues surrounding the protection of minority shareholders. Then, he describes the obligations related ta Rule Q-27. Finally, he proposes an analysis of minority shareholders treatment in light of, on one hand, corporate governance and, on the other hand, institutional investors activism.

Dans une perspective pratique et axée sur le droit transactionnel, l'auteur dresse un portrait global du régime juridique s'appliquant aux actionnaires minoritaires de sociétés par actions publiques canadiennes. Pour ce faire, il aborde, dans un premier temps, les divers mécanismes transactionnels utilisés par les sociétés désirant procéder à une opération de changement de contrôle. Dans un deuxième temps, il enchaîne en expliquant les enjeux entourant la protection des actionnaires minoritaires pour, par la suite, décrire les obligations afférentes au Règlement Q-27. Finalement, il propose une analyse du traitement des porteurs minoritaires à la lumière, d'une part, de la gouvernance d'entreprise et, d'autre part, de l'activisme des investisseurs institutionnels. / In a practical perspective based on transactionallaw, the author shows a global portrait of the legal regime applicable ta minority shareholders of Canadian publicly listed corporations. Firstly, he tackles the various transactional mechanisms used by corporations that want ta proceed ta a change of control operation. Secondly, he continues by explaining the issues surrounding the protection of minority shareholders. Then, he describes the obligations related ta Rule Q-27. Finally, he proposes an analysis of minority shareholders treatment in light of, on one hand, corporate governance and, on the other hand, institutional investors activism. / "Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires"