股東權益與意見在公司治理中屬重要一環，否則少數公司決策者（例如董事會或公司的CEO）會過度左右企業資源的分配，甚至發生浪費、貪污等代理問題，進而損及小股東權益，甚至勞工權益。本論文以公司治理的基本概念及架構為基礎，並以惡意併購的個案作為案例，探討並說明股東行動主義的經濟與法律意涵。其中，主要就「金融控股公司依金融控股公司法申請轉投資審核原則」法規設計，選擇具代表性個案，探討個案公司於股東治理的基礎規範與相關運作程序，包括非合意併購、委託書爭奪戰等相關法律問題。若根據目前台灣上市/櫃公司，其公司治理的實施狀況，許多法律學者均認為職業股東屬必要之罪，委託書是在目前公司所有權與經營權不分下，可能的外部監督力量。目前台灣委託書的相關規定過於保護大股東、公司派，導致小股東的權益受到一定程度的損害。若能自由化委託書收購，並且讓委託書可以在自由市場買賣，如此所創造的市場機制，據委託書的價格及外部市場機制，對於台灣過度依賴大股東或管理階層的公司治理結構會產生顯著改善效果，有效提升公司治理。本論文所選擇的個案公司，可以充分顯現上述這些方面的法律與經濟意涵。另外一個好的金融控股公司合併政策有賴一個健全之法律制度加以配套。針對金控公司是否得以所謂非合意併購達成合併之目的，金管會僅以行政命令「金融控股公司依金融控股公司法申請轉投資審核原則」與「公開收購公開發行公司有價證券管理辦法」作為主要法源，在法律上之位階上似乎有將行政命令之位階提高至法律位階之必要，本文以個案公司為例探討其相關法律問題。 關鍵字：公司治理、委託書、非合意併購、代理理論、價購委託書 / Shareholder’s interests play an important role in corporate governance. Otherwise, few decision-makers (ex. Board members, directors, etc) might misuse corporate assets and abuse in related party transactions in which interests of minority shareholders and employees will be jeopardized. This thesis will explore synergies of shareholder’s activism based on basic concepts and framework of corporate governance. In particular, case studies will focus on related regulations and practicable mechanisms of corporate governance in which certain legal issues, such as hostile takeover and proxy battle, will be elaborated based on ‘Principles of supervising investment application from financial holding companies’. Related regulations of proxy rights in Taiwan tend to protect interests of major shareholders and result in negative impacts of minority shareholders. If purchase offers of proxy could be freely traded in public, marketing mechanisms will balance the distortion of major shareholders and enhance the essence of corporate governance effectively. Case studies in this thesis therefore will reflect the above-mentioned legal and business implications. In addition, merge policies of financial conglomerate need supplementally sound regulations. In Taiwan, legal sources in financial holding companies are based on “Principles of supervising investment application from financial holding companies “ and “Regulations Governing Tender Offers for Purchase of the Securities of a Public Company “ issued by Financial Supervisory Committee of Executive Yuan. Positions of legal sources, in which case studies will be reviewed, seemingly need to be upgraded from administrative to legal level. Key word: Corporate Governance, Proxy,Hostile takeover,Agency Theory, Proxy Buying