L’ensemble de la doctrine s’accorde pour dire que la cession de droits sociaux est une opération complexe faisant appel à de nombreuses notions juridiques et financières. Ce faisant, même s’il s’agit purement et simplement de transférer les droits sociaux ou le pouvoir de la société par l’intermédiaire d’une telle opération, le législateur a rendu cette opération difficile par l’utilisation de termes inappropriés. De plus la jurisprudence inconsistante, et quelquefois imprécise, sur certains points de ce sujet à rendue cette opération très discutée. L’un des points essentiels de la cession de droits sociaux concernent le prix et la valeur de ces droits. Le législateur impose des conditions à ce prix, mais il n’est pas facile pour les parties à l’opération de remplir ces critères légaux. L’opération d’expertise du prix dans une cession de droits sociaux est l’opération permettant de dire le prix des droits sociaux, une opération permettant de remplir l’ensemble des critères juridiques et financiers d’une cession, tout en protégeant les intervenants. Cependant, il nous semble difficile d’être juge et partie à une telle opération. C’est la raison pour laquelle les parties doivent avoir recours à un tiers estimateur pour effectuer cette opération d’expertise dont la mission sera, d’une part, de remplir les critères légaux concernant le prix et, d’autre part, d’évaluer financièrement la valeur des droits sociaux dans toutes les situations. / Even though the transfer of social rights (more precisely legal and beneficial ownership) is a necessary and common operation in the life of a company, experience shows that it is a complex process involving many legal and financial concepts. Even if there is only a transfer of social rights or a transfer of the power of the company through such an operation, the legislator has made this operation more difficult through the use of inappropriate language. Moreover the inconsistent, and sometimes, inaccurate jurisprudence on some points surrounding this subject has made this operation highly controversial. One of the main issues regarding the transfer of social rights is the price, i.e. the value of those rights. The legislator imposes conditions on this price but it is not easy for the parties to the transaction to meet these legal requirements. The expert assessment of the price for the transfer of social rights is the process involved in determining the price of the social rights; an operation which fulfills the legal and financial requirements of such a transfer, whilst protecting the stakeholders. However, it seems difficult to be both judge and party to this transaction. This is why the parties should be able to use a third person as an expert to perform this operation. The expert’s goal will be, on the one hand, to fulfill the legal criteria regarding the price and, on the other hand, to assess the financial value of the social rights in all situations.

In my dissertation I analyse the issue of the transfer of a share in a limited liability company which is one of the most common legal dispositions with the share. The work is based on the new legal regulation of private law which will come into effect on 1 January 2014 but at the same time it compares the existing and new legislation. Besides the applicable law, the work examines the legal literature, periodicals, as well as the case law of the Czech courts. The main contribution of this work is to provide a possible future interpretation of some institutes associated with the transfer of a share as well as to point out the changes that the new legislation will bring. The work is divided into five chapters whereas each of the chapters focuses on the specific issue of the share transfer. The first chapter defines the share in a limited liability company and introduces it as an eligible subject-matter of the legal relations. The second chapter deals with the various modes of the transfer of a share and certain preconditions of the transfer of a share such as the consents with the transfer and the necessary respect of the duty of loyal behaviour of the company's members. The subject of the third chapter represent the chosen institutes related to the transfer of a share, namely the acquirer's...

This diploma thesis focuses on aspects related to the share and enterprise transfer. Although both transfers seem to be similar from economic point of view, their consequences are different. The first chapter introduces a legal concept of "share" and "enterprise". These terms are introduced not only from the current legislation perspective, but also from the perspective of their content. This leads to general differentiation of both terms, which is very important regarding the following analysis of their transfers. The second and third chapter are separately focused on analysis of the share and enterprise transfer, i.e. on conditions of the transfers and their consequences for entrepreneurial activity. The analysis specifically focuses on legal requirements regarding the approval from the side of relevant corporate bodies and determination of formal and material terms of a transfer contract. The chapters also cover the extent of transferor's guarantee and processes of registration into public registers. Both chapters also mention tax duties regarding the transfers. Furthermore, since not all parts of the entrepreneurial activity form an enterprise and the transfer of an enterprise has certain influence on the entrepreneurship, a special subchapter is dedicated to this issue. The forth chapter is...

Esse estudo tem como objetivo avaliar a mudanÃa ocorrida em 2007 nos critÃrios de repasse das cotas-parte do ICMS aos municÃpios cearenses. Para tanto, serà feita uma anÃlise comparativa entre o critÃrio anterior â baseado nos gastos â e o atual â que o qualifica atravÃs do desempenho nos setores educaÃÃo, saÃde e meio ambiente e quantifica pelo VAF. Com isso, a nova metodologia de cÃlculo dos Ãndices que sÃo atribuÃdos aos municÃpios trouxe um grande avanÃo em termos de responsabilidade fiscal e controle nos gastos pÃblicos. No sentido de avaliar o efeito dessas mudanÃas sobre a redistribuiÃÃo dos recursos, sÃo analisados os impactos de curto prazo nos indicadores econÃmicos e sociais que ocasionaram mudanÃas nas contas dos municÃpios, determinando o perfil dos que foram beneficiados ou prejudicados. A anÃlise quantitativa aponta que foi alcanÃado o objetivo da mudanÃa metodolÃgica, isto Ã, tornar a transferÃncia com carÃter mais distributivo e meritocrÃtico. NÃo obstante, o sistema de ponderaÃÃo dos Ãndices, por ter sido criado em bases ad hoc, poderia ser reavaliado para permitir uma reduÃÃo do peso do Valor Adicionado Fiscal nesses Ãndices e evitar concentraÃÃo dos repasses do ICMS. Para isso, sÃo construÃdos trÃs cenÃrios: i) Concentrador â considera o critÃrio atual baseado na ponderaÃÃo legal ora existente; ii) Menos concentrador â à a simulaÃÃo de um critÃrio baseado numa ponderaÃÃo menos concentradora; iii) Equitativo â à a simulaÃÃo de um critÃrio baseado em 50% no IVA, e o restante distribuÃdo nas variÃveis de desempenho. Conclui-se que, ao se desconcentrar a ponderaÃÃo no IVA, atribuindo maior peso Ãs demais componentes do Ãndice, a caracterÃstica metodolÃgica do cÃlculo do repasse se torna mais meritocrÃtica e menos distributiva, beneficiando um maior nÃmero de municÃpios de menor porte. / This study aims to evaluate the change in 2007 on the criteria for transfer of shares in the ICMS to municipalities in CearÃ. For both, there will be a comparative analysis between the previous criteria - based on spending - and current - which qualifies through the performance in the sectors education, health and environment, and quantifies the VAF. Thus, the methodology of calculation of indices that are assigned to municipalities brought a breakthrough in terms of fiscal responsibility and control public spending. To assess the effect of these changes on the redistribution of resources, are examined in short-term impacts on economic and social indicators that caused changes in the accounts of municipalities, determining the profile of those that have obtained benefit or loss from it. Quantitative analysis shows that the methodological change has reached the goal of making the transfer more distributive and meritocratic. Since the weighting of the indexes has been created on ad hoc basis, it could be reassessed to allow a weight reduction of Value Added Tax on it to prevent concentration of transfers from the ICMS. To do so, three scenarios are built up for the indexes: i) Concentrating â considers the current official criterion; ii) Less concentrating â simulates a criterion based upon a more distributive transfer; iii) Equitable â simulates a criterion by distributing 50% of the transfer based upon the IVA and the remaining distributed equally among the performance variables. It is concluded that, as long as the weights on the IVA are smaller and greater to the other components, the methodological characteristics of calculating the transfer becomes more meritocratic and less distributive and benefits a larger amount of less developed municipalities.

我國公開收購之審議委員會制度，已實施約5年，規定審議委員會應審議收購案，並建議股東是否應賣。迄今（民國106年6月5日）應設置審議委員會之案件共計55起，其中有36起揭露股份轉讓合約，合約記載與該次收購相關之合約條款，為審議委員會於審議過程可得之資訊。合約約定之內容，將影響簽約雙方承擔之風險，過去亦有案例，顯示合約內容之重要性。透過分析36份股份轉讓合約及5起發生於國內之個案，本研究試圖瞭解合約之違約賠償條款如何影響審議委員會做成建議，以及標的公司之審議委員會及股東於收購案應注意之風險。本研究之結論有二：第一，當股份轉讓合約之違約賠償條款，能夠對風險做出因應時，審議委員會應表示正面意見。第二，標的公司之審議委員會及股東應注意之風險事項，計10項： 1. 公開收購說明書是否有揭露股份轉讓合約。 2. 股份轉讓合約是否有約定違約賠償條款。 3. 違約賠償條款之約定，是否能因應風險。 4. 標的公司之股權結構，是否過於分散或集中。 5. 公開收購人之真實身分，以及其是否與具爭議性人物有關係。 6. 公開收購人與標的公司經營理念之差異。 7. 若收購案牽涉其他主管機關核准，應考量主管機關核准時程。 8. 外界對於收購案之傳聞。 9. 公開收購案之性質，係水平、垂直或多角化經營；是否為跨國案件。 10. 公司過去營運事項及管理階層所作決策或提案，是否有不合理情事。 / The new system of review committee of every public company shall under takes the responsibility to recommend to shareholders about whether to sell their shares in a tender offer has been implemented in Taiwan for five years. The review committee is comprise of all independent directors, they should investigate and review the tender offer before they make their suggestions: positive, negative, or netural. Up to now (June 5, 2017), 55 tender offer cases involve the suggestion from review committee. Among these 55 cases, 36 cases have disclosured share transfer contracts, the terms of the contract were available for the review committee and this research. The terms of the contract affect heavily the risks taken and return awarded by both parties, merit a thorough research but seldom done by previous research.The purpose of this thesis is to find out how the terms of contract affect the review committee’s recommendations. The term studied is damage for breach, this term is selected because its importance, it impact seriously the risks of the acquired company and its shareholders’ wealth.This study starts from analyzing 36 share transfer contracts and 5 tender offer cases in Taiwan, two observations obtain. First, the review committee should express positive recommedation when the terms of damage for breach of contract could response the risk. Second, the 10 risks the acquired company’s review committee and shareholders should pay attention are: 1. Whether the tender offer prospectus disclose the share transfer contract. 2. Whether the share transfer contracts have the terms of damage for breach of contract. 3. Whether the terms of damage for breach of contract could response the risks. 4. Whether the acquired company’s ownership structure is too fragmented or concentrated. 5. Whether the tender offeror is related to a controversial person and its real identity. 6. The different business philosophy between the tender offeror and the acquired company. 7. If the tender offer involves the approval of relevant competent authorities, the processing time of the approval should be concerned. 8. The rumors of the tender offer. 9. The nature of the tender offer is horizontal, vertical or diversified; whether it is a transnational case. 10. Whether both company's past operations and management decisions are unreasonable.