2020 Fiscal Year Final Research Report
Why does the Japanese Companies Act require shareholders' approval when issuing shares in "beneficial price"?
| Project/Area Number |
18K01360
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 05060:Civil law-related
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| Research Institution | Nagoya University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2021-03-31
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| Keywords | 新株発行 / 有利発行 / 利益相反 |
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| Outline of Final Research Achievements |
Japanese Companies Act requires a shareholder meeting resolution for issuing shares at a significantly low price. Commentators have cast doubts on the rule. However, it has functioned as a safeguard against defensive tactics that involve issuing shares or warrants at low prices. More generally, a recent view understands the rule as mitigation of the conflict of interest in share issuance. This project has shown that the recent view should be supported.
Furthermore, the rule substantially requires a board to follow careful procedures for deciding the share price, especially when the board intends to issue shares to a particular person. Since directors' duties in share issuance are not clear enough, providing a special rule for this particular situation might well be reasonable.
From the above viewpoint, disclosure of the process of deciding an issuing price is crucially important. However, both corporate law and securities law have partly failed in this aspect.
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| Free Research Field |
民事法学（会社法）
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| Academic Significance and Societal Importance of the Research Achievements |
存在意義が疑われてきた有利発行規制について、他の規律との関係も踏まえて、利益相反の規律という近時の見解を裏付け、また、有利発行にはならない発行価格となる場合についても慎重な手続を経させるという機能があることを明らかにした点に意義がある。また、発行プロセスの開示について、これまで金商法が担ってきたが、会社法の観点から規律を置く必要があることを明らかにした点は今後の規制にとって意義がある。
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