兩岸合資壽險公司投資爭議之法律經濟分析Exploring Investment Disputes in Cross-strait Life Insurance Joint

摘要
在兩岸保險市場開放後，台資壽險公司大都以合資模式在大陸設立子公司。然因外資比例的限制，在合資雙方持股相同下，若經營出現歧異，常造成決策僵局；當合資壽險公司持續出現虧損時，因最低償付能力的規定，股東即面臨再出資的壓力。若一方遲不願增資，合資公司將無以為繼，原股東則需考量退出策略，惟受讓原股東持股者又有資格條件的限制。本文從法律經濟面分析問題的成因，並提出爭端防免的機制，而合資雙方訂定可有效執行的契約內容，將會是一個定紛止爭的關鍵。
關鍵詞： 合資壽險公司、海峽兩岸經濟合作架構協議、最低償付能力、股權變更、代理人賽局、盡職調查、仲裁條款
Abstract
Since the opening of the cross-strait insurance market, numerous Taiwanese life insurance companies have set up their subsidiaries in China using the joint-venture model. Nonetheless, because of foreign investment restrictions, the two joint-venture parties with identical shareholding ratio may end up in a deadlock if their disputes on business operation cannot be resolved. Moreover, for a life insurance joint venture suffering ongoing losses, the shareholders will have no choice but to invest more money in the venture because of the minimum solvency requirement. If one of the two joint-venture parties refuses to increase capital contribution, the joint venture will fail. If the original shareholder is contemplating any possible exit strategy, it should consider that there are transferee qualifications to be met when transferring the shares of original shareholders. This paper analyzed the causes of related investment disputes from the perspective of an economic analysis of law and proposed solutions for preventing and avoiding such disputes. One critical measure, for example, is to draw up an effective and executable contract between the two joint-venture parties.