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序

∼這是一個最壞的時代,也是最好的時代∼

2008年金融海嘯、2011年歐債風暴、美韓簽定FTA(自

由貿易協定)、我國和中國大陸正式簽訂ECFA。在國際經貿

大變動中,企業應如何因應相關法律問題,實為重要課題。

本所自2003年出版協合年度財經法律叢書以來,獲得各

界許多的迴響與支持。今年,我們選定「兩岸法制」、「企

業併購、資本市場與資產證券化」、「公平交易與智慧財產

權」、「不動產交易法制」及「公司經營法律實務」五大主

題進行研究,希望切中實務的需求。身為財經專業的法律事

務所,我們希望盡量做到「知識蒐集」、「知識過濾」以及

「知識分享」。本書的特色是著重實務問題,並將財經法律

以實例解說的方式介紹給讀者。

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非常感謝本所律師及顧問在繁忙的公務之餘,致力於法

律問題的研究,並不吝分享資訊。也非常感謝書泉出版社一

直以來的鼎力支持。學海無涯,有時仍難免力不從心,本書

的內容倘有任何疏漏,尚祈各界先進不吝批評指正。

  謹誌

 謹誌

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目 錄
目 錄

第一篇 兩岸法制

1

兩岸四地法治百年暨法制和諧化:以調解制度為例

3

Chinese Companies and the VIE Structure: Key Legal Risks

and Recommendations for Investors (金文悅/俞凱華)

7

(高思博)

第二篇 企業併購、資本市場與資產證券化 23

2011年迄今台灣併購案例簡評

(盧曉彥/廖婉君/馬碩遠)

政府參與證券化相關議題

(莊國偉/張碩恆)

25

43

台灣發行金融資產擔保債券(Covered Bonds)之可行性

(莊國偉/蕭郁)

57

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海外基金(Offshore Fund)之設立 (張溢修/魏薏玲/姜璿)

第三篇 公平交易與智慧財產權

83

101

域外結合如何申報? (黃蓮瑛/邱虹元/賴衍輔)

103

Oligopoly and Game Theory (黃蓮瑛/呂書賢/陳郁婷)

123

從智慧型手機大戰看國際專利訴訟 (蘇佑倫)

135

第四篇 不動產交易法制

153

區分所有權人優先承買權之行使

(童兆祥/林盈瑩)

155

合建分屋之課稅實務分析

(張炳坤)

169

預售屋買賣契約之「履約保證機制」制度介紹

—以價金信託及不動產開發信託為中心

(谷湘儀/陳瀅竹)

189

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第五篇 公司經營相關實務

215

如何簽訂勞動契約及相關勞資爭議探討

(吳姝叡/呂書賢)

217

證券交易法背信案件研析

(姜萍/賴衍輔)

239

非法銷售境外金融商品之刑事法律責任分析

(谷湘儀/楊智全)

261

實務上操縱股價行為認定標準與常見問題之探討

(謝文欽/王均文)

285

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第一篇

兩岸法制

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兩岸四地法治百年暨法制

和諧化:以調解制度為例

高思博

首先我感到非常的榮幸能夠應邀參與「首屆海峽兩岸 暨香港澳門司法高層論壇」,並且有機會針對「法治百年與 調解應用」進行主題演講。我的講題是〈百年聚首〉,這個 題目既是為了因應今日兩岸四地法律人的盛會,也反映了兩 岸四地華人社會經過曲折的小徑,終於能有機會在法治現代 化的大道上再聚首。今年適逢辛亥百年,中華民族百年來, 努力追求現代化與富強,而「法治」是現代化追求的一環, 自清末宣統年間沈家本修訂「新刑律」起算,在這段蛻變期

間尤其重要者是於1911年提出「民法第一草案」,至今剛好

100年,這也標記了中華民族現代化追尋中「變法改制」

的核心目標:透過繼受西方法,重塑現代化的國家、社會組

織及國家社會關係。這個從傳統到現代,政治、社會的大轉

型,在英美法及大陸法的傳統國家,亦是花費至少百年以上

的時間,始略見全貌。時至今日,兩岸和港澳等四個華人社

會都先後具備了法治發展的必要初步條件:即是公、私部門

以理性化為行為準則,法律則成為聯繫、規範兩部門間的主

第一篇 兩岸四地法治百年暨法制和諧化:以調解制度為例

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導性規則,而非道德、政策指導所能替代,但是兩岸四地達 到這個境地,歷史路徑卻大不相同,快慢也有所別。 兩岸四地在過去一百多年間,先後脫離了傳統「中華法

系」,繼受了西方法,香港1842年繼受英美法,澳門於1887

年繼受大陸法,臺灣則於1895年繼受大陸法,大陸則在1911

年終結了傳統「中華法系」的存續,改行新法。雖因戰亂頻 仍,新法實際規範效力非常有限,值得一提的是,國民政府

1926年(民國15年)所提出之「民法第二草案」,於1930

年(民國1920年間)正式通過。不次抗日軍興、國共內

戰,這部在大陸無法生根的民法典隨國民政府來到臺灣。由

於這部民法典和臺灣日治時期通用的日本民法皆脫胎於1896

年德國民法,因此臺灣雖面臨政權更迭,但是法治現代化

並未因此中斷。這部民法典承繼了日治時期許多重要配套制

度,例如戶籍與土地登記,終於在台灣生根茁壯,成了法制

史上有趣的特例。就這樣臺灣和港、澳社會分別走過不同曲

折的歷史途徑,讓法治生根於社會土壤。

我們都注意到大陸前陣子通過物權法,及剛剛所發布

婚姻法的司法解釋,在大陸社會引起的廣泛反應,實體內容

姑且不論,這兩個現象顯示法律作為社會的主導規範地位

已被確立,已非道德或政策指導所能替代。時值兩岸四地

華人社會互動之頻繁為前所未見,尤其台灣和大陸正透過

一系列制度性安排解決過去交流所生的問題,並為進一步

 協合群英論財經法律

協合群英論財經法律

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深化打下基礎,我們可以說四地社會間的高度互動就是為 我輩法律人搭起的歷史舞台。我們無法預測會有什麼難題 考驗我們的智慧,但是可預期的是:社會間的高度互動既 帶來交流瞭解,也同時帶來新生的紛爭。不同法制的和諧 化(harmonization),就成為追求公平解決紛爭下的優先課 題,以使「相類似案件做相類似處理」成為兩岸四地人民 往來的合理期待。以本次主題調解為例:大陸正以「和諧 社會」為綱領,應對社會轉型中爆發的各種矛盾。大陸法

院近30年來受理案件量平均每年上升10%以上,2010年達到

1,171萬件。大陸官方顯然警覺以判決形式解決紛爭,在量

方面已造成法院重大負擔,而在質方面是否使整體社會更和

諧亦有疑問,因此刻正推動所謂「大調解」工作系統。最高

人民法院確立「調解優先,調判結合」的原則,一方面促進

法院系統在程序各階段積極調解,另方面更推動其他系統及

社團進行「人民調解」、「行政調解」、「商事調解」、

「行業調解」等並給予承認,以對接法院系統的調解,形成

「大調解」體系。

以大陸目前社會形勢,推動這樣的政策是無可厚非,但

是若案件涉及兩岸四地人民,因大陸目前僅在民事訴訟中列

有調解的規定,其他非法院系統進行的調解,均無類似台灣

「鄉鎮市調解條例」或港澳「物業」、「行業」、「商業」

調解所具備的法源基礎,其調解結果是否得到台港澳法院承

第一篇 兩岸四地法治百年暨法制和諧化:以調解制度為例

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認有相當不確定性,存在這樣的法律風險對兩岸四地的交 流來往以致和平發展自是不利,這也只有推動彼此法制的和 諧化能夠解決。雖然這是個艱鉅的挑戰,但我個人寧可樂觀 的認為這也是個機遇,我輩法律人若能秉持對法治(rule of law)蘊涵的理性力量的共同信仰,我們也有機會對中華法 制及和平發展做最大貢獻,這是百年機遇,也是我們今日聚 首的最大意義。

(本文改寫自筆者於「首屆海峽兩岸暨香港澳門司法高

層論壇」所發表之主題演講)

層論壇」所發表之主題演講)  協合群英論財經法律

協合群英論財經法律

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Chinese Companies and the VIE Structure: Key Legal Risks and Recommendations for Investors

Amy Chin / Kai-Hua Yu

Despite the market turmoil of the past year, China still remains a key destination for foreign capital. Investors often find, however, that key industries in the PRC are closed to foreign direct investment. Foreign investors thus frequently invest in a holding company with contractual control over the business operations, but no actual equity ownership in the operating entity. The operating entity is known as a “variable interest entity,” or VIE, and the resulting company structure is typically called a VIE structure. In 2000, Sina.com became the first PRC company to successfully complete a U.S. IPO with a VIE structure. Since then, the VIE structure has become a common feature among PRC companies looking to attract foreign capital from Taiwan

第一篇 Chinese Companies and the VIE Structure

第一篇  Chinese Companies and the VIE Structure

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and elsewhere. As of April 2011, 42% of U.S. listings by PRC- based companies used the VIE structure, including major names such as Sohu, Baidu, Ctrip, NetEase and Tudou. 1 Within the past year, however, the struggling market performance of Chinese companies and the emergence of several key disputes involving VIE companies has led to increased scrutiny of the VIE structure. Investors are becoming more aware of the need to fully understand the VIE structure and its risks in order to adequately evaluate their investment. In this article, we present the background of the VIE structure and an overview of its key components, highlight several key risks of the VIE structure, and suggest some key considerations for investors in VIE companies.

Background of the VIE Structure

The VIE structure developed from accounting rules dening the circumstances under which a company would need to present consolidated nancial statements and include another

Fredrik Öqvist, “Statistics on VIE usage,” China Accounting Blog, April 11, 2011, available at http://www.chinaaccountingblog.com/weblog/statistics-on-vie-usage. html.

html.  協合群英論財經法律

協合群英論財經法律

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entity in its nancial statements. Generally, a company will be required to consolidate another entity if such entity is controlled by the company. Traditionally, “control” has been viewed as ownership of more than 50% of the entity’s voting interests. This is the typical parent-subsidiary relationship in which the parent company owns a majority (or all) of the shares of the subsidiary company, and thus the parent company must consolidate the subsidiary in its nancial statements. The collapse of Enron in 2003 exposed issues with this traditional definition of control. Enron set up a complex network of relationships with special purpose entities. Enron entered into various contracts with these special interest entities under which Enron had the ability to manage these entities and guaranteed their loans. Actual ownership of these entities, however, belonged to Enron employees and other outside parties. Enron itself had no ownership interest in these entities. Thus, under the traditional definition of control, Enron was not required to consolidate these special purpose entities in its financial statements. As a result, Enron was able to give a misleading impression of its financial performance simply by moving substantial amounts of liabilities to these special purpose

第一篇 Chinese Companies and the VIE Structure

第一篇  Chinese Companies and the VIE Structure

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entities. 2 In response, in 2003 the United States Financial Accounting Standards Board (“FASB”) coined the term “variable interest entity.” FASB defines a VIE as an entity in which the equity owners lack one or more of the following essential characteristics of a controlling nancial interest:

1. The direct or indirect ability to make decisions about the entity’s activities through voting rights or similar rights; 2. The obligation to absorb the expected losses of the entity if they occur, which makes it possible for the entity to nance its activities; or 3. The right to receive the expected residual returns of the entity if they occur, which is the compensation for the risk of absorbing the expected losses. 3 In these cases, the VIE is said to be controlled by the entity that actually has such rights or obligations to the VIE. If such a relationship exists, the controlling company must consolidate the

Staff of J. Comm. on Taxation, 108th Cong., “Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues and Policy Recommendations” (Comm. Print 2003) (JCS-3-03).

Financial Accounting Standards Board, “FASB Interpretation No. 46:

Consolidation of Variable Interest Entitiesan interpretation of ARB No. 51,”

Interest Entities — an interpretation of ARB No. 51,” 2003. 1 0 協合群英論財經法律

2003.

10 協合群英論財經法律

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VIE in its nancial statements, even if the controlling company has no actual shares or ownership interest in the VIE. FASB’s adoption of a VIE rule was intended to limit a company’s ability to hide off-balance sheet transactions. Chinese companies discovered, however, that the VIE structure could also be a unique opportunity to maintain separate structures for equity ownership and financial control. A VIE structure meant that a holding company could include in its consolidated financial statements other operating companies that it did not actually own, and present them as if they were actual subsidiaries of the holding company. At the same time, investors who were eager to get a piece of China’s hot internet market could invest in the holding company, and thereby get around restrictions by Chinese government regulations on foreign ownership.

Typical VIE Structure

A typical VIE structure is depicted in the illustration below:

第一篇 Chinese Companies and the VIE Structure 11

第一篇  Chinese Companies and the VIE Structure 1 1

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Operating Company Ownership

Foreign Investor Ownership

PRC Founders

Licensed Operating

Company (VIE)

Foreign Investors PRC Founders Holding Company (Listing Company) PRC Subsidiary
Foreign Investors
PRC Founders
Holding
Company
(Listing
Company)
PRC Subsidiary

A VIE company typically begins with one or more Chinese founders who form an operating company in China. Because the operating company’s owners are mostly or all PRC citizens, the company is able to acquire the business licenses and permits necessary to operate the business in a restricted sector, such as the internet sector. Eventually, the company and the Chinese founders may desire to attract foreign capital, but foreign direct ownership of the operating company may be prohibited or restricted in the sector. To work around this restriction, the Chinese founders and

To work around this restriction, the Chinese founders and 1 2 協合群英論財經法律

12 協合群英論財經法律

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the new foreign investors set up the holding company structure

on the right side of the diagram. The foreign investors and the Chinese founders invest in an offshore holding company, which in turn establishes a Chinese subsidiary. The Chinese subsidiary then enters into several control agreements with the operating company, which effectively give the holding company control over the operating company. This control, however, is governed exclusively through the control agreements. The original Chinese founders still control 100% of the equity interests in the operating company. Further,

if

the company decides to pursue a listing on a stock exchange,

it

will be the holding company that applies for the listing, not the

operating company.

Key Provisions of Control Agreements

Because the foreign investors in a VIE do not directly own

any of the equity or voting shares of the VIE, the VIE structure is completely dependent on the effectiveness and enforceability of the control agreements. The control agreements can come in

a number of different forms, but the following key provisions should be included in all VIE structures:

第一篇 Chinese Companies and the VIE Structure 13

第一篇  Chinese Companies and the VIE Structure 1 3

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1. Management control: The holding company must have the right to appoint all of the key officers of the VIE, and to replace such officers at any time. The VIE must also be required to follow any instructions from the holding company regarding employment, business and financial management. The VIE may not be permitted to take any major actions without the consent of the holding company. 2. Economic sharing: The holding company must be entitled to the economic benets of the VIE. This is often done through a consulting agreement, service agreement or similar agreement, where the VIE agrees to distribute its profits or revenues to the holding company in exchange for the holding company’s services. Economic sharing can also be accomplished through the equity pledge (discussed below), by giving the holding company the right to any dividends and distributions during the term of the equity pledge. 3. Equity pledge: The Chinese founders who retain ownership of the VIE typically pledge their shares to the holding company to guarantee their obligations under the control agreements. This is typically the primary or only means by which the foreign investors can ensure that the Chinese founders adhere to the control agreements, and thus its enforceability is critical.

control agreements, and thus its enforceability is critical. 1 4 協合群英論財經法律

14 協合群英論財經法律

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4. IP agreements: Because the VIE structure is frequently used in internet, education and media sectors, the company’s intellectual property is often a key component to the business. The holding company typically holds ownership of the company’s trademarks, domain names, and other intellectual property, and grants a limited license to the VIE for use in its operations.

Key Risks of the VIE Structure

The VIE structure has always been subject to significant risks because of legal and regulatory uncertainties and the absence of direct equity ownership over the VIE. During the past year, these risks have become particularly apparent, and there have been major incidents involving the VIE structures of several well-known public companies. Some of the key risks of the VIE structure are as follows:

1. Difficulty Asserting Full Control Over the VIE: The VIE structure is dependent on the holding company’s ability to control the VIE, but because the Chinese founders are the actual owners and generally in charge of day to day management, the holding company may have difficulty

第一篇 Chinese Companies and the VIE Structure 15

第一篇  Chinese Companies and the VIE Structure 1 5

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asserting full control if there is a dispute with management. In a publicized case, GigaMedia, a Nasdaq-listed company based in Taiwan, attempted to remove a senior manager at its China VIE. However, the manager had possession of the VIE’s registration certicates, business licenses, and company chops, and refused to turn them over to GigaMedia. Without these documents, GigaMedia’s VIE could not distribute its prots, enter into contracts, or conduct any ofcial corporate action, and GigaMedia could not even officially register the removal of the manager. 4 2. Risks to the Founders Ownership of the VIE: The VIE structure depends on the continuing cooperation of the founders that hold full ownership of the VIE. Although the control agreements will ensure that the founders are not permitted to transfer their ownership to others, such transfers could still happen involuntarily in the event of the founder’s death or other legal reasons. Tudou, which completed its IPO on Nasdaq in August 2011, is an illustrative example. Tudou had submitted its original IPO filing in November 2010, several days earlier than its rival

Form 6-K for GigaMedia Limited led on November 15, 2010.

6-K for GigaMedia Limited fi led on November 15, 2010. 1 6 協合群英論財經法律

16 協合群英論財經法律

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internet video site Youku. However, Youku’s IPO launched in December 2010, whereas Tudou lagged eight months later. A key factor in the delay, revealed in Tudou’s public lings, was a divorce ght between Tudou’s founder and his ex-wife, who was demanding a share of the founder’s ownership interests. For a typical public company, such a dispute typically would not slow down a deal, since the founder is typically only one of several major shareholders in a listed company. However, Tudou’s VIE structure meant that the founder owned virtually 100% of the underlying VIE, which was the only entity of value to the listing company. If the ex-wife succeeded in acquiring a large stake in the VIE, the holding company would have lost out on its revenue and prot sharing, and potentially been unable to consolidate the VIE altogether. Even though a settlement was eventually reached and Tudou’s IPO completed, the company continues to include its public lings a number of disclosures about the risk of such legal proceedings. 5 3. Improper Structuring of the Control Agreements: The control agreements are the only link between the holding company and the VIE. It is thus critical that the control

Prospectus Filed Pursuant to Rule 424b (4) for Tudou Holdings Ltd led on August 17, 2011.

第一篇 Chinese Companies and the VIE Structure 1

第一篇  Chinese Companies and the VIE Structure 1

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agreements are not only comprehensive and precise, but also that all necessary procedures are completed so that the agreement can be properly enforced. In the case of GigaMedia’s dispute with its manager, GigaMedia disclosed a major setback when it discovered the parties had neglected to register the pledge agreements with PRC government authorities as required by PRC law. As discussed above, the equity pledges are generally the primary or only security that the holding company has to ensure control over the VIE. Without the necessary registration, GigaMedia would most likely be unable to enforce the equity pledge agreements against the manager. Had GigaMedia discovered this issue before the dispute, it could have taken steps to correct the defect and gain a stronger position in enforcing the control agreements. 4. Uncertain Future of the VIE Structure: Even when all necessary procedures are followed, the legal and regulatory uncertainty surrounding VIE’s means that enforceability can never be completely assured. In recent months, different levels of the PRC government have expressed strong reservations about the permissibility of the VIE structure. At the same time, PRC lawyers have become increasingly careful about

time, PRC lawyers have become increasingly careful about 1  協合群英論財經法律

1 協合群英論財經法律

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opining about the legality of VIE control agreements. Given the complex attitudes of PRC authorities towards the VIE structure, the uncertainties are likely to persist for some time. One publicized instance occurred in March 2011, when Buddha Steel, a PRC steel company, suddenly withdrew its application for a Nasdaq IPO, which had been in process for several months. Buddha Steel disclosed that local authorities in Hebei Province had apparently warned the company that the company’s VIE structure violated PRC policies relating to foreign-invested enterprises and were against public policy. 6 Since then, official statements from other PRC authorities have been more restrained, and Tudou and several other VIE companies were able to complete their IPOs. However, it is clear that PRC authorities will continue to evaluate the VIE structure, and its future remains uncertain.

Key Considerations for Investors in a VIE

Despite these risks, the VIE structure is still prevalent among PRC companies seeking foreign capital, and in some

Form 8-K for Buddha Steel, Inc. led on March 28, 2011.

第一篇 Chinese Companies and the VIE Structure 1

第一篇  Chinese Companies and the VIE Structure 1

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cases, it may be the only way for investors to access certain sectors of the PRC economy. The following are some key considerations for investors to keep in mind, both when deciding whether to invest in a VIE, and during the investor’s term as a shareholder:

1. Recognize if a VIE Structure Exists: Because the VIE is consolidated as if it were a subsidiary, investors may not immediately recognize that a VIE structure exists. The company’s own disclosures may also vary. As described above, VIEs are a U.S. accounting concept, and companies that report under IFRS or other accounting standards may use different terminology to describe VIEs. Investors need to fully understand the chain of ownership and contractual arrangements within the company’s structure. 2. Determine if the VIE Structure is Necessary: PRC founders typically insist that VIE structure is necessary since regulations require that the founders have full ownership of the operating company. However, even in restricted sectors, PRC regulations often allow at least some degree of foreign ownership, sometimes 50% or more. Foreign investors will have signicantly more certainty if the holding company is an actual shareholder of the VIE, even if the shareholding is only

shareholder of the VIE, even if the shareholding is only 2 0 協合群英論財經法律

20 協合群英論財經法律

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協合群英論財經法律/協合國際法律 事務所著. -- 一版. -- 臺北市:書 泉,2012.01

協合群英論財經法律/協合國際法律 事務所著. -- 一版. -- 臺北市:書

泉,2012.01

 面; 公分 ISBN 978-986-121-727-7(平裝)

1.法律 2.論述分析 3.文集

580.7

100023642

1.法律 2.論述分析 3.文集 580.7 100023642 3S79 協合群英論財經法律 作  者 ─

3S79

協合群英論財經法律

作  者 ─ 協合國際法律事務所(447)

發 行 人 ─ 楊榮川

總 編 輯 ─ 龐君豪

主  編 ─ 劉靜芬 林振煌

責任編輯 ─ 李奇蓁

封面設計 ─ 斐類設計工作室

出 版 者 ─ 書泉出版社

地  址:106台北市大安區和平東路二段339號4樓

電  話:(02)2705-5066  傳 真:(02)2706-6100

網  址: http://www.wunan.com.tw

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戶  名:書泉出版社

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電  話:(02)2695-4083

地  址:新北市汐止區康寧街169巷27號8樓

法律顧問 元貞聯合法律事務所 張澤平律師

出版日期 2012年1月初版一刷

     2012年1月初版二刷

定  價 新臺幣250元

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