論員工持股之轉讓限制

Abstract

員工入股制度為企業重要之獎酬措施，除激勵員工外，更希望透過員工持有公司股份而達到勞資一體、促進勞資合作、共創營利佳績之目的，我國公司法制上亦鼓勵企業以股權酬勞員工，故提供多個員工入股的管道，如員工新股認購權、員工酬勞以股票方式發給、庫藏股轉讓員工、員工認股權憑證及限制員工權利新股等，有些強制、有些非強制，有些有償、有些無償，讓企業能夠依據自身狀況搭配使用，建構完善之員工獎勵政策。 雖然股份轉讓自由為公司法明文規定賦予股份有限公司股東之重要原則，然而當員工與股東的身分重疊、不單純只是出資者角色時，基於團隊穩定、人才留任等考量，常見企業於配發股票予員工的同時，搭配限制股份轉讓之措施，相關作法是否違反股份轉讓自由原則，員工取得股份之方式不同，是否影響公司能否限制其股份轉讓。目前司法實務上多肯認公司得與員工訂定契約約定股份轉讓限制，於學理上是否具有穩固之立基論點，因契約衍生之爭議態樣與法院見解為何，企業有何因應解決之道。 本文透過學理與實務案例之整理分析，歸納現行員工入股管道在法規面與實務執行面可能面臨之疑義，對於立法有不盡完善之處，提出未來修法可參考之方向，並思考除了股權還有什麼機制可達到激勵留才的效果，讓公司能夠跳脫員工持股限制常生爭議之困境，提出個人觀察與淺見。

Employee stock ownership is an important compensation mechanism which is not only to motivate employees, but also to enhance collaboration between employers and employees. The Company Act also encourages corporates to compensate employees with stocks and provides various tools, including new shares reserved for subscription by employees, employees’ compensation by getting shares, treasury stocks transferred to employees, employee stock options and restricted stocks. A company can choose single or multiple tools to establish its own employees’ compensation system. For the sake of stability of ownership and organization, a company may limit the transferability of the shares owned by employees by contract. However, the freedom of transferring shares is a significant principle of the Company Act. Practically, the court recognizes the way to restrict transfer of shares held by employees is legal. This thesis will analyze whether it has the solid standpoint, whether it violates the principle of freedom of transferring share, whether getting shares from different channels will cause different results, what the major issues are when arguments happen, what the court’s opinions are, and how companies shall do to avoid disputes. After analyzing relevant doctrine and practical cases, this thesis will point out the problems which exist in current laws and practices and provide some suggestions on further legal amendment. In order to help companies to avoid disputes with employees as a result of imposing restrictions on transfer of shares, this thesis will also propose feasible solutions which companies may use to motivate employees instead of stocks.