發行新股瑕疵之效力及救濟

Abstract

發行新股涉及資金之籌措，對公司之經營及業務之推行影響甚鉅，為此我國公司法對於發行新股之內容或程序，皆有相關規範。於發行新股之過程中有違反法律或章程等瑕疵時，是否必然影響發行新股之效力，實務上並無明確之判斷標準。倘發行新股之效力動輒無效，恐有害公司股權結構之穩定並損及交易安全，對於違法增資後始與公司發生債權關係之債權人，其權益之保障亦有所不周。如何在不縱容違法發行新股之同時，又能兼顧公司股東、認股人及債權人權益之保護，實有研究之空間。 現行公司法下，如對於公司發行新股之效力有所質疑時，從我國司法實務觀察，利害關係人所採取之爭訟模式中，大多數係以股東會或董事會瑕疵為由，訴請法院確認股東會、董事會之決議無效或不存在，透過法院判決肯認公司機關決議瑕疵後，藉以認定公司發行新股為無效。我國實務上雖有多種爭訟模式可供當事人就違法發行新股提出救濟，惟於運作上仍有諸多問題存在。本文擬重新檢討現行法是否可能提供其他救濟途徑，並參考日本法對於違法發行新股之救濟制度，對將來之發展方向提出修正之建議。

Taiwan’s Company Act has legislated for issuing new shares about the contents and procedures to guard against the impacting operation of a company. It has no definite standard of determination that the impacting effect of the issuing new shares on either such procedures violate the law or the articles of incorporation. If the effect is easily to be announced invalid, it will harm the steady of the equity shares structure and the transaction security. Furthermore, it also harms the benefits of the creditors who had related to the company after the illegal issuing new shares. It still retains more research that how to balance against connive Issuing capital shares and the benefits of the stockholder, the stock subscriber, and the creditors. Pursuant to Taiwan’s Company Act, an interested party would sue for defects of shareholders' resolution or board's resolution, and the court will be in the opinion of that the effect of the issuing new shares is invalid. Although there are many type of sues could be chosen by the party, there still has problems unsolved under the exercise. We will review and try to find other solutions under Taiwan’s Company Act, and refer to the legal system of Japan in order to bring up amendments of the future direction.