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標題: | 會計準則與公司法交錯下的資本與股利制度─以股份有限公司為中心 Capital and Distribution in the Intersection of Accounting Standards and Corporate Law─Focus on Corporation Limited by Shares |
作者: | Shu-Hung Chiu 邱舒虹 |
指導教授: | 蔡英欣 |
關鍵字: | 股利政策,資本制度,會計基準,債權人保護,盈餘分派, distribution regime,legal capital,accounting standard,creditor protection,dividend, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 股利政策是作為調和債權人與股東利害關係很重要的制度之一,亦即,藉由公司法等強行規範在資產負債表上區分「應維持的資本」與「可分派的財源」,係為防止公司資產不當流出的量尺與基準。因此,比較法上也有針對股利發放與否與金額上限設有不同的測試基準,究竟在股利政策選定上要如何設計才能發揮該制度目的以及具有保護債權人的實效,須從股利政策的本質與該基準對於公司現實資產的連結進行通盤性的檢視。
我國公司法的股份有限公司之股利制度規範於公司法第235條、241條,分別是「盈餘分派」與「公積發還」,還有2018年公司法新修法後第228條之1引進的「期中分派盈餘」制度。這些針對不同財源所設的發還限制主要還是以實收資本為核心、公積為輔,透過法定資本與公積的保留來確保公司不會不當或過度將其資產流出於股東,對債權人造成不利益。惟這樣的股利制度設計因為與會計上對於資本的定義脫節,不但不能貼切地反映公司現實財務情形,同時,因為股利制度散布於各條文,並無統一財源的上限管制,欠缺體系上的一致性。因此,本文欲從資本的定義出發,藉由拉進會計基準與公司法上對於資本與股利制度的認識,希望能重新建構對於股利政策的實效性。 在比較法上擇取日本與歐盟法作為參考,日本法部分著重於2005年新訂公司法時放寬資本規制的背景下,如何強化並穩固既有保護債權人之手段成為一大課題,包括股利政策的改革,因此日本公司法下將牽涉到公司現實資產流出的行為,包括盈餘分派、庫藏股買回、中間分派、實質減資等課以統一且獨立的財源規制。歐盟法則著重於股利分派基準的選定,藉由立法例與修法建議報告書中對於第二號指令下資產負債表基準的檢討,試圖擷取資產負債表與償債能力測試的優點,建構兼具適用明確性與彈性的股利政策。 對於我國未來股利政策的立法論建議,本文認為可以從「未來指向性」、「統一性財源規制」與「流動性」三個面向加以強化,並應針對會計準則與法律上在資本與股利政策的分歧加以調和,才能使股利政策的劃定更貼近公司的實際財務情形,藉以發揮該制度於保護債權人之實效。 Distribution regulation is important for harmonizing the conflicts of interests between the creditor and shareholder. That is, distribution under mandatory statutory such as company act draws a line between ”non-distributable capital” and “distributable funds” in the balance sheet of a company, which serves as devices and standards aiming at preventing corporation from excessively distribution to shareholders. Therefore, there are different tests examining whether to make distribution or not and putting limitation on distributable funds among the foreign regulations. It’s crucial regarding the choice between the regime to ensure its achievement of the stated object of creditor protection, depending on how we make an overall review on the essence of distribution regime and its connection to financial statements of a business. According to article 235 and 241 of Taiwan’s company act, distribution regime can be seen in forms of “distribution of divedend” and “distribution of legal reserve and the capital reserve”, as well as “interim dividend” introduced by article 228-1of new company act amended in 2018.These limitations set out for different sources in corporation are mainly based on paid-in capital and supported by legal reserves, protecting creditor’s interests from undue or excessive distribution of coporate assets. However, due to the inconsistency in definition of capital between company act and accounting, distribution regime in Taiwan fails to portray the value and financial statement of a firm accurately. Also, distribution regime sunder separate regulations result in a lack of consistency systematically.Therefore, this thesis attemps to start from the definition of capital and reach convergence, in order to reconstruct and improve effectiviness of distribution regulation. As the observation of foreign regulation, this thesis chose the Japanese act and EU regulation. Regarding Japanese act, it focuses on its newly established company act in 2005. Under the deregulation of legal capital, there is urgent need to enhance alternative approach to creditor protection including the pratical changes in distribution regimes. In this regard, Japanese company act sets limitation of unified financial resources on earning distribution, share repurchases or buybacks, interim dividend and substantial capital reduction with other ways associated with outflows of corporate assets. Regarding EU regulation, the regulator focuses on the choice of tests used in decision of dividend, and examine balance sheet test under second directive.Through the above analysis, they can combine the merits of balance sheet test and solvency test, and construct a distribution regime that has both certainty and flexibility. The thesis suggests that the act enhance distribution regime in the future from three perspectives: “future oriented”, “unified financial resources restriction”and “liquidity”, and reconcile existing accounting standards with the current regulation of capital and distribution. Therefore, it makes the distribution regime closer to coporate financial statement to improve effectiviness in creditor protection. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/70255 |
DOI: | 10.6342/NTU201803556 |
全文授權: | 有償授權 |
顯示於系所單位: | 法律學系 |
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