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標題: | 論雙層股權結構的監管制度――探究引入我國之可行性 A Study on the Regulation of Dual-Class Share Structure: Exploring the Prospects of Its Introduction into Taiwan |
作者: | 許庭瑄 Ting-Hsuan Hsu |
指導教授: | 邵慶平 Ching-Ping Shao |
關鍵字: | 雙層股權結構,日落條款,複數表決權,股份平等原則,公司治理, dual-class share structure,sunset clause,plural voting rights,principle of equality of shares,corporate governance, |
出版年 : | 2022 |
學位: | 碩士 |
摘要: | 雙層股權結構的優點在於可以保護新創公司創辦人的經營決策權,並同時滿足公司籌資之需求,與此同時,掌握表決權之控制股東與其他股東之間的代理成本也隨之提升,產生了傷害公司治理的風險。雙層股權結構與公司治理的相互影響在比較法上已有相當討論。近來,國際上的數個重要金融市場,如香港、新加坡、上海、倫敦陸續放寬雙層股權上市,這些市場不約而同地採取強制監管措施來緩和雙層股權可能造成的負面效應,這也讓雙層股權的監管制度成為更趨重要的議題。其中,日落條款因其多元化設計與來自美國機構投資人的擁戴,成為在學術和實務上討論較為熱烈的監管措施。
近年台灣政府為推動國內產業創新與轉型,大力扶植提供高科技創新產品和服務的公司,而這類型的公司也是雙層股權的最大潛在使用者。然而台灣在2018年公司法修正之後,仍禁止公開發行公司發行複數表決權股來建構雙層股權結構,此與香港、新加坡等亞洲國家允許公司在上市時採用雙層股權結構的模式有所差異。台灣的立法者及主管機關是否應提供上市公司採用雙層股權結構之選項?我國是否為適合引進雙層股權結構之資本市場?由於新法制的引進仍須考量本土因素,因此本文嘗試從市場、政策方向、公司法制等不同面向來討論這些問題,並嘗試提出我國引進雙層股權結構應採取的監管模式及法制設計。 The advantages of the dual-class share structure are that it protects the founder’s right to make decisions about the company’s operations while satisfying his need to raise capital. However, the dual-class share structure increases the agency costs between the controlling shareholder who holds the voting rights and the other shareholders leading to the risk of undermining corporate governance. The interplay between the dual-class share structure and corporate governance has been well discussed in comparative law. Recently, several major international financial markets such as Hong Kong, Singapore, Shanghai and London have been liberalizing their dual-class share structure listings, and these markets have coincidentally adopted mandatory regulatory measures to mitigate the potential negative effects of this structure. The sunset clause is one of the most hotly debated regulatory measures in both academic and practical terms due to its diverse design and popularity among institutional investors in the US. In recent years, the Taiwanese government has been promoting innovation in the domestic market by fostering companies that provide high-tech innovative products and services, and these companies are also the largest potential users of the dual-class share structure. However, after the amendment to the Companies Act in 2018, Taiwan still prohibits public companies from issuing plural voting shares to create a dual-class share structure, which separates Taiwan from other Asian jurisdictions such as Hong Kong and Singapore that allow companies to adopt dual-class share structure when going public. Should Taiwan’s legislators and policy makers provide the option for listed companies to adopt dual-class share structure? Is the introduction of dual-class share structure suitable for Taiwan’s capital market? As the introduction of a new legal scheme still needs to take local factors into consideration, this article attempts to discuss these issues in terms of different factors such as market, policies and corporate legal system, and attempts to propose a regulatory model and legal design for the introduction of dual-class share structure into Taiwan. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87338 |
DOI: | 10.6342/NTU202202320 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 法律學系 |
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ntu-111-2.pdf | 3.05 MB | Adobe PDF | 檢視/開啟 |
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