政府擔任上市櫃公司股東之角色及應有規範之研究

Abstract

由社會國原則出發，可知國家參與經濟活動，對於落實社會公平之政策目的有其重要性。綜觀歷史沿革雖力求國家退出私經濟活動，惟當前至少於「基礎建設設施」、「科技創新削弱自然壟斷力量」與「非具戰略性、獨占性或民生性質之事業」等三種類型，隨著政府角色定位之不同，仍或有國家參與於其中，視事業對公共任務實現之必要性差異，國家對事業營運介入之程度亦應有所區分。此類公營事業於民營化過程中轉變為一般上市上櫃公司，政府作為股東其決策必然會對一般投資者產生影響，進而有必要探究如何規制政府股東，不僅確保政府得實現其公共政策目的，另同時維繫資本市場運作之穩定。鑒此，本文認為可藉由黃金股制度作為有效維繫公共利益之手段，並參考OECD公營事業公司治理準則改善與填補我國法制疏漏之處。

Starting from the principles of welfare state, it can be seen that the state's participation in economic activities is important for implementing the policy purpose of social equity. Looking at the historical evolution, although the state strives to withdraw from private economic activities, there are still three types of undertakings, namely "infrastructure facilities", "technological innovation weakening natural monopoly power" and "non-strategic, non-exclusive or non-people's livelihood undertakings", that may require the state participation as the different roles of government varies. Moreover, depending on the varying necessity of the enterprise in achieving public policy objectives, the degree of state intervention in its operations should also be differentiated. During the privatization process, such public enterprises have been transformed into general listed companies. As a shareholder, the government's decisions will inevitably have an impact on ordinary investors. Therefore, it is necessary to discuss how to regulate government shareholders. In this way, the government can ensure the realization of its public policy objectives while maintaining the stability of capital market operations. In view of this, this thesis believes that the golden share system can be used as a method to effectively maintain public interests, and refers to the OECD Guidelines on Corporate Governance of State-Owned Enterprises to improve and fill in the gaps in Taiwan's legal system.