減資規範之再建構─從會計觀點出發

Abstract

當公司擬進行彌補虧損減資時，理論上僅為財務報表上會計科目之調整，減資前後公司淨值不變，但因股本減少，每股淨值增加，股東持股比例不變，因此股東持有股份的總值不變，且將來公司產生盈餘時，每股盈餘亦將增加，進而刺激股價提升，有助於公司改善財務結構，惟實務上公司宣告彌補虧損減資大多呈現負向異常報酬；而現金減資雖然發放現金予股東，仍不乏反對聲浪。由於減資與會計制度息息相關，因此本文從會計觀點分析減資制度之內涵及其對利害關係人之影響。 本文以國際會計準則中認列投資虧損的時點，說明減資當下不會直接使股東承擔虧損，惟設計不同財務狀況進行分析後，認為彌補虧損減資後進行私募折價發行新股，將擴大控制股東與少數股東之利害衝突。而減資對於債權人的影響，以償債能力分析的結果，僅實質減資可能影響債權人將來受償的可能性。有鑑於不同減資類型所影響的層面並不相同，公司之減資應有區別規範之必要。 現行減資的程序設計，應考量不同減資類型而區別應經董事會決議或股東會決議，以及是否應於股東會召集事由中列舉，對於債權人權益之保障亦應有不同的設計。為緩和減資的負面評價，可考慮健全化鑑識會計制度，得對於尚未進入訴訟程序之案件深入調查是否涉及不法。 股票折價發行的會計處理方式，可能與彌補虧損減資產生關聯，進而凸顯折價制度之問題，短期之改革，應修正折價發行新股的決策機關為股東會，並規範差額攤銷期間。長期之改革，配合彈性面額股之實施，應刪除例外得折價發行新股之制度。

When the company limited by shares reduces its share capital and cancels any paid-up share capital that is lost, the net value of the company on the financial statements remains the same and the shareholders do not suffer any loss. After the reduction of share capital, net value per share increased and the proportion of shareholders’ shareholding unchanged. In the future, if the company generates earnings, the earnings per share will increase and thus stimulate the stock upgrade. From the perspective of accounting, this kind of reductions will help improve the financial structure of the company. However, the company declares capital reduction to cover losses mostly brings negative abnormal returns in practice. Although the company repays any paid-up share capital in excess of the company's wants, there are still objections. Due to the capital reduction is closely related with the accounting system, this paper analyzes the capital reduction and its influence from an accounting point of view. This paper uses the methods of recognizing investment losses according to International Financial Reporting Standards to indicate that the capital reduction does not directly make shareholders bear the losses. However, different financial situation analyses will prove that the combination of capital reduction and private placement issued at a discount will expand the interest conflict between controlling shareholders and minority shareholders. In addition, the capital reduction which repays any paid-up share capital in excess of the company's wants may affects creditors’ rights. In view of the impact of various types of capital reduction is different, it is necessary to revise the rules. Existing capital reduction program design should consider the different types of capital reduction to difference which shall be approved by the board of directors or shareholders' meeting, and whether it should be listed on the notice to convene the meeting of shareholders. The rules to protect the creditors’ interest should also be changed. To mitigate the negative evaluation of capital reduction, the forensic accounting system should be improved. Accounting treatment of stock issued at a discount may be associated with capital reduction, thus highlighting the issue of discount system. The short-term reforms should be changing the decision-maker of issuing new shares to the shareholders' meeting, and regulating the amortization period. The long-term reform should be prohibiting from issuing new shares at a discount.