從比較法之觀點重新省思資本三原則

Abstract

在股份有限公司中，為降低投資人之投資風險以及免除投資人無限責任之負擔，「股東有限責任原則」應運而生。然而，使股東享受有限責任優惠之同時，亦產生對於公司債權人權益保護不周之疑慮，為此，我國繼受大陸法系國家之立法所發展出之資本三原則概念，試圖在股東有限責任之運作下，解決部分風險轉嫁之問題，以事前管制之方式建構公司債權人保障。 然資本三原則在我國之實務運作下，似乎無法成為公司債權人實現債權之屏障，而飽受學說上之批判與質疑，故引發本文重新省思資本三原則於我國公司法制中是否仍具有存在之實益。本論文之目的旨在檢討我國公司法中資本三原則之相關具體規定規範未臻完備及欠缺配套措施之處，並借鏡美國模範商業公司法、德拉瓦州公司法、加州公司法、日本商法及會社法等外國立法例，作為我國資本制度及其他公司債權人保障機制改革面向上之參考指標，並試著提出解決之道。 在參酌美日立法例，就我國資本三原則之相關規定進行修正，使其適度發揮保障公司債權人之功能之同時，事後救濟機制之搭配亦成為必須。故本文亦就我國現行法中三個債權人保護機制稍作討論，分別為董事對第三人責任之建構、揭穿公司面紗原則及衡平居次原則，希冀在逐漸放寬事前規制之趨勢下，同步完善化公司債權人之事後救濟管道，以期建構符合我國國情並兼顧公司籌資彈性之公司債權人保障機制。

The “Limited Responsibility Principle” emerged in the limited liability company, in order to reduce investment risk and prevent unlimited responsibility of the investors . However, while shareholders enjoyed the benefits of limited responsibility,protection of creditors might became incomplete. Therefore, to solve risk-shifting problems under the operation of the limited responsibility, our country derived the three capital principles from other civil law countries. However, under the practical operation,it seemed that the three capital principles couldn’t protect creditors’ rights and interests, which sparked criticism from the view of theories. Therefore, this thesis intended to examine whether the three capital principles still had existing value in our corporate law. That is to say, the purpose of this thesis was to examine shortcomings of the three capital principles, and to explore whether related regulations lacked supporting measures in our corporate law. Furthermore, this thesis also learned from foreign legislations, for example, Model Business Corporation Act, Revised Model Business Corporations Act,Delaware General Corporation Law, California Corporation Code, Japanese Commercial Law and Japanese Company Law ,etc,and referred to them as indicators for our capital system and creditors protected mechanism. In the end, the thesis tried to figure out solutions to solve the problems that we have met. Required remedy mechanism ex post facto was needed,when we revised the related provisions of the three capital principles, according to the United States and Japanese legislations, and made them serve the function in protecting creditors.Therefore,the thesis also talked about three mechanism to protect creditors in our existing law ,which are 'constructing the responsibility of the directors to the third party','Piercing the Corporate Veil Principle' and 'Equitable Subordination Rule'.Hoping that in the trend of gradually releasing beforehand limitations , we could complete the subsequent requiring mechanism simultaneously, and construct the creditors protected systems corresponding to our national condition, as well as giving consideration to the financing flexibility of the company.