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標題: | 建構股份設計之法制──以我國特別股實證研究為基礎 Constructing Share Design Law: Based on an Empirical Study of Taiwan’s Special Share |
作者: | Ming-Chan Hsieh 謝明展 |
指導教授: | 曾宛如(Wang-Ruu Tseng) |
關鍵字: | 股份設計,股權規劃,特別股,優先股,普通股, Share Design,Equity Planning,Special Share,Preferred Share,Common Share, |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 近年來,新創風潮席捲臺灣,帶起特別股議題之討論熱度,亦促成2015年及2018年公司法相關條文的修正。然而,無論是公司法第157條或第356條之7的新規定,在在可見配合特定股份設計態樣所增訂之新條文,倘非特定態樣,是否須企盼下回修法,始能適法為之?過去文獻尚無明確分析。 本論文旨在建構股份設計之法制。首先,以2019年1月29日為基準日,蒐集並分析我國所有已發行特別股公司之章程,得到三項研究發現:其一,我國僅765家公司發行特別股,占比極低,不過有緩慢成長的趨勢;其二,特別股的權利義務內容,隨著公司是否公開發行、是否為閉鎖性公司,呈現不同的現金流量權與控制權的設計;其三,目前特別股的現況與我國公司法制的規範具有密切關聯。其次,本論文進一步從金融創新的歷史、16種類型的特別股條款、美國公司法制及其流變,具體論證我國現行公司法制確有建構之必要性。而後,為建構股份設計之法制,在理論方面,本論文以「一束法律關係」的概念理解「股份」的概念,並奠基於美國學者Henry E. Smith提出之財產理論上,進一步提出股份設計理論,主張應以表決權力、制止請求權為股份設計之經緯,並應透過表決權力、表決群組、待決事項這三項要素歸納、演繹各種股份設計態樣;在法制方面,本論文建議應打破普通股與特別股的分野、明確且細緻規定表決權力與制止請求權、統一規範公司資產流出之情形,俾使公司法制在兼顧利害關係人之權益保障下,盡可能配合股份設計之需求。 In recent years, the startup wave has swept Taiwan. It has not only facilitated discussions on special shares, but also has contributed to the amendments of Taiwan’s Company Act (hereinafter the “Company Act”) in 2015 and 2018. Obviously, the new provisions, Article 157 and Article 356-7 of the Company Act, have been amended to legalize the specific kinds of share design. But if share design is not a specific kind, the legality of such a share design is unclear. To deal with the issue, this Thesis aims at constructing the share design law. Firstly, based on my collection and analysis of all Taiwan’s corporate charters with outstanding special shares as by January 29, 2019, there are three findings in this Thesis: (1) there are only 765 companies with outstanding special shares, but the total number is still slowly growing; (2) the rights and duties of the special shares are different depending on the types of the companies (public, non-public, or close company); (3) the current status of special shares is highly relating to the development of the Company Act. Secondly, through the discussion of the history of financial innovation, 16 types of the special shares’ clauses found in Taiwan’s corporate charters, and the U.S. corporation law and its history, this Thesis argues that it is necessary to reconstruct the Company Act by incorporating the share design spirit. Thirdly, for the purpose of constructing the share design law, as to the theory, this Thesis construes the concept of the share as “a bundle of legal relations,” and proposes a theory of share design based on American legal scholar Henry E. Smith’s Property Theory. The theory of share design is structured by voting power and cease-to-act right, and includes three elements—voting power, voting group, and the subject matter to be voted. In the proposed legal regime, this Thesis suggests: (1) the elimination of the distinction between common share and special share, (2) the clear inclusion of voting power and cease-to-act rights in the Company Act, and (3) the uniform regulation of the outflow of corporate assets, so that the Company Act can provide reasonable freedom for the companies in designing their shares while relevant stakeholders are protected. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/67139 |
DOI: | 10.6342/NTU202003599 |
全文授權: | 有償授權 |
顯示於系所單位: | 法律學系 |
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