第一上市櫃公司之公司治理研究—以富驛公司為例

Abstract

良好的公司治理有助於提昇企業經營效率。一般認為，健全之公司治理應可具體落實於企業政策、制度及方法，確保利害關係人之權益並促進有效監督，從而加強投資人信心，亦可降低公司籌資成本。公司治理也被視為改善經濟效率、提升企業競爭力之重要因素。而公司章程為公司之根本大法，對於公司治理有主導方向之作用，本論文擬以第一上櫃公司—開曼群島商富驛酒店集團有限公司（下稱富驛公司）之公司章程作為研究對象進行分析，另以富驛公司股東會及董事會效力爭議之訴訟為例，以了解實務見解中第一上市櫃公司法規之適用，並深入探討第一上市櫃公司之公司章程與其公司治理之互動影響。 本論文第一章為研究動機，我國金融監督管理委員會近期頻頻為第一上市櫃公司特別制定新措施，足見第一上市櫃公司治理及監管之重要性，而公司章程為公司內部治理之憲章，故擬以第一上櫃公司—富驛公司作為主要研究對象，分析其公司章程及公司治理爭議。 本論文第二章整理第一上櫃公司之緣起與發展、監理規範及外國公司來臺掛牌第一上市櫃之條件，2012年1月4日總統公布實施之證券交易法部分修正條文增訂第五章之一「外國公司」專章，規範外國公司來臺上市櫃者，除主管機關另有規定外，其有價證券在我國募集、發行、私募及買賣之管理、監督，準用證券交易法對於國內發行公司之部分規定，另對外國發行人及其負責人違反證券法令之行政處罰、民事求償暨刑事責任追訴等均明訂法律依據以資規範。主管機關並在上市櫃審查時要求外國公司依據外國發行人註冊地國股東權益保護事項檢查表所列事項修訂公司章程，並請律師出具覆核意見，以確保我國投資人權益。 本論文第三章首先分析主管機關提供之公司章程範本，再說明外國發行人註冊地國股東權益保護事項檢查表之內容，並分析比對第一上櫃公司富驛公司之章程內容。 第四章以我國第一上櫃公司股東會及董事會之訴訟爭議為例，以了解實務見解中第一上市櫃公司法規之適用，並深入探討第一上市櫃公司之公司章程與其公司治理之互動影響。 第五章為結論，祈本論文能作為外國公司來臺上市櫃公司章程訂定之參考，並對主管機關現行對外國公司來臺上市櫃之監理制度提出建議。

Good corporate governance can help improve the efficiency of business operations. It is generally believed that sound corporate governance should be embodied in corporate policies, systems and methods, ensure the rights and interests of stakeholders and promote effective supervision, thereby enhancing investor confidence and reducing the company's financing costs. Corporate governance is also regarded as an important factor to improve economic efficiency and enhance the competitiveness of enterprises. The company's articles of association are the fundamental law of the company and play a leading role in corporate governance. Therefore, this thesis intends to analyze the articles of association of the primary listed company - FX Hotels Group Inc.(hereinafter referred to as FX HOTELS) as the research object, and also takes the litigation of disputes over the validity of the shareholders' meeting and the board of directors meeting of FX HOTELS for example, in order to understand the application of the first listed company regulations in practical insights, and to deeply explore the interactive impact of the first listed company's articles of association and its corporate governance. The first chapter of this thesis is the research motivation. The Financial Supervisory Commission（FSC） has frequently formulated new measures for the primary listed companies recently, which shows the importance of the primary listed corporate governance and supervision. The company's articles of association are the charter of the company's internal governance. Therefore, it is proposed to take the primary listed company, FX HOTELS, as the main research object, to analyze its articles of association and corporate governance disputes. The second chapter of this thesis discusses the origin and development of primary listed companies and the norms of external supervision, including the evolution of relevant laws and regulations of primary listed companies and the conditions for foreign companies to list in Taiwan as primary listed companies. The third chapter of this thesis firstly analyzes the company's model articles of association provided by the competent authority, and then explains the contents of the checklist for the protection of shareholders' rights and interests in the country where the foreign issuer is registered, and analyzes and compares the articles of association of the first listed company, FX HOTELS. The fourth chapter takes the litigation disputes between the shareholders' meeting and the board of directors of the primary listed company in Taiwan as an example, in order to understand the application of the primary listed company's regulations in practical insights, and deeply explore the interaction between the primary listed company's articles of association and its corporate governance influences. The fifth chapter is the conclusion, hoping that this thesis can be used as a reference for the formulation of the articles of association of foreign companies listing companies in Taiwan, and proposes the current supervision system for foreign companies listing in Taiwan.