暢通我國航空事業的籌資管道：從「股東資本挹注」角度檢討「所有權與控制」要求

在2022年的現在，國際民用航空運輸正從COVID-19的疫情中緩步復甦，且「國際航空運輸協會」（International Air Transport Association，下稱IATA）預測，全球航空旅客運量有望在2024年前恢復到疫情前的水準。然而，包括「泰國國際航空公司」等在內的多家航空事業，仍深陷財務危機，而未見起色。前開情況，除反映出「普遍存在於航空事業的財務結構問題」外，也表明前者「對增加籌資管道（或能力），改善財務結構」的迫切需求。據此，針對「窄化我國航空事業的籌資管道」的《民用航空法》第49條規定，本文將根據目前航空政治環境（特別是我國法情況），重新檢討前開規定的「正當性基礎」；而在考量潛在負面影響，以及我國「空運政策」後，建議採取「區分適用模式」，重塑「航空事業與國家間的隸屬關係」，以期「在改善（我國）航空事業財務體質，發展我國民用航空產業」的同時，維繫「所有權與控制」要求所扮演的功能。

關鍵字

民用航空法；實質所有權；有效控制權；所有權與控制要求；民用航空運輸業許可證；外國直接投資限制

並列摘要

From this year of 2022, international air traffic is gradually recovering from the COVID-19 pandemic impact, and it is predicted that the global air passenger number will return to the level in the pre-COVID period before 2024, according to International Air Transport Association (IATA). However, some airlines, including Thai Airways International, are still struggling with financial crises without ending. Except for reflecting a problem regarding the financial structure commonly occurring in airlines, the scenario shows an imperative need for airlines to expand financial channels and improve their financial structures. Accordingly, based on the current aero-political environment (particularly in Taiwan), this thesis will review Article 49 of the Civil Aviation Act (of Taiwan), which limits financing methods of airlines in Taiwan. Besides, to rebuild an affiliation between airlines and nations, a method to distinguish applicable subjects is advised considering potential adverse effects after lifting the restriction and the national air transport policy, which is expected to maintain the functions served by the Ownership and Control requirement as well as develop the national aviation industry.

並列關鍵字

Civil Aviation Act ； Substantial Ownership ； Effective Control ； Ownership and Control Requirement ； Permit and Air Operator Certificate (AOC) ； Foreign Direct Investment (FDI) Restriction