非現金出資之研究

A Study of Non-Cash Consideration

袁義昕(Yi-Hsi Yuan)

《中正大學法學集刊》 24期 (2008/05) Pp. 75-159

https://doi.org/10.30094/NCCULJ.200805.0002

摘要

外國立法例之實踐上，「非現金出資」制度已行之有年。且伴隨著資本市場規模日漸擴大，金融商品設計愈形多元，對快速集資以及出資彈性之需求日益提高，傳統資本三原則甚難滿足時代需求。因此如何將知識經濟時代中的主流－無形資產，與公司資產緊密結合，並賦予公司有更多的管道可以籌措資金，使其經營富有彈性，以創造出最高之收益，逐漸成為當代公司法之課題。因此於全球化市場中，無國界之資金如何肯挹注於我國，促進我國產業升級與經濟發展？如無一套與全球接軌的制度，恐怕難於國際資本市場立足。
欲完全調和各國立法例實屬不可能，如何藉著瞭解各國規範之良窳，以建立我國一套完整之體系則顯屬重要。所謂「他山之石可以攻錯」，本文擬藉由各國立法例之分析，就我國「非現金出資」制度之發展做出建議與規劃。文中討論如何放寬目前法規限制，以減少不必要之成本，並嘗試就非現金出資制度之實質面與程式面提出檢討。藉此祈能吸引外國資源投入，使我國企業得以更加茁壯，進而促進產業發展，且能兼顧股東與公司債權人等利害關係人之利益。

關鍵字

現物出資 ； 非現金出資 ； 商譽 ； 技術 ； 貨幣債權 ； 鑑價 ； 股份交換 ； 各國立法例

並列摘要

”Contributions in kind” and ”non-cash consideration” schemes have worked in practice abroad for many years. While the scale of capital market expands gradually, the design of financial instrument passes into variously, the solicitation of fast fund-raising and flexible capital formation becomes more desired. Conventional three capital principles seem difficultly to fulfill the current demand. How to combine closely the mainstream of knowledge-based economy, intangible assets, with company's assets in order to provide firm with more convenient way to raise its funds, and make management more elastic for the sake of creating the supreme income has become the subject of contemporary company law gradually. How can the borderless funds flow into our country and promote industry upgrading and economic development in the globalization market? Without a set of systems integrating with the whole world, I'm afraid that our country has no foothold in the international capital market.
Notwithstanding it is really impossible to reconcile legislation among various countries entirely, it is important to take advantage of comprehension of various countries' legislation in order to set up a set of intact systems in our country. As the old saying ”there are other hills whose stones are good for working jade”, this article purposes to analyze foreign legislative, and provides proposition and scheme for ”non-cash contributions”. This article also looks into Taiwan's regulations, points out the unnecessary limitations, and tries to review the essence and procedure of ”non-cash contributions”. By doing so, this article hopes to attract foreign capital into our country, made domestic enterprises more strong, brought about an advance in internal industry, and gave consideration to the interests of shareholders, company creditors, and other stakeholders.

並列關鍵字

contribution in kind ； non-cash consideration ； goodwill ； technical know-how ； monetary credit ； share exchange ； valuation ； various countries' legislation