我國非公開發行公司治理路徑之探尋—從法制建構和實務運作出發

非公開發行公司向來是各國經濟發展的主體，然其治理需求卻長期受到當局忽略，此一情形在公司治理討論多僅聚焦於公開發行公司之台灣，尤其為甚。事實上，目前我國六十六餘萬家公司當中，即有百分之九十九的公司屬於未公開發行者，且絕大多數屬於中小型企業、新創企業、家族企業，或具有閉鎖性質者，而與具有市場流通性的公開發行公司，有著極其相異的治理架構與挑戰。考量到此類公司龐大的數量與實質影響力，聚焦相關治理議題，並有效提升非公開發行公司治理，實至關重要。　　正如本文所指出者，當前我國非公開發行公司正面臨諸如缺乏組織彈性、契約自治受限、監督機制不彰、資金籌措不易、治理方針欠缺等困境。為有效緩解上述問題，本文選擇商業蓬勃的英美兩國作為立法體例與治理模式的參考，並進一步借鏡相關立法、學術或司法見解，以英國法上的私人公司、美國法上閉鎖性質公司，與我國非公開發行公司進行詳細比較，藉此對我國現有治理情形提出反思與批判。　　文末，本文參酌英美兩國相關發展，建議應將現有複數種類公司整合成單一組織，並重構公司組織法制架構，以非公開發行公司作為主體，提升規範彈性與可理解性，以利一般非公開發行公司適用。另外，廣開企業自治大門的同時，亦應建立內部契約行使界線與相應救濟措施。針對監督機制方面，本文則認為應區分為短期與長期目標進行改革，首先開放非公開發行公司獨立董事之適用，而後賦予公司擇一設置監督機關之權利。而就資訊透明的部份，本文一方面檢討現行公司法第20條第2項內查核簽證標準的缺失，並建議改依非公開發行公司實際經濟規模區分揭露程度；另一方面透過英國資訊公開平台之介紹，對我國商工登記網站提出改革建議。此外，本文列舉出諸多我國非公開發行公司應採擇治理守則的理由，並建議各企業應配合發展階段及目的，實施此等治理方針。最後，則是對2017年公司法部分修正草案進行審視與針砭。　　本文期盼透過上述分析，得進一步在法制與實務面上，為我國非公開發行公司建立可行之治理路徑，期生拋磚引玉之效，對我國公司法制略獻棉薄之力。

關鍵字

非公開發行公司；公司治理；中小企業；閉鎖性質公司；公司組織法制；法制架構；契約自由；企業自治；章程；股東協議；監督機制；資訊揭露；資金籌措；公司治理實務守則；私人公司

並列摘要

Non-public companies make a major contribution to global economic growth and employment. However, the corporate governance needs of these companies have been relatively neglected by governance experts as well as by policy-makers. In particular, the discussions about corporate governance in Taiwan are primarily aimed at public rather than non-public enterprises. Of Taiwan’s 660 thousands registered companies, around 99% are not listed on tradable equity markets, and the vast majority are small-and-medium-sized, start-up, family-owned or closely held companies, of which the governance frameworks and challenges are way different from (those of the public ones.) their counterparts’. Given that their large numbers and economic importance, highlighting the specific governance issues of non-public enterprises and improving the corporate governance of such companies are not only vital but also necessary. As the thesis points out, non-public companies in Taiwan are suffering from lots of governance difficulties such as inadequate flexibility of organization law system, restricted autonomy, ineffective supervision mechanism, severe challenges of financing, and the lack of the corporate governance guidance. Therefore, in order to alleviate the problems above, this thesis learns lessons from the legal systems and the governance frameworks of the U.K. private companies and the U.S. closely held companies, making references to their regulations, academic views and judicial cases, and compares them to the contemporary governance situation of non-public companies in Taiwan for the purpose of review and critique. In the end, by taking reference to the related developments under comparative laws, this thesis suggests to integrate currently multiple categories of companies into one organization, and to rebuild the framework of legal system to recognize the non-public company as general rule, providing flexibility for the law and make it easier for most non-public companies to understand and use. Then, it is also suggested that the boundaries concerning the contents of internal contracts as well as the remedy measures should be established while granting such companies sufficient room for self-government. With respect to supervisory mechanisms, this thesis suggests to divide the revisions progress into short-term goals and long-term plans, beginning with the adoption of independent directors and then ending up with rights to make choices between two alternatives. As for corporate transparency, this thesis on the one hand comments on the auditing and certifying standards set out in Article 20, Paragraph 2 of the Company Act and suggests to take the “economic size” into consideration in determining the appropriate degree of public financial disclosure by a non-public company, while on the other hand introduces the official public records website in UK, The Gazette, to propose suggestions for improvement of Taiwan’s online platform of companies or businesses information. Furthermore, the thesis lists a number of reasons why non-public companies in Taiwan should specifically concern themselves with governance principles, and suggests that the implementation of a corporate governance guidance should also take account of the firm’s objectives concerning its own development. Lastly, a comprehensive review on the 2017 Company Law Reform Bill is also been made in the thesis. Based on the above analysis, it is anticipated that both on the regulation and practice level, this thesis could establish feasible ways for improving the corporate governance of non-public companies, so as to provide further contribution to Taiwan’s company laws.

並列關鍵字

non-public company ； corporate governance ； small and medium enterprises ； closely held company ； framework of legal system ； freedom of contracts ； autonomy of enterprise ； corporate articles ； shareholder agreements ； supervisory mechanisms ； information disclosure ； financing ； corporate governance guidance and principles ； private company