論侵害新股認購權之損害賠償責任——以公司法第八章之新股發行為核心

Liability for Violations of Preemptive Right to New Issuing Shares—A Focus on Regulation of Preemptive Right in Chapter 8 of Company Act

林宛菱(Wan-Ling Lin)

指導教授 ： 陳忠五

國立臺灣大學/法律學院/法律學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201800121

摘要

新股認購權係股東與員工於新股發行時，得主張優先承購之權利。當新股認購權被侵害時，公司、董事、甚至是第三人，是否應負擔、以及如何負擔契約責任或侵權責任？
本文從新股認購權之「義務人」與「權利人」之角度切入。首先探討公司與股東、員工間之長期性契約關係，以及在此契約關係下所產生之契約義務；而以新股認購權之行使作為分界，新股認購契約又將包含哪些契約義務。此外，一系列之契約給付義務群中，其性質屬於結果債務或手段債務，將如何影響歸責原則之判斷。
再者，本文將聚焦於董事之責任。剖析於新股發行事項上，扮演「機關」之角色，則機關為公司對股東或員工之契約不履行責任，是否負擔侵權責任之問題。準此，新股認購權如果屬於「債權」，是否為民法第一八四條一項前段之「權利」？並試論在區別保護說之下，適用民法第一八四條一項後段之新股認購權侵害，解釋上可能面臨之問題。而在回歸適用民法第一八四條一項前段之討論上，則著重於機關故意或過失侵害本人之債權，導致本人債務不履行，應如何評價行為之不法性。
最後，則著重於新股認購權侵害之損害賠償問題。分別討論新股認購權侵害可能之損害，以及股價波動與損害之計算問題，並附論新股認購權侵害之其他救濟可能。

關鍵字

新股認購權 ； 契約責任 ； 侵權責任 ； 債權侵害 ； 機關自己責任 ； 損害之計算 ； 發行無效之損害

並列摘要

Preemptive right to new issuing shares is a right that shareholders and employees can firstly and exclusively subscribe those shares. Questions follow that whether a company, director or third party are liable for infringing preemptive right and in what circumstances a contract or tort liability exsit.
In this article, I firstly analyse the long-term relationships of company between shareholders and employees and the obligations associated with the relationships. This analysis regarding companys’ or directors’ obligations arising out of the contracts will respectively be based on shareholders' and employees' legal status before and after they claim their right to subscription. Whether companies or directors are liable to the subscribers will rely on how to define obligations under Article 267 of the Company Act.
Furthermore, I focus on directors’ liabilities for their roles in issuing new shares. I will further analyze whether directors, as agents, will have tort responsibility when the company is liable for breach of contracts. To deal with this problem, I will discuss what a preemptive right is and whether it is subject to the application of the former part of Paragraph 1, Article 184 of Civil law. This discussion will distinguish the results arising out of scholar’s different opinion on tort law and will emphasize problems coming from “theory of discriminating protections”. This part will end at looking at directors’ liabilities when they, either intentionally or recklessly, cause the company in default on contract as an agent of company.
Lastly, for the compensation part, I will respectively talk about three issues, including the possible damages of preemptive right infringed, how to calculate losses when the price of stock goes down and other possible remedies for the subscribers.

並列關鍵字

preemptive right ； contract liability ； tort liability ； obligatory rights infringed by third party ； agent liability to third party ； calculation of damages ； damages of invalid issuance

參考文獻

王澤鑑，損害賠償，自版，2017年3月。

謝在全，民法物權，自版，2010年9月。

王文宇，論契約法預設規定的功能:以衍生損害的賠償規定為例，臺大法學論叢31卷5期，2002 年 9 月，頁87-120。

邱聰智，回到民法第一一三條——為締結法律行為過失責任催生，高大法學論叢第3卷第1期，2007年12月，頁33-102。

邵慶平，董事受託義務內涵與類型的再思考——從監督義務與守法義務的比較研究出發，臺北大學法學論叢第66期，2008年6月，頁1-43。