特別股法律制度與實踐問題研究

A Study on the Legal and Practical Issues of Preferred Stock

朱思穎(Siying Zhu)

指導教授 ： 邵慶平

國立臺灣大學/法律學院/法律學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.02862

摘要

特別股制度已有相當長時間的發展歷史。台灣早在民國四十六年便有特別股的發行的案例，早期的公司法中也有相關的規制措施，但特別股的使用一直並不普及。在2008年金融海嘯以後，美國政府利用特別股以幫助金融機構、政府支持事業融資樞困的案例，使得特別股重新得到人們的關注。事實上，台灣近年來也有特別股運用之典型案例，如台灣高鐵500億特別股籌資案以及台新金控標購彰化銀特別股案等。
特別股相較於普通股而言有許多不同之處。特別股是契約的產物，特別股制度充分體現了在法律規制下公司章程自治的重要性。從這一角度出發，本文將詳細探討特別股與股東平等原則之關係，公司是否可設置表決權不同之股份以及特別股收回制度等話題。特別股亦包含了股權性與債權性兩種屬性，這使得其可以將對公司控制權與財產權相分離，在實務中被靈活運用於各項融資活動以及公司治理。創業投資中特別股的運用充分體現了其股權性，而在由政府參與的融資活動，如公營事業民營化改革、金融樞困措施等，則充分體現了特別股的債權性。
此外，特別股的契約性使得在爭議發生時其既可能適用於契約法也可能適用於公司法。而關於特別股是否應受到公司董事受託義務保護之話題在美國歷來頗有爭議。本文將分析美國關於特別股股東與董事受託義務之間關係的一系列經典案例，并詳細介紹特別股股東權利保護的重要措施──特別股股東會制度。
最後，本文將提出總結觀點并針對台灣與中國大陸之特別股制度提出立法上的建議與展望。

關鍵字

特別股 ； 章程自治 ； 股東平等原則 ； 創業投資 ； 民營化改革

並列摘要

It has been a long history for the use and development of preferred stock. Although the first case of preferred stock happened in the 1950s and the law has provided regulation on it for decades, preferred stock is still not that popular among companies and investors in Taiwan. The Troubled Asset Relief Program, in which the American government used preferred stock to save financial institutions and government sponsored enterprises after the 2008 financial crisis, brought attention of people to preferred stock again. It is true that when look back to the last decade, we can still find typical cases of the use of preferred stock, such as the Taiwan High Speed Rail issuing 50 billion NTD preferred stock for financing and the Tai-Shin Financial Holdings Company Tenders for Chang-Hwa Bank.
The preferred stock has many differences from the common stock. It is the creation of the contract between the investors and company. It typically represents the autonomy of company charter under the company law’s regulation. From the perspective of charters autonomy, this paper will discuss issues on the relationship between the preferred stock and the principle of the Equitable Treatment of Shareholders, whether company can set stocks with different voting rights as well as the redemption system of preferred stock.
We can also find that the preferred stock contains both the characteristics of equity and debt, which allows it to separate the control right and property right of the company, making it flexibly used in activities of financing and corporate governance. The use of preferred stock in venture capital fully embodies its characteristic of equity, while in some government involved activities, such as the privatization reform and the Troubled Asset Relief Program, the characteristic of debt in preferred stock is very obvious.
From another perspective, we should notice that the involvement of both contract and company makes the judge difficult to choose which law should use when facing disputation of preferred stocks. Also whether preferred stock holders should be protected by the fiduciary duties of directors has been greatly argued in America for a long time. This paper will discuss the relationship between preferred stock and the director’s fiduciary duties and discuss the system of preferred stock holders’ meeting in detail.
Finally, this paper will give a conclusion as well as the suggestion and prospects of the system of preferred stock for both Taiwan and the Mainland China.

並列關鍵字

Preferred Stock ； Charters Autonomy ； Venture Capital ； Privatization

參考文獻

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