特別股股東權利之保護

在我國學術討論上，特別股股東之法律地位向來非討論重點，但在公司法修法開放公司發行更多種類的特別股之後，可以預見特別股之運用將會更為常見。特別股因兼具債權、股權的性質，其法律上地位及權利保護措施皆與普通股股東相異，在公司多數事務上亦容易與其他股東間產生權利衝突，甚值投資人注意。本文欲探討之特別股股東權利保護主要可分為事前、事後兩層面，事前保護係指擬定特別股契約應注意之點，包含法院解釋特別股契約之方式及記載於不同法律文件之效力等等，股東應對於契約中可運用的事前保護有更多認知，以於磋商中爭取完整的權利保護措施；事後保護則關涉如何確保特別股股東的權利不受到不合理的變動。有鑒於我國對於特別股討論較少，本文觀察並討論英國法及美國法對於特別股股東保護之相關法規設計與實務案例，對於相關法規建構及實務運作提出初步建議。特別股為近年國際上相當盛行的公司籌資工具，特別股股東權利保護完備與否關係其投資風險，因此應謹慎地在投資人的意願與公司利益、其他股東利益之間取得平衡。我國特別股正值即將蓬勃發展之際，上述問題對其發展影響重大，為商業市場上的重要課題，未來值得更多研究與關注。

關鍵字

特別股；章程變更特別程序；股東間權利衝突；忠實義務；類別權利；高鐵特別股案

並列摘要

In recent amendments to Taiwan Company Act, companies are given more flexibility and creativity on the issue of special shares. Though the increase in the issue of special shares can be envisaged, the protection of special shareholders’ rights has always been neglected in Taiwan. Special shares are hybrid instruments that bear the features of both equity and debt. The conflicts between special shareholders, especially preferred shareholders, and different classes of shareholders are common in companies. Therefore, their legal status and protection of legal rights should be considered differently from those of common shares. This Thesis analyzes the protection of preferred shareholders’ rights in two parts: Protection ex ante and protection ex post. Protection ex ante focuses on preferred stock contract. In order to secure comprehensive protection during negotiations, investors should pay more attention to courts’ interpretation of preferred stock contracts and effects of different legal documents which stipulate the rights of preferred shares. Protection ex ante involves the unjust variation of preferred shareholders’ rights. Considering that the issue of special shares is to be further explored in Taiwan, this Thesis resorts to law, cases, and discussions in the U.K. and the U.S. I conclude that both courts and investors should deepen their understanding of the characteristics of special shares and the conflicts between different classes of shareholders.