特別股收回之研究－以董事受任人義務與債權人保護為核心

公司收回特別股，會減少公司整體資產，使資產由公司流向特別股股東，對公司、股東及債權人利益產生影響。公司法中原對特別股收回設有限制，惟嗣後立法者認為此事項應交由各該公司自行決定並記載於章程中，爰刪除法規限制。透過實證研究之方式，在制度修正已逾10年之今日，檢驗立法者所想要達成的效果是否出現。本文以110年4月14日之上市公司、107年11月1日後完成設立登記至110年6月25日為止仍存續之非公開發行公司為研究對象，檢視千餘間公司章程中，有關特別股收回權利義務事項之規定後，發現上市公司大部分皆於章程中有完整記載，但非公開發行公司大部分並未於章程中記載。在我國特別股收回法制未臻完善之情況下，當公司未於章程中記載特別股收回相關事項，即會產生公司、股東及債權人等利害關係人之權利應如何保護之問題。參酌我國特別股收回相關案例、英國法及美國法對特別股收回相關規定與案例，發現外國對特別股收回皆存有限制，並以償付能力測試作為保護公司及債權人利益之方法。因此本文於我國法下以董事受任人義務及債權人保護之角度，提出相關問題之解決方法，以及完善我國特別股收回法制之修正建議。

關鍵字

特別股收回；董事受任人義務；債權人保護；償付能力測試

並列摘要

The redemption of preferred shares will reduce the companys’ assets. Since the assets flowing from the company to the preferred shareholders will impact the interests of the company, the shareholders and the creditors, Company Act of Taiwan had restricted the redemption of preferred shares previously. However, the legislators considered pertinent factors and decided to remove the legal restriction. After reviewing thousands of articles of incorporation, this thesis recognized that most of the listed companies have recorded the rights and obligations of the share redemption in their articles completely. On the other hand, most of the non public offering companies have not recorded the information in their articles. Since the legal system for redemption of preferred shares has not been completed, nor do the companies record the matters of redemption of preferred shares in the articles, questions of how to protect the interests of the companies, shareholders and creditors will arise. This thesis uses empirical legal studies to observe practical status, and explores possible questions for Taiwan. In order to solve the problems, this thesis studies precedents and regulations both inside and outside of the country, including those from Taiwan, the United Kingdom and the United States. It was discovered that these countries not only had the redemption restrictions in place, but also used insolvency test to protect the companies and creditors. Subsequently, this thesis proposes solutions to solve the problems mentioned above, as well as suggests a suitable legal system for the redemption of preferred shares from the perspective of directors’ fiduciary duties and creditor protection in Taiwan.