新股發行制度相關問題之研究
--以少數股東權益保護為中心

新股發行既是一種經濟現象，也是一種法律現象。對於公司而言，其不僅涉及公司資本的變動，更是企業能否持續發展之重要憑藉；對於股東而言，新股發行攸關公司內部權力分配以及股東權益之增減，因此是公司法制規範的重要事項，相關規定不僅繁多而且複雜。立法者在設計新股發行制度時，保護之重心顯然在於認購新股之投資人，藉由證券主管機關的事先審查，以及強制發行人提供或揭露公司之財務、業務資訊，以達到保障投資之立法目的，然而關於公司原有股東之保護，則相對欠缺或不甚明確，以致股東權益受侵害之事件時有耳聞，卻乏有藉由司法途徑獲得保護之案例。傳統上公司法經常藉由資本三原則、票面金額股制度、限制新股發行之客體與非現金出資之種類、股東新股認購權以及股份收買請求權等方式以保護原有股東在發行新股時之權益，然而上述方式有其侷限或缺失，隨著時代演進，企業籌資需求增加及各國(州)之間法規競爭之結果，已有逐步放寬之趨勢。為求兼顧新股發行便利資金募集之效率價值以及衡平利害主體間衝突之公平價值，同時參酌國外立法例之精神，本文提出如下五項建議，以期完善我國新股發行制度，並保障公司原有股東之權益：一、確立非現金出資之標準審核程序與相關人員之責任。二、一年內對公司關係人發行新股累計達公司已發行股份總數百分之十者原則上應先經過股東會特別決議同意。三、公開發行公司原則上無新股認購權但得以章程訂定或經股東會特別決議之方式賦予。四、關於新股發行股東權益之重大事項必須強制提供或揭露。五、涉及公司控制權移轉或作為敵意併購防禦措施之新股發行原則上應先由股東會特別決議同意。

關鍵字

受託人義務；敵意併購；防禦措施；壓迫行為；利益衝突；控制股東；少數股東權益；關係人交易；新股發行；揭露義務；新股認購權

並列摘要

Issuance of new shares is an economic phenomenon, and so is a legal phenomenon. For a company, it involves not only variation in the company's capital, but also the guarantee of sustainable development of one company ; to shareholders, it is relevant to the allocation of power of the company and variation in shareholders' rights. That’s the reason why it is so important to corporate law and the regulations are numerous and complex. Obviously, Legislators were focusing on protecting investors who subscribe new shares when the Issuance of new shares system was designed, which is fulfilled by prior review of the competent authority, as well as forcing issuer to provide or disclose the company’s financial and business information in order to achieve the legislative purpose of protection of investors. However, the protection of the company's existing shareholders is relatively insufficient or unclear; as a result, the violate of shareholders' rights is often heard, but the case reviewed through the court is seldom happened. Traditionally, the Companies Act often protects the existing shareholders’ rights by the three legal capital doctrines、the par value system、restrictions on the sorts of new shares and the non-cash consideration、the preemptive right and the appraisal right when issuing new shares. However, the above measures has its limitations and weakness. As time goes by, the needs of raising capital increase and the results of regulatory competition between nations (state), the regulations have been loosened gradually. To give consideration to the efficiency and fairness when issuing new shares , and reference the spirit of other nation’s regulations, this paper proposed five suggestions as follows: 1. To establish the standard procedures for non-cash contribution and the responsibility of relevant persons. 2. Issuance of new shares to related party which equal to or excess of 10 percent of shares outstanding in one year in principle should be approve by the special resolution of shareholders. 3. Public offering of the company is in principle have no preemptive right except that, such right is expressly granted to such stockholder in the certificate of incorporation or approve by the shareholders' special resolution 4. Must be forced to provide or disclose important information about the shareholders' rights when issuing new shares. 5. Issuance of new shares which involves the transfer of control of the company or as hostile takeover defense tactics should be approve by the special resolution of shareholders.

並列關鍵字

defensive tactics ； preemptive right ； hostile takeover ； oppression ； controlling shareholders ； duty of disclosure. ； issuance of new shares ； minority stockholder interests ； fiduciary duty ； related party transactions ； conflict of interest

參考文獻

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國際替代計量

新股發行制度相關問題之研究 --以少數股東權益保護為中心

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