商業組織與股東人數限制之研究－對我國閉鎖性股份有限公司法制之反思

The Study on Business Entities and Limiting the Number of Shareholders: Reflection Regulation on Close Company in Taiwan

施昭邑(Chao-Yi Shih)

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(2017年)

https://doi.org/10.6342/NTU201700372

摘要

有鑒於我國公司法對於股份有限公司與有限公司組織設有過於嚴苛之強制性與管制規範，而侷限商業實務運行且與企業需求不符，2015年6月15遂三讀通過公司法修正案，新增以提供新創公司與中小企業彈性股權結構安排與契約自由之「閉鎖性股份有限公司」專章。立法理由敘明參考英國、香港、新加坡私人公司與美國封閉型公司制度，定義我國閉鎖性股份有限公司乃係指股東人數不超過五十人，並於章程定有股份轉讓限制之非公開發行股票公司。然而股東人數限制之規定可能減損當初公司法改革的預期效益與目標，為了論證此項限制於我國閉鎖性股份有限公司制度下欠缺合適性，本文乃欲探究最初股東人數限制規定之法制發展背景，並深入分析英國、香港、新加坡私人公司制度與美國封閉型公司制度自十九世紀中之立法背景、以股東人數限制作為定義公司組織之原則源起、與其後之立法發展與實務運作情況；另考量我國有限公司亦曾設有股東人數上限之規定，故同時探究其立法背景與修法緣由。
綜觀比較法上私人公司與封閉型公司之發展，及我國有限公司規定演進過程，可了解均與我國本次新增閉鎖性股份有限公司專章之改革目標與立法背景全然不同，而欠缺直接移植外國法規範之基礎。為能達成公司法修法目的與改革效益，避免無益的限制規定造成弊大於利之窘境，本文認為五十人之人數限制應予以廢除或放寬。

關鍵字

閉鎖性股份有限公司 ； 股東人數限制 ； 有限公司 ； 公司法 ； 私人公司 ； 封閉型公司

並列摘要

The current Company Act imposes regulatory and mandatory provisions on both company limited by shares and the limited company, which indeed puts bounds on entrepreneurs’ and investors’ schemes. Therefore, an amendment to Company Act passed on June 15, 2015, that established a new category of company, called “close company”, aiming to provide start-up companies and small to medium sized businesses with flexibility of dealing with equity arrangement and business operations. The government takes reference from the laws and mechanisms of the UK and the US in regard to closely-held company to define a close company -- a non-public company of no more than 50 shareholders, with the articles of incorporation imposing restrictions on transfer of its shares.
However, the limitation of the shareholders may impair the benefit of the reform of company act in Taiwan. In order to challenge the applicability of definition with close company in Taiwan, the thesis aimed to provide a comprehensive overview from the trace of history, by exploring the historical development of the definition to limiting a company whose shareholders should not exceed a stated number.
This paper would explore the rise of private company and close corporation before nineteenth century, the emergence of the principle of defining these business entities with the limitation of number of shareholders, the historical development of principle itself, and the business practical acceptance for the principle, in different legal regions including the United Kingdom, United States, Hong Kong, and Singapore. In addition, this thesis would also explore the historical development for limited company in Taiwan, owing to the Company Act once defined the limited company by limiting the number of the shareholders.
After the presentation for both the development and the treatment for various prototypes, this thesis draws the conclusion that the legislative purpose, the company act, the historical development are different from the legislation of close company in Taiwan. This paper does not favor defining the close company with the limitation of fifty shareholders. Instead, this would suggests that, to achieve the purpose of reform of Company Act and prevent new law from creating some problems weighing against the benefits gained by the amendment to Company Act, the mandatory regulation should be released.

並列關鍵字

Close Company ； Limitation of the Number of Shareholders ； Limited Company ； Company Act ； Private Company ； Close Corporation

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