2012年中公布施行的公司法部分條文修正,引進實質董事、影子董事等制度,並放寬有關公司資金流出之規範,讓我國在公司治理及企業金融規範的現代化上,再度向前邁進一大步。另一方面,2012年中公布施行的證券交易法部分條文修正,為促進我國資本市場的國際化、鼓勵外國公司至我國證券市場上市櫃,對外國公司在我國證券市場發行及買賣證券,作出諸多修正。整體而言,2012年中公司法與證券交易法之修正目的係朝向國際整合、自由化、規範合理化之趨勢發展,雖然其腳步仍屬緩慢,且有諸多尚待改善空間存在,但其成果則應予肯定。相對於此,於實務判決發展上,2012年度雖仍可見不少值得喝采及掌聲之判決出現,惟仍存在不少未能正確體認現代公司治理理念及資本市場實際運作、過度依循概念、形式化法律推論而未能正視社會發展動態之判決。未來法院判決當有必要在法律文義容許的範圍內,作出合目的性之解釋,令法律規範得與時俱進而符合立法者及一般國民之期待。
During 2012, many important revisions are done regarding Company Act and Securities and Exchange Act. Among them are the introduction of de facto directors and shadow directors and deregulation of distribution of paid-in and earned surpluses in terms of Company Act, and many stimulus to encourage foreign corporations to issue securities in Taiwan in terms of Securities and Exchange Act. All these revisions show that the government of Taiwan aspires to liberalize, harmonize and rationalize its Company Act and Securities and Exchange Act. On the other hand, however, judgments delivered by courts, even some of them should be applauded for their improvement in comparison with earlier judgments, often failed to recognize modern corporate governance idea and the real operation of securities markets. Many of these judgment reached their conclusions by deducing literally from relevant regulations, without taking into considerations the social developments behind them. It is expected that judgments will be more balanced by paying to the legislative purposes, not the words, of the relevant regulations.