資本原則之再思考－－兼論德國最低資本額之調整

A Study on the Restructure of the Three Corporate Capital Principles

一般對於資本三原則多用於保護資合公司債權人及股東及公司信用的基本概念，避免公司資產之不正常負面減損，例如確保及維持公司財務結構之資金流入與資金流出符合相當性之基本要求，避免導致公司本身、債權人、員工及股東之權利遭受損害者。傳統學理對股份有限公司資本三原則緣起與設置目的之說明來看，股份有限公司資本三原則在我國公司法中之定位，乃為公司債權人之保障機制，用以解決採取股東有限責任所生公司債權人保護不足之問題。惟近年以來，開始漸質疑資本三原則。德國立法者和學者之通說，多是在討論資本兩原則，即資本的真實繳納（充實）原則（Grundsatz der realen Kapitalaufbringung）和資本維持原則（Grundsatz der Kapitalerhaltung），並且認為有限責任和資本二資本原則仍是資合公司法制和經濟市場中的核心原則及資合公司之確實基礎。本文將針對二國資本原則之不同和概念加以述明。期能找到台灣公司法制資本原則新方向。

So as to prevent the abuse of limited liability from shareholders and to protect creditors, Taiwan exercises the three corporate capital principles as company’s capital specification criteria, looked forward to achieve the purpose of protecting the creditors and the company. However, the function of the protection of creditors created by the three principles structure has been doubted by some domestic and foreign legal scholars. Limited liability is still a fundamental principle of corporate law and has significant influence to the development of economy in Germany. Because limited liability partially transfers the risk of bankruptcy from shareholders to creditors, it results in the conflict that exists between creditors and shareholders regarding how to allocate a company’s capital.
First, the purpose of this Study is to review the requirements of Taiwan’s capital structure through comparing with the Germany capital structure (Grundsatz der realen Kapitalaufbringung; Grundsatz der Kapitalerhaltung) . In the end, this Study is going point out, that Taiwan should find its own way of capital structure and the reform of corporation Law for its next generation.