公司法資本規範再生的救世主──從閉鎖性股份有限公司引進無票面金額股制度談起

The Introduction of Non-Par-Value Stocks into Closely Held Corporations May Resurrect the Legal Capital Regulations of Taiwan’s Company Act

公司法資本制度相關規範，因弔詭的實收資本額概念並容許公司得將股份溢價發行所得之資本公積，無限制返還給股東，早已名存實亡。導致如此規範結果之癥結在於，公司法堅守票面金額股制度，且因長期股務慣行所產生每股一律新臺幣十元之陋規。本文並非堅持或主張我國公司法必須繼續嚴守資本制度相關規範，惟於該等規範仍舊存在於公司法、依然於一定程度上具有保護公司債權人及股東權益的情況下，公司法不能任意架空該等規範功能。本次閉鎖性股份有限公司專節的新增，容許該類公司得發行無票面金額股，重新促使對票面金額股制度所生弊端、甚至其存在必要性的省思，而期待無票面金額股制度未來亦可一體適用於所有股份有限公司。

The capital system of Taiwan’s Company Act has existed in name only due to the weird concept of paid-in capital and the permission to return additional paid-in capital in excess of par to shareholders without any restrictions. The causes of this problem are the “par value stock system” and the long practice of NTD.10 per share. The author doesn’t insist or argue that our Company Act should stick to capital system; however, the Act should emphasize the functions of this system since it can protect creditors and shareholders. The Company Act’s newly- added Section 13, “Close Company”, permits the issuing of no par value shares, which facilitated the reflections of par value stock system and expectations that the no par value shares system can one day apply to all types of companies limited by shares.