表決權拘束契約之芻議──以兩岸為中心

A Cross-Strait Comparative Study of the Shareholder Agreement

表決權拘束契約是股東間的商事協議，股東間的協議治理是商事活動中的常見現象。兩岸對於表決權拘束契約的法律體系與審判實務存在較大差異。臺灣嚴格限制上市公司對於表決權拘束契約的使用，但在立法和審判中都呈現逐步開放的趨勢。中國大陸對待表決權契約採取較為寬鬆之態度，但現行立法缺少表決權拘束契約的概念，現有的一致行動協議制度無法對表決權拘束契約進行全面規制。表決權拘束契約的立法規制是完善公司治理的重要環節，中國大陸應當積極完善表決權拘束契約的相關立法，應當禁止無期限條款，禁止股東之間的任意撤銷，否定表決權的價金購買，以保障資本市場的有序發展。

Voting agreements are private contracts among shareholders. There is a significant discrepancy between Mainland China and Taiwan in terms of legislation and judgments relating to voting agreements. Mainland China takes a more permissive approach, even though current legislation fails to regulate voting agreements, particularly for listed companies. Taiwan, on the other hand, which had previously imposed restrictions on the agreements, is now beginning to loosen them. Legislation and regulation governing voting agreements are critical for improving corporate governance. To support the development of the capital market in Mainland China and Taiwan, open-ended clauses, arbitrary revocation among shareholders, and the market for voting rights shall be severely restricted.