從比較法論臺灣證券交易法庫藏股制度相關議題之探討

From the Comparative Law perspective on the Related Issues of Treasury Share Regime of Securities Exchange Act of Taiwan

臺灣之公司法制對於公司買回自己股份，係採原則禁止之態度。在此法制背景下，證券交易法於2000年7月19日增訂第28條之2，引進庫藏股制度，迄今，已近18年，國際上之庫藏股制度早已改變許多，然而，第28條之2自增訂後完全未曾再有過修正。本文從買回股份之決定機關、目的限制、數量限制、處分期限及關係人賣出股份之禁止等規定，比較當代美國、日本、歐盟、香港及新加坡等立法例後，得知現行法制已有許多不合時宜之處，致使臺灣成為當代對庫藏股限制最嚴格的立法例，甚至也發生了子法逾越母法授權的違憲情形。本文認為，現行庫藏股制度最大的缺失在於將庫藏股之決定機關交給了董事會。在即將往20年邁進的此時，似乎應參酌國際上之現況，修改過時、不當及違法之制度，促進庫藏股制度之現代化！

A corporation purchasing its own shares is forbidden by Company Act in principle. Under this legal environment, Securities Exchange Act introduced treasury share regime by promulgating Article 28-2. It has been 18 years till now, the treasure share regimes abroad have changed a lot, but Article 28-2 is never modified. After comparing the regulations of deciding authority of repurchase, restrictions of purpose, restrictions of quantity, deadline of disposal and forbidden of selling share by related party to the new regimes of the United States (U.S.), Japan, European Union, Hong Kong and Singapore, this thesis found out there are many impropriate regulations in the Taiwan nowadays. It makes Taiwan the most rigid regime in the world. Even the ordinance’s promulgation is violating the delegation of law. This thesis thinks, the biggest flaw is letting board of directors to decide to repurchase corporation’s own share or not. Treasury share regime has been implemented for almost 20 years, right on this moment, we should rectify the out of date, impropriate and illegal regime by pondering the existing international circumstances, to advance the modernization of this regime.