初探雙層股權結構於我國之運用－－以複數表決權特別股為中心

A Preliminary Study on the Practice of Multiple Voting Right shares in Taiwan

過去我國實務見解始終否認公司得發行複數表決權特別股，2015年公司法正式引進閉鎖性公司專節後，方承認閉鎖性公司得發行複數表決權特別股，更進一步，2018年修法時放寬至非公開發行之一般股份有限公司均得適用，逐步提供閉鎖性公司及非公開發行公司股權規劃上有更彈性的空間，以符合現今鬆綁管制之國際趨勢，並有利於新創事業籌集資金。本文首先介紹我國特別股規定之演進過程，並討論增訂複數表決權規定後於公司法後將發生之問題，進而介紹美國法相關制度之運作及公司實務之作法作為借鏡，最後歸納數項修正方向建議，以其複數表決制度之適用能更加完備。

In the past, the opinions of the courts in Taiwan have always denied that the corporations could issue multiple voting rights shares. Until 2015, the Corporation Law in Taiwan finally amended to include “Close Corporation Section”, it was acknowledged close corporations could issue multiple voting right shares. Moreover, the rules applied to non-public corporations after the amendment of the Corporation Law in 2018, gradually providing more flexible space for the equity planning in close corporations and non-public corporations. The amendment of multiple voting right shares is also in line with the current trend of the world to ease restrictions. The article first introduces the evolution of the rules of preferred stocks, and discussed the problems that may occur after the amendment of multiple voting right shares. Furthermore, it would make a thorough inquiry into the practice of multiple voting right shares in America to conclude some suggestions for the legal system in Taiwan.