股票面額制度問題之探討

A Study on the Problems of the Stock Par-Value System

本研究係介紹股票面額之意義、功能，並探討我國現行票面金額股票制度之歷史沿革、法源依據及存在價值等相關問題。公司法第140條修正後，股票雖得以折價發行，但對於資本維持原則產生衝擊；固定面額亦導致公司無法利用股票分割決定最適股價、影響公司股利政策之健全性等問題。本文參考日本、美國等實施無面額股票制度之經驗，以成本效益分析國內證券市場採行無面額股票制度，最後提出可逐步漸進推動無面額股票制度、調整股票股利之計價方式、檢討股票股利所得稅課徵之合理性等結論與建議。

This study first introduces the definition and functions of the stock par value, and then examines the history, legal basis and present value of the stock par value system in Taiwan. Although Article 140 of the Company Act has been amended to allow stock to be issued at a discounted price, this creates a conflict with the principle of capital maintenance. Fixing par value also gives rise to such problems as making it impossible for a company to use a stock split to determine the optimal stock price, and affecting the soundness of a company’s dividend policy. This study refers to the experience of implementing a non-par-value stock system in Japan and the United States, and analyzes the costs and benefits of adopting such a system in Taiwan’s securities market. The study concludes with the presentation of suggestions for the gradual implementation of a non-par-value stock system, methods for calculating stock dividends, and review of the rationality of levying income tax on stock dividends.