公司法修正草案簡評──以企業籌資為中心

Commentary of Corporation Act Amendment

行政院於二○一七年底提出公司法修正草案，說明中指出為打造友善通商之創新創業環境，修法重點為增加企業彈性，強化公司治理及保障股東權益等。本次修正延續二○一五年增訂閉鎖性公司專節之許多鬆綁規定之精神，如複數表決權股、無面額股、盈餘分派限制等，應有助緩解我國既有法制為大型企業設計且多為強制規定之桎梏，對於新創事業之引資引才，降低交易成本，應有正面效益。但放寬管制需搭配相關配套措施，如資訊揭露與公開透明，加強董監事責任等，如困擾我國公司治理之一之關係人交易。本文就草案內容，聚焦鬆綁籌資管制部分分述之，包含放寬資金貸與限制、特別股種類多元、放寬公司債、盈餘分派限制，及放寬三董一監之要求等，說明草案條文與現行法之差異，及與其他資本市場之異同，並提出分析與建議。

The Executive Yuan has passed the corporation act amendment , and stated the main purpose are creating a friendly economic environment, encouraging business innovation and enhancing corporate governance. This amendment maintains the deregulation of closely-held corporation, for example, dual class shares, non par-value stock...etc. This amendment would reduce transaction costs and attract capital. However, deregulation should combine with disclosure and transparency. This paper focus on issues concerning fund raising, preferred shares and analyzes the difference with other jurisdictions, then provides suggestions for amendment.