「同股不同權」臺灣與中國大陸雙層股權結構之發展觀察

The Observation of the Development of Dual-Class Share Structure in Taiwan and China

雙重股權結構顛覆傳統公司法上「一股一表決權」之股東平等原則，其藉由複數表決權股之發行，滿足科技創新產業對於特殊股權結構之需求、抵禦敵意併購，並可使經營階層專注於公司長遠之發展，而無須為保有經營權而著眼於短期利益以討好股東。我國在二○一八年底，公司法修正施行後，全面開放非公開發行股票公司可以發行複數表決權特別股，而使公司股權成為雙層股權結構。然而對於公開發行股票公司則採禁止規定，究其原因乃係擔心代理成本增加與公司治理弱化。惟中國大陸在過去三年則採取截然不同的方式，中國的股份有限公司，原則上無論是否公開發行，皆禁止同股不同權，但藉由例外之規定，使得申請在上海證券交易所的科創板以及深圳證券交易所的創業板之科技公司，實行雙層股權結構。本文將對臺灣與中國大陸雙層股權結構之發展作一介紹與觀察，以作為我國將來相關制度設計之參考。

Dual-class share structure overturned the traditional corporate law rule of “one vote per share,” through the issuance of multiple-voting right preferred shares, it will meet the needs of the technological innovation industry for a special shareholding structure, resisting hostile mergers and acquisitions, and enabling the management to focus on the long-term development of the company, without having to focus on short-term interests to please shareholders in order to ensure their control of the company. At the end of 2018, after the amendment of the Taiwan Corporation Act, all non-public companies can issue the multiple-voting right preferred shares and enable the dual-class share structure. However, the dual-class structure does not apply to public companies due to concerns of increasing the agency cost and weakening the corporate governance. On the contrary, China took a different approach over the past three years. In general, whether they were either public or non-public corporations, issuance of multiple-voting right preferred shares for Chinese corporations was disallowed. However, by using the exception rules, high-tech companies may file for an IPO on STAR Market at Shanghai Stock Exchange or on ChiNext Market at Shenzhen Stock Exchange with the dual-class share structure. This article will make an introduction and observation regarding the development of dual-class share structure in Taiwan and China to serve as a reference for the design of related systems in Taiwan in the future.