兩岸公司法授權資本制度之比較──從臺灣經驗出發

Analysis of the Authorized Capital System: A Lesson from Taiwa

中國大陸2023年公司法修正新增第152條，開放授權資本制制度，即公司章程或股東會決議可授權董事會發行新股。此次修法放寬過去僅股東會決議可發行新股之規定。
本文分析臺灣實務運作中，大公司與小公司於新股發行下，面臨不同的問題。實務運作顯示，具閉鎖性質之公司下，股份發行影響原持股比例與經營決策安排，加之股份流通不易，發行新股可能成為大股東壓迫小股東之工具。至於在大型公司，股份除可能連動各種股權獎酬措施，造成稀釋股東權益之結果外，也成為經營者防禦敵意併購的工具。
本文檢視授權資本制度下的法規範，並建議兩岸可考慮進一步完善相關法制，包括修法強化股東於公司發行新股時之資訊權，及增訂不公平救濟制度，增加法院處理這類糾紛的彈性。本文也建議，兩岸法院於審酌相關案件中，應綜合考量包括新股發行價格、發行股數、資金需求目的，以及流程等因素，以決定新股發行是否妥適，並考量閉鎖性質公司下，少數股東易受侵害的特殊性。

In 2023, the Company Law in mainland China was amended to add Article 152, which allows for an authorized capital system. This means that company articles of incorporation or shareholder resolutions can authorize the board of directors to issue new shares. This amendment relaxes the previous requirement that only shareholder resolutions could authorize new share issuance.
This article analyzes the different challenges faced by large and small companies in Taiwan regarding new share issuance. Practical operations indicate that in closely-held companies, share issuance affects the original ownership ratios and operational decision-making. Moreover, due to the difficulty of share circulation, issuing new shares could become a tool for majority shareholders to pressure minority shareholders. In larger companies, shares may also be linked to various equity compensation schemes, which could dilute shareholder rights and serve as a defense mechanism against hostile takeovers.
This article examines the regulatory framework under the authorized capital system and suggests that Taiwan and Mainland consider further improving relevant laws. This includes amending laws to strengthen shareholders’ rights to information and establish an unfair prejudice remedy to prevent majority shareholders from using new share issuance as a tool to oppress minority shareholders. Additionally, it is recommended that courts on both sides take into account factors such as the issue price, number of shares issued, funding needs, and processes when deciding the appropriateness of new share issuance, while also considering the particular vulnerability of minority shareholders in closely-held companies.