有限公司制度之檢視－－以股東權保障為核心

Review of the Limited Company System — Focusing on the protection of shareholder rights

本論文以我國有限公司制度為研究主題，從股東權保障的角度切入，探討現行法制的不足之處，並提出具體的修正建議。有限公司作為我國公司法規範中最為普遍的公司型態，占全部公司數量的75%以上，其重要性不容忽視。然而，現行公司法針對有限公司的規範僅有15條，相較於股份有限公司及公開發行公司的詳細規範，有限公司的法制顯得相對簡略，導致對股東權益的保障不足，尤其是在股東間權益失衡及公司治理機制的落實上，常出現顯著問題。為此，本文以有限公司的股東權的保障為核心，結合國內外文獻、學說理論、比較法分析與實務案例加以研究，對我國有限公司制度進行深入探討與檢視。
首先，本文回顧了有限公司制度的發展歷程，我國有限公司自1946年首次於公司法中規範以來，經歷了多次重要修法，包括1980年、2001年、2009年及2018年的修正，對股東人數限制、資本額要求、監察權規範等方面進行調整。然而，這些修正未能從根本上解決有限公司在公司治理與股東權保障上的結構性問題，特別是少數股東的權益保護及救濟機制仍不完善。
其次，本文以現行法制為基礎，分析有限公司在股東權保障方面的主要問題，包括股東監察權的行使、董事責任的訴追、表決權的設計與決議瑕疵的救濟等議題。在股東監察權方面，現行法雖賦予不執行業務股東以監察公司的權利，但在權利行使的範圍及保障機制上缺乏明確規範，導致實務中易出現濫用或受限的情形。在董事責任的訴追上，有限公司股東雖可依法律提起訴訟，但其程序及實施效果有限，尤其缺乏針對董事違法行為的有效追究機制。在表決權設計與決議救濟方面，由於有限公司股東常具有緊密的人合關係，其表決權的配置容易產生少數股東被壓制的問題，決議瑕疵的救濟途徑亦不明確，使得股東權益難以得到全面保障。
為了解決上述問題，本文分析德國、美國及中國等國家在有限公司法制上的經驗，並在第五章中提出具體的有限公司法制體系之建構，分為實體與程序兩大面向，旨在建構更健全的有限公司股東權保障法制體系。期望透過這些改革，能夠提升我國有限公司在法律上的公平性與透明度，促進中小企業的永續發展，並增強我國商業環境的競爭力。總結而言，有限公司作為我國公司法的重要一環，其法制設計直接影響中小企業的經營效率與股東權益的保障水平。本研究透過分析有限公司的發展沿革、現行制度問題及比較法的優勢，提出一套具有可行性的改革方案，期望能為我國有限公司制度的完善與法律體系的進步作出貢獻。

This thesis focuses on Taiwan’s limited company system, examining its shortcomings from the perspective of shareholder rights protection and proposing specific amendments. Limited companies, as the most prevalent corporate form under Taiwan’s company law, account for more than 75% of all companies, underscoring their significance. However, the current company law provides only 15 articles for limited companies, compared to the detailed regulations for corporations and publicly traded companies. This relative simplicity leads to insufficient shareholder rights protection, particularly in addressing shareholder equity imbalances and implementing corporate governance mechanisms. Accordingly, this study centers on the protection of shareholder rights in limited companies, combining domestic and international literature, theoretical analysis, comparative law, and practical case studies to comprehensively examine and evaluate Taiwan’s limited company system.
Firstly, this study reviews the historical development of the limited company system. Since its inclusion in Taiwan’s company law in 1946, the limited company system has undergone several significant amendments in 1980, 2001, 2009, and 2018, which adjusted shareholder number restrictions, capital requirements, and oversight rights. However, these amendments have failed to fundamentally resolve structural issues in corporate governance and shareholder rights protection, particularly in safeguarding the interests of minority shareholders and providing effective remedies.
Secondly, the study analyzes the main issues in shareholder rights protection under the current legal framework, including the exercise of shareholder oversight rights, the pursuit of director liability, voting rights design, and remedies for defective resolutions. Regarding oversight rights, while the current law grants non-executive shareholders the right to oversee company operations, it lacks clear regulations on the scope and mechanisms for exercising these rights, leading to potential misuse or limitations in practice. In terms of director liability, while limited company shareholders can initiate legal actions, the procedures and implementation are insufficient, with a particular lack of effective mechanisms to hold directors accountable for illegal acts. Regarding voting rights design and remedies for defective resolutions, the close-knit nature of limited company shareholders often results in voting rights configurations that suppress minority shareholders. Additionally, remedies for defective resolutions are unclear, leaving shareholder interests inadequately protected.
To address these issues, this study examines the experiences of Germany, the United States, and China in their limited company legal systems. Chapter Five proposes the construction of a comprehensive legal framework for protecting shareholder rights in limited companies, focusing on both substantive and procedural aspects. The goal is to establish a more robust legal framework for shareholder rights protection in limited companies. Through these reforms, it is anticipated that the fairness and transparency of Taiwan’s limited company legal system will be enhanced, fostering sustainable development for small and medium-sized enterprises and strengthening Taiwan’s business environment.
In summary, as a crucial component of Taiwan’s company law, the legal design of limited companies directly affects the operational efficiency of small and medium-sized enterprises and the level of shareholder rights protection. By analyzing the historical evolution of limited companies, identifying current systemic issues, and leveraging the advantages of comparative law, this study presents a practical reform plan to contribute to the improvement of Taiwan’s limited company system and its legal framework.