曾宛如2006-07-252018-07-052006-07-252018-07-052004http://ntur.lib.ntu.edu.tw//handle/246246/12883資本三原則一直為我國公司法所奉行。近幾年來面對資本市場之實際需求， 改革之議時起。例如，證券市場股價不理想，不少公司市價跌破股票票面價格， 礙於公司法禁止股票折價發行，造成許多公司面臨集資困難之窘境。又因公司股 價不理想，轉向銀行尋求融資亦有困難，對於資本投入及經濟發展有所影響。公 司法於民國九十年十一月修正時，配合這項主張，放寬公開發行公司得經證券主 管機關之許可採折價發行，部分緩和此議題。然應否准許折價發行乃一般政策， 倘若其原理植基於「資本維持原則」，而「資本維持原則」又為保障公司債權人 而設，此種差別待遇顯不合邏輯，蓋公開發行公司所產生之債權人更多，何以反 較一般公司規範為鬆，理論上無法自圓其說。 其次，特別股之贖回，公司法規定必須以發行新股所得股款或盈餘方可收 回。事實上公司贖回特別股與公司買回庫藏股及公司資產之分派實質上息息相 關，皆與資本維持原則有關，此須一體規畫。我國目前停留在保留盈餘及各種公 積之思考層面，表面看來，應該是保守穩健之政策，但參照外國立法例仍有不少 發展可能性。舉例而言，以公司之流動資產與流動負債之關係做準，亦即，所著 重者，為此項支出是否造成公司在短期內會發生清償不能之窘境判斷，倘若不會 發生清償不能，是否有必要如此嚴格值得討論。 資本維持與則與資本確定原則 ((現採折衷授權資本制 )共 同面對之議題為 出資之種類與方法。出資種類除以現金者外，一般通常可能發生之狀況為財產評 價之困擾。簡言之，財產之具體價值在評估時可能受到不當影響，以致於公司在 設立時已發生資本與財產不符之狀況，公司設立後一樣會產生相同問題。我國此 次公司法修正，不僅放寬財產出資之種類，包括對公司之貨幣債權及技術，甚至 包括商譽，引發之爭議如何確保出資確實及在公司法第九條之規定下，有無可能 發生不應發生之責任。 英國公司法以往並無強烈之資本三原則的色彩。但是，英國屬歐洲共同體之 成員的事實使英國引進許多屬於德國等大陸法系國家之概念，包括對大眾公司最 低實收資本額之規定，對公司買回自己股份之限制及盈餘分派限制之概念，與我 國有部分相似之處但較我國部分寬鬆，部分可能更嚴，其間差異十分有趣。 本計畫就我國與英國之公司法做出深入分析與比較，得到有趣之結論，也提 供新修正之方向。The three legal capital doctrines have been deeply rooted in the Company Law. However, facing the dramatic change of the capital market, a call for an overhaul of the doctrines becomes a hot issue. For example, due to the recession ,the stock prices of some companies have dropped below their par value. According to the Company Law, a company is prohibited from issuing shares at discount. This made those companies encounter the great difficulties of raising capital. As a result of this, the capital expenditure and economic growth are hurt naturally. Applying for bank’s loans is uneasy either. Therefore, it is suggested that the relevant provision of the Company Law should be amended. Based on this argument, the amendment of the Company Law promulgated in November 2001 inserts a proviso to the principle, permitting public companies, authorized by the securities relevant competent authority, to issue shares at discount. Nonetheless, if the maintenance of capital is intended to protect corporate creditors, it is entirely illogical to lift the burden on public companies due to the fact that they have more creditors than non-public companies. The sources for redemption of specific shares are restricted to two means: one is the earnings surplus; the other is the proceeds of a fresh issue of shares. In fact, the redemption of specific shares, the distribution of dividends and the re-purchase of corporate own stocks share same characteristics. All of them are relating to the idea of distributing corporate assets. Our current rules are conservative. Some different approaches, such as focusing on the relationship between cash flow, might be considered in the future. Both the maintenance of capital and the compromised authorized share capital have the same problem, i.e., the means of capital. Cash is the best and clearest mean among all choices. Nonetheless, other money’ worth, goodwill, technical know-how, monetary credit extended to the company all become possible after the amendment. The next issue will be how to assure the correct or reasonable evaluation of these contributions to prevent watering shares. Looking into the British company law legislation, the three legal capital doctrines are not brought about by her needs, but rather from the obligation of implementing European company law Directive, specifically the Second Company Law Directive. This made British system similar to our legal system; some common rules and some discrepancy make this project very interesting. This project at the end proposes some changes to our current company legislation and demonstrate the highly importance of comparative law.application/pdf41177 bytesapplication/pdfzh-TW國立臺灣大學法律學系暨研究所資本三原則資本確定原則折衷授權資本制資本維持原則資本不變原則特別股實收資本額票面額庫藏股減資債權人股東The three legal capital doctrinescompromised authorized share capitalthe maintenance of capitalthe increase or reduction of capitalspecial sharesubscribed share capitalpar-valuetreasury stockthe reduction of capitalcreditorshareholder[SDGs]SDG8reporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/12883/1/922414H002047.pdf