低面額股及無面額股之法律問題研究-從 2018 年公司法修法引進無面額股制度出發

Abstract

我國公司法於2018年修正後，開放股份有限公司自面額股或無面額股制度中擇一採行。若我國公司發行無面額股，公司所收取之股份發行對價將全數列入資本，與面額股制度中區分面額與發行溢價，分別列帳於資本與資本公積大不相同，不僅影響我國的資本制度，也進而對會計與稅務領域產生衝擊。為緩和低面額股及無面額股在我國現行制度的不一致，本文提出以下建議，以供有關機關參酌。\n\n為充分發揮無面額股之優勢，本文主張開放公開發行公司亦可轉換為無面額股制度，使所有公司均得擇一發行面額股或無面額股；同時允許採用無面額股制度之公司於增資或減資時，可無庸增發或削減已發行的股份。\n\n也為因應二制度間對資本與資本公積認列差異，本文建議針對「提撥法定盈餘公積」以及「強制會計師查核簽證財務報表」之標準上，應以「實收資本額加計發行溢價之資本公積」替代「實收資本額」；並且為平衡實務需求並避免投資人誤解，建議針對公積配發現金的程序應予修訂並比照減資程序為之。

According to the 2018 company act reform in Taiwan, the company shall choose either par value stock or no par value stock. When the company issue no par value stock, the company shall credit the entire considerations to share capital. In contrast, assume that the company issues par value stock. The proceeds received above the par value are recorded to additional paid-in capital. This difference between nominal par value stock and no par value stock effects capital systems, accounting principles and taxes. The study provides the recommendations to alleviate this difference in Taiwan for appropriate authorities.\n\nFor the advantages in no par value stock, this study recommends that the public company may convert its stock into no par value stock. All companies have to make a choice between par value stock or no par value stock. The company shall choose either issuing/reducing shares or not in no par value stock, when it increases/reduces capital stock.\n\nFor the difference in share capital and capital surplus between nominal par value and no par value stock, this study recommends that the standards have change from “Share capital” to “The total of share capital and additional paid-in capital” in “it is unnecessary for a company to set aside ten percent of profits as a legal reserve.” and “the certified public accountant shall audit the financial statements of this company.” Finally, in order to balance the requirement of the company and the risk of misunderstanding of investor, this study suggests that the provisions of a company reducing its capital shall apply to the procedure for distributing its legal reserve and capital surplus to its shareholders by cash.