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題名 公司法下債權人保護之比較法研究-以公司分派行為為中心
Corporate Distribution and Creditor Protection: A Comparative Law Perspective作者 江佑庭
Chiang, You-Ting貢獻者 朱德芳
江佑庭
Chiang, You-Ting關鍵詞 代理理論
籌資面代理問題
盈餘分派
股票買回
減資
分派行為
債權人保護
償付能力測試
債權人公告及異議程序日期 2021 上傳時間 1-Nov-2021 12:02:36 (UTC+8) 摘要 公司代理理論得分為管理面和籌資面代理問題，而在籌資面代理問題下，管 理人所為之決策將藉由犧牲公司債權人的利益，追求股東利益之最大化，其具體 之手段即得以盈餘分派、股票買回、減資等「分派行為」為之。本文分析我國現 行法有關「分派行為」之規範模式，發現其多存在「規範彈性不足」、「規範不一 致」、「規範有效性不足」之問題，進而產生降低公司經營效率、增加法規套利風 險及債權人保護不足之情形。基此，本文比較分析我國與英美法系各國對於「分派行為」之規範模式後認 為，我國法應增訂「債權人請求裁判撤銷決議之權利」使其搭配「償付能力測試」 作為債權人保護機制(模式一)，同時修正我國之「債權人公告及異議程序」(模 式二)，規定公司得自「模式一」或「模式二」擇一踐行，並一體適用於所有之 分派行為，且統一規範分派行為之權限機關，原則上應由董事會決議為之;再者， 從增加公司資金運用彈性、提升公司經營效率之角度出發，應刪除我國現行公司 法對於盈餘分派與盈餘公積分派之限制，並刪除以買回目的作為股份買回之限制 基準，放寬我國公司股份買回之限制，使我國從「原則禁止，例外允許」之規範 模式轉為「原則允許，例外限制或禁止」之規範模式;此外，應區分「實質減資」 與「形式減資」，並僅要求「實質減資」需踐行債權人保護機制，並將任何涉及 減少股本或資本公積，而將公司之資產流向股東之行為，納入實質減資之規範射 程範圍，以避免規範漏洞及法規套利風險;最後，從交易安全維護之觀點出發， 應使違法分派行為有效，並增設股東追償機制作為配套措施，而就違法分派行 為，應在增設豁免條款之前提下，課予董事統一的民事責任。 參考文獻 一、 中文參考文獻 (依作者姓氏筆畫排列)（一） 專書1. 王文宇，公司法論，5 版，元照，2016年7月。2. 林仁光，會計，載：新修正公司法解析，2版，元照，2002年1月。3. 柯芳枝，公司法論(上)，9 版，三民，2015 年7月。4. 廖大穎，公司法原論，7 版，三民，2016年2月。5. 劉連煜，現代公司法，15 版，新學林，2020年9月。6. 劉渝生，公司法制之再造—與德國公司法之比較研究，新學林，2005年6月。（二） 專書論文1. 王文宇、林仁光，公司資本制度與股票面額之研究，載：王文宇，民商法理論與經濟分析(二)，頁26–39，2003年4月。（三） 期刊1. 王元章、張椿柏，從核心代理問題的角度探討股權結構，董事會特性對公司價值之影響，證券市場發展季刊，23卷2期，頁131–174，2011年6月。2. 朱德芳，公司進行減資並以現金逐出畸零股股東，是否適法? －評最高法院108年度台上字第1234號民事判決，月旦裁判時報，99期，頁48–61，2020年9月。3. 朱德芳，論公開發行公司之資本結構重組與公司治理:以形式減資與私募增資為核心，國立臺灣大學法學論叢，37 卷2 期，頁 81–150，2008年6月。4. 林麗香，企業取回自子股份之法律問題，台北大學法學論叢，第四十八期，頁69–173，2001年6月。5. 洪令家，公司對股東所為分派─季分派及減資，月旦會計實務研究，28期，頁50–58，2020年4月。6. 黃銘傑，自己股份買回與公司法－財政部“庫藏股”制度草案的問題點與盲點，臺大法學論叢，28卷1期，頁217–258，1998年1月。7. 廖大穎，舉債買庫藏股，月旦法學教室，17期，34–35，2004年3月。8. 戴銘昇，從比較法論臺灣證券交易法庫藏股制度相關議題之探討，中正財經法學，頁1–57，2018年7月。（四） 學位論文與研究計畫1. 江佑庭，從債務資金成本角度重新審視資本維持原則之合理性，國立臺灣大學會計學研究所碩士論文，2019年。2. 理律法律事務所、財團法人台灣亞洲基金會，公司法制研修分析 ─【公司法制全盤研究與修訂建議】委託研究案期末報告第三冊，自版，2000年3月。3. 陳彥竹，控股公司之創設及其債權人保護，國立政治大學法律研究所碩士論文，2004 年。4. 黃拓華，公司組織再造對債權人之保護，國立政治大學法學院碩士在職專班碩士論文，2008年。5. 蔡旻睿，償付能力測試與債權人保護，國立政治大學法律研究所碩士論文，2018年。（五） 法院判決與主管機關函釋1. 經濟部 2002 年 3 年 14 日經商字第 09102050200 號函釋。2. 經濟部1988年3月2日經商字第05674號函釋。3. 經濟部商業司2018年2月1日經商字第10702402640號函釋。4. 最高法院71年台上字第1912號民事判決。5. 最高法院 72 年度台上字第 289 號民事判決。6. 最高法院88年度台上字第3431號民事判決。7. 最高法院96年度台上字第1395號民事判決。8. 最高法院103年度台上字第2715號裁定。9. 最高法院109年度台上字第714號民事判決。（六） 網路資源1. 中央銀行12月17日央行理監事會後記者會參考資料， https://www.gov.tw/News5_Content.aspx?n=11&s=514135 （最後瀏覽日：2021年5月12日）。2. 公司法全盤修正修法建議，第三部分修法建議，www.scocar.org.tw。3. 重寫公司條例第32章，第三次公眾諮詢（2008年6月26日），http://www.cr.gov.hk/tc/publications/reports/consultation/20080626.htm。4. 經濟部公司依公司法規定公告資訊站，https://ipcsa.nat.gov.tw/pap。二、 外文參考文獻 (依作者姓氏筆畫排列)（一） 專書1. 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Williams v. Sandman, 187 F.3d 379, 39 U.C.C. Rep. Serv. 2d 591 (4th Cir. 1999).68. Zapata Corp. v. Maldonado, 430 A.2d 779, 782 (Del. 1981). 描述 碩士
國立政治大學
法律學系
106651007資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106651007 資料類型 thesis dc.contributor.advisor 朱德芳 zh_TW dc.contributor.author (Authors) 江佑庭 zh_TW dc.contributor.author (Authors) Chiang, You-Ting en_US dc.creator (作者) 江佑庭 zh_TW dc.creator (作者) Chiang, You-Ting en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Nov-2021 12:02:36 (UTC+8) - dc.date.available 1-Nov-2021 12:02:36 (UTC+8) - dc.date.issued (上傳時間) 1-Nov-2021 12:02:36 (UTC+8) - dc.identifier (Other Identifiers) G0106651007 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137684 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 法律學系 zh_TW dc.description (描述) 106651007 zh_TW dc.description.abstract (摘要) 公司代理理論得分為管理面和籌資面代理問題，而在籌資面代理問題下，管 理人所為之決策將藉由犧牲公司債權人的利益，追求股東利益之最大化，其具體 之手段即得以盈餘分派、股票買回、減資等「分派行為」為之。本文分析我國現 行法有關「分派行為」之規範模式，發現其多存在「規範彈性不足」、「規範不一 致」、「規範有效性不足」之問題，進而產生降低公司經營效率、增加法規套利風 險及債權人保護不足之情形。基此，本文比較分析我國與英美法系各國對於「分派行為」之規範模式後認 為，我國法應增訂「債權人請求裁判撤銷決議之權利」使其搭配「償付能力測試」 作為債權人保護機制(模式一)，同時修正我國之「債權人公告及異議程序」(模 式二)，規定公司得自「模式一」或「模式二」擇一踐行，並一體適用於所有之 分派行為，且統一規範分派行為之權限機關，原則上應由董事會決議為之;再者， 從增加公司資金運用彈性、提升公司經營效率之角度出發，應刪除我國現行公司 法對於盈餘分派與盈餘公積分派之限制，並刪除以買回目的作為股份買回之限制 基準，放寬我國公司股份買回之限制，使我國從「原則禁止，例外允許」之規範 模式轉為「原則允許，例外限制或禁止」之規範模式;此外，應區分「實質減資」 與「形式減資」，並僅要求「實質減資」需踐行債權人保護機制，並將任何涉及 減少股本或資本公積，而將公司之資產流向股東之行為，納入實質減資之規範射 程範圍，以避免規範漏洞及法規套利風險;最後，從交易安全維護之觀點出發， 應使違法分派行為有效，並增設股東追償機制作為配套措施，而就違法分派行 為，應在增設豁免條款之前提下，課予董事統一的民事責任。 zh_TW dc.description.tableofcontents 第一章 緒論 8第一節 研究動機與目的 8第二節 研究範圍及方法 10一、 研究範圍 10二、 研究方法 10第三節 論文結構 11第二章 公司、債權人、股東間之利害衝突 12第一節 代理問題與利害關係 12第二節 管理面的代理問題 15第三節 籌資面的代理問題 18第四節 籌資面代理問題之處理 22一、 債權人保護與管理人決策彈性之權衡 22二、 歐陸法系與英美法系之處理路徑 23第三章 我國法下之公司債權人保護制度 29第一節 我國籌資市場環境概覽 29第二節 盈餘分派 37一、 我國法之盈餘分派規範 37二、 現行法下之問題 39第三節 法定盈餘公積 44一、 我國法定盈餘公積分派規範 44二、 現行法下之問題 45第四節 股份買回 49一、 我國之股份買回規範 49二、 現行法下之困境 57第五節 減資 61一、 我國之減資規範 61二、 現行法下之困境 64第六節 違法分派之效果與責任 68一、 我國違法分派之效果與責任之規範 68二、 現行法下之困境 71第七節 小結 73第四章 英美法系下的公司債權人保護制度 75第一節 償付能力測試 75一、 美國模範公司法 75二、 美國德拉瓦州公司法 79三、 澳洲公司法 87四、 香港公司條例 91第二節 盈餘分派 94一、 美國模範公司法 94二、 美國德拉瓦州公司法 95三、 澳洲公司法 97四、 香港公司條例 99第三節 股份買回 102一、 美國模範公司法 102二、 美國德拉瓦州公司法 104三、 澳洲公司法 106四、 香港公司條例 113第四節 減資 125一、 美國模範公司法 125二、 美國德拉瓦州公司法 129三、 澳洲公司法 130四、 香港公司條例 133第五節 違法分派之法律效果 138一、 美國模範公司法 138二、 美國德拉瓦州公司法 140三、 澳洲公司法 142四、 香港公司條例 146第六節 小結 151第五章 分析與建議 155第一節 各國制度比較分析 155一、 償付能力測試 155二、 盈餘分派 159三、 股份買回 164四、 減資 169五、 違法分派之法律效果 172第二節 我國法之修正建議 178一、 債權人保護機制 178二、 分派行為權限機關之一致性 185三、 盈餘分派與盈餘公積分派限制之鬆綁 186四、 股份買回 187五、 區分實質與形式減資並予以不同規範 189六、 違法分派之法律效果 189第六章 結論 195參考文獻 198 zh_TW dc.format.extent 6208905 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106651007 en_US dc.subject (關鍵詞) 代理理論 zh_TW dc.subject (關鍵詞) 籌資面代理問題 zh_TW dc.subject (關鍵詞) 盈餘分派 zh_TW dc.subject (關鍵詞) 股票買回 zh_TW dc.subject (關鍵詞) 減資 zh_TW dc.subject (關鍵詞) 分派行為 zh_TW dc.subject (關鍵詞) 債權人保護 zh_TW dc.subject (關鍵詞) 償付能力測試 zh_TW dc.subject (關鍵詞) 債權人公告及異議程序 zh_TW dc.title (題名) 公司法下債權人保護之比較法研究-以公司分派行為為中心 zh_TW dc.title (題名) Corporate Distribution and Creditor Protection: A Comparative Law Perspective en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文參考文獻 (依作者姓氏筆畫排列)（一） 專書1. 王文宇，公司法論，5 版，元照，2016年7月。2. 林仁光，會計，載：新修正公司法解析，2版，元照，2002年1月。3. 柯芳枝，公司法論(上)，9 版，三民，2015 年7月。4. 廖大穎，公司法原論，7 版，三民，2016年2月。5. 劉連煜，現代公司法，15 版，新學林，2020年9月。6. 劉渝生，公司法制之再造—與德國公司法之比較研究，新學林，2005年6月。（二） 專書論文1. 王文宇、林仁光，公司資本制度與股票面額之研究，載：王文宇，民商法理論與經濟分析(二)，頁26–39，2003年4月。（三） 期刊1. 王元章、張椿柏，從核心代理問題的角度探討股權結構，董事會特性對公司價值之影響，證券市場發展季刊，23卷2期，頁131–174，2011年6月。2. 朱德芳，公司進行減資並以現金逐出畸零股股東，是否適法? －評最高法院108年度台上字第1234號民事判決，月旦裁判時報，99期，頁48–61，2020年9月。3. 朱德芳，論公開發行公司之資本結構重組與公司治理:以形式減資與私募增資為核心，國立臺灣大學法學論叢，37 卷2 期，頁 81–150，2008年6月。4. 林麗香，企業取回自子股份之法律問題，台北大學法學論叢，第四十八期，頁69–173，2001年6月。5. 洪令家，公司對股東所為分派─季分派及減資，月旦會計實務研究，28期，頁50–58，2020年4月。6. 黃銘傑，自己股份買回與公司法－財政部“庫藏股”制度草案的問題點與盲點，臺大法學論叢，28卷1期，頁217–258，1998年1月。7. 廖大穎，舉債買庫藏股，月旦法學教室，17期，34–35，2004年3月。8. 戴銘昇，從比較法論臺灣證券交易法庫藏股制度相關議題之探討，中正財經法學，頁1–57，2018年7月。（四） 學位論文與研究計畫1. 江佑庭，從債務資金成本角度重新審視資本維持原則之合理性，國立臺灣大學會計學研究所碩士論文，2019年。2. 理律法律事務所、財團法人台灣亞洲基金會，公司法制研修分析 ─【公司法制全盤研究與修訂建議】委託研究案期末報告第三冊，自版，2000年3月。3. 陳彥竹，控股公司之創設及其債權人保護，國立政治大學法律研究所碩士論文，2004 年。4. 黃拓華，公司組織再造對債權人之保護，國立政治大學法學院碩士在職專班碩士論文，2008年。5. 蔡旻睿，償付能力測試與債權人保護，國立政治大學法律研究所碩士論文，2018年。（五） 法院判決與主管機關函釋1. 經濟部 2002 年 3 年 14 日經商字第 09102050200 號函釋。2. 經濟部1988年3月2日經商字第05674號函釋。3. 經濟部商業司2018年2月1日經商字第10702402640號函釋。4. 最高法院71年台上字第1912號民事判決。5. 最高法院 72 年度台上字第 289 號民事判決。6. 最高法院88年度台上字第3431號民事判決。7. 最高法院96年度台上字第1395號民事判決。8. 最高法院103年度台上字第2715號裁定。9. 最高法院109年度台上字第714號民事判決。（六） 網路資源1. 中央銀行12月17日央行理監事會後記者會參考資料， https://www.gov.tw/News5_Content.aspx?n=11&s=514135 （最後瀏覽日：2021年5月12日）。2. 公司法全盤修正修法建議，第三部分修法建議，www.scocar.org.tw。3. 重寫公司條例第32章，第三次公眾諮詢（2008年6月26日），http://www.cr.gov.hk/tc/publications/reports/consultation/20080626.htm。4. 經濟部公司依公司法規定公告資訊站，https://ipcsa.nat.gov.tw/pap。二、 外文參考文獻 (依作者姓氏筆畫排列)（一） 專書1. 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