台湾地区公司法无票面金額股制度硏究 －兼谈对大陆地区的启示－ = A Study on the System of No Par Value Stock in Taiwan's Corporate Law －Also Discussing the Enlightenment to Mainland China－

다국어 초록 (Multilingual Abstract)

In order to encourage new ventures and try to create a more friendly business environment to attract investors, in recent years, Taiwan has amended the company law to give enterprises more flexibility and loosen many laws and regulations. One of the major amendments is the comprehensive introduction of Par value stock system. The stocks issued by the company constitute the company's capital, and denominated or non-denominated stocks are involved, which involves the company's capital structure, shareholders' equity, accounting and tax issues. The introduction of the non-par value stock system in Taiwan can be said to be a major change in the overall capital system norms. It is no longer misled by the traditional concept of "capital" multiplied by the total number of stocks issued, enabling shareholders and creditors to pay more attention to the company's operating performance as well as the real asset situation, and taking into account the company's funding needs. Recognizing the theoretical misunderstanding and lack of functions of denominated stocks, many scholars in the mainland have already discussed the existence and abolition of the denominated stocks system, and many have called for the introduction of the denominated shares system. However, for the reform of a legal system, the first consideration should still be whether the mainland has a need to implement a no-denomination stocks system. Considering that the mainland has gradually moved from capital credit to asset credit on the corporate legal system in recent years, there is indeed a practice for the no par value stock system. In light of the above requirements, the amendment of the company law in Taiwan should be of great significance to the legal system of promoting the no-denomination stock system in the mainland of China.

다국어 초록 (Multilingual Abstract)

台湾为鼓励新创事业, 企图打造更友善的商业环境吸引投资人, 近年大动作 修正公司法, 赋予企业经营的弹性, 松绑多项法规范, 其中一项重大修正就是对 股份有限公司全面引进无票面金额股制度. 公司发行的股份构成公司的资本, 采面额股或无面额股, 涉及公司资本结构、股东权益、会计及税务问题. 台湾 引进无票面金额股制度, 可以说是整体资本制度规范的重大变革, 不再受传统 由面额乘以发行股份总数的 “资本额”的概念误导, 可使股东与债权人更重视公 司的营运绩效及真实资产状况, 也兼顾了公司的筹资需求. 在同样认识到面额 股的理论误区与功能缺失下, 大陆地區许多学者也早已对面额股制度的存废有 所讨论, 并多有引入无面额股制度的呼吁. 然而, 对于一个法制的改革, 首要考 虑的仍应该是大陆是否有推行无面额股制度的需求, 考虑大陆地區近年在公司 法制上逐步从资本信用走向资产信用, 对无票面金额股制度确实也有实践上的 需要, 此次台湾地區公司法的修正, 对大陆地區未来推行无面额股制度在法制 上应具有相当的借鉴意义.

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