A study of multiple voting shares

我國法律股權分配採一股一權，即每個普通股都附著一表決權，雖然我國公司法於民國 104 年 9 月 4 日 施行之 「閉鎖性股份有限公司」專節，為建構我國成為適合全球投資之環境，促使我國商業環境更有利於新創產業，吸引更多國內外創業者在我國設立公司，並且因應科技新創事業之需求，賦予企業有較大自治空間與多元化籌資工具及更具彈性之股權安排，而允許發行複數表決權股，然而對於複數表決權股在我國之適用能受到許多的限制，因此本論文將參考美國法以及香港法之規定，就我國複數表決權股提出相關之建議。 首先，本文先討論我國複數表決權股之立法歷程與條文規定，並分析複數表決權股之功能與弊害，了解為何公司需要發行複數表決權股、發行複數表決權股之功能，以及公司發行複數表決權股應注意之事項。 其次，本文參考美國法以及香港法之規定，從外國法之角度，討論是否將複數表決權股擴張至公開發行公司。複數表決權股於美國法上已運行多年，許多上市櫃公司紛紛都跑到美國上市，例如Facebook、Google、阿里巴巴等公司，分析其複數表決權股之發展歷史、適用情形以及相關案例為討論。香港法在阿里巴巴事件爆發後，對於複數表決權股之態度轉變過程，以及最後仍然基於保護股東之原則下，由香港證監會發表聲明禁止發行複數表決權股，分析其為何理由拒絕發行複數表決權股。以兩個不同規範模式之國家規定，討論我國複數表決權股日後應如何加以規範，以及是否允許公開發行公司發行複數表決權股。 最後提出相關之修法建議，就複數表決權股於我國應如何規定之問題，區分公開發行公司與非公開發行公司進行討論，再者其他相關規定與公司法扞格之處，本文亦提出相關之建議。Taiwan’s law adopts the one share, one vote principle in regulating stock corporations. However, in 2015 Taiwan amended its corporate law by adding a new charter governing close corporations. In this charter, a close corporation can distribute preferred stocks with multiple voting rights. To incentivize and respond to the demand of new startups, the government has allowed businesses greater room for corporate self-governance and to employ diverse capital-raising tools. This system will allow Taiwan to join with the international community in attracting overseas and domestic startups to set up businesses in Taiwan. The main problem with the new system is deciding what types of companies should be able to issue class stocks with unequal voting rights and whether to impose some limits on the issue of class stocks to protect shareholders and investors. Therefore, this article discusses the new close corporation charter and analyzes what types of corporations should be able to issue the class stocks with unequal voting rights. Additionally, it challenges existing ideas by invoking American and Hong Kong legal experience in tackling this issue. First and foremost, this article defines and explains the history behind one share, one vote and preferred stocks with multiple voting rights. Then it discusses the new charter and analyses the pros and cons of preferred stocks with multiple voting rights. Second, it analyzes the current problems in Taiwanese law and describes the American and Hong Kong legal experience, including their basic regulations and leading corporate case law. Stated differently, it examines which foreign laws and regulations can apply to Taiwan’s law. Further, it proposes policies to protect shareholders from negative effects of preferred stocks with multiple voting rights. Finally, this article suggests further amendments to Taiwan’s Law