台灣關係企業中財團法人持股之實證調查與法律問題分析

Abstract

在我國關係企業當中，有部分關係企業捨棄控股公司，而選擇以非公司組織作為持股之用，其中又以財團法人為多數，形成非典型之集團結構，對外帶有幾分神祕色彩，持股眾多之財團法人因而扮演雙重角色，一為公益目的之團體，另一則為在關係企業中之非公司控股組織。 財團法人之設立目的本應僅得以公益為限，然當其持有ㄧ定數量之股票，且在關係企業中占有一定重要之地位時，卻無公司法之適用，規範上可能存在曖昧之處，應有探討之空間。因此，財團法人於關係企業作為持股之用，是否已逾原立法之目的，而需適用不同規範，如需適用不同規範，又應以何者為標準，為本文關切的重心。 本文首先針對我國資產前五十大之關係企業進行實證研究，調查以財團法人形態進行持股之模式是否頻繁使用於我國關係企業之中，以及其所扮演之角色、實際運作之情形為何。其次，本文以財團法人之特性切入，分析關係企業使用財團法人持股之誘因，以及所具備之優劣勢。最後，本文探討關係企業以此種持股方式，對於關係企業及其利害關係人有何潛在之風險，並提出本文之反思。

This thesis examines the use of foundations in corporate groups for the share-holding purposes. It is not uncommon for many corporate groups in Taiwan to use foundations as entities to hold shares for other companies in the same group. Therefore, the influence of foundations in Taiwan cannot be overemphasized. However, foundations are governed by Civil Law in Taiwan, not Company Act. Furthermore, differences in accounting standards between the non-profit organizations and companies are substantial enough to attract attention for both shareholders and other stakeholders, as well as regulatory authorities. This thesis discusses the current difference in laws and regulations among the foundation and commercial company in Taiwan and analyzes the strengths and weaknesses of the foundation for the share-holding purpose. Also, an empirical study is provided in the content. This survey shows how many non-corporate organizations are used for share-holding purposes and their opearating conditions in corporate Taiwan. In conclusion, with the literature review and empirical study, this thesis tries to provide a preliminary evaluation of the legal system of the law and accounting standards for these foundations in Taiwan.