閉鎖性公司在家族股權傳承之應用

原文轉載 – 作者:勤業眾信私人暨家族企業服務(Deloitte Private)/賴永發會計師 (原文連結)

近年來台灣企業正面臨二代接班階段,因此家族傳承議題格外受到關注,企業主們也開始思考並向歐美及日本的百年企業取經,學習這些百年企業何以能代代傳承的精神及作法。家族傳承涵蓋的議題繁多,其中核心是股權如何傳承給下一代?家族成員越來越多,股權越來越分散,如何避免家族股份旁落他人之風險?承上述疑問,筆者今日要探討的便是閉鎖性股份有限公司(以下簡稱閉鎖性公司)在家族股權傳承之應用。

所謂閉鎖性公司,指的是股東人數不超過五十人、章程訂有股份轉讓限制之非公開發行股票公司,有別於一般股份有限公司股權自由轉讓,不得以章程禁止或限制之。公司法下的有限公司組織型態,雖然亦有限制出資額轉讓之特性,但相較於閉鎖性公司而言,此轉讓之限制乃法令要求,無法自行訂定其他限制條件,因此較無彈性。閉鎖性公司係公司法原為因應新創公司型態增訂,應用於家族股權傳承,可以解決家族股份旁落他人之風險。

何謂股權轉讓之限制,舉例而言,公司章程可以訂定:「本公司擔任董事或監察人之股東,其股份非得其他全體股東之同意;股東非得其他全體股東三分之二以上之同意,不得將股份轉讓或贈與他人」,此等限制轉讓條款可以保障家族公司之股權不會在未經其他股東同意下旁落他人,但另一方面而言亦將限制股東退場之彈性,公司法雖有將閉鎖性公司變更為一般股份有限公司之規定,惟需經股東會特別決議通過方能變更。若家族股東失和,經營理念無法達成共識,無意經營之股東可能因家族成員間股權轉讓價格無法達成共識,其他股東無意受讓,而難以退場,長久而言可能不利於家族永續經營。因此閉鎖性公司章程中的限制轉讓條款之設計格外重要,如何設計具彈性又能保障家族股權集中作用之轉讓條件,包括轉讓價格、行使程序、爭端解決機制應審慎討論之。

此外,閉鎖性公司的另一個特性是可以發行複數表決權特別股及對特定事項有否決權的特別股(俗稱黃金股),由於第一代企業主可能因遺產及贈與稅節稅規劃,已分年將家族公司之股權移轉或贈與二代,當父母之持股低於二代時,讓父母親持有複數表決權特別股及黃金股的設計,可讓父母親對該公司依然擁有控制權或重大事項之否決權,可以降低父母親因持股轉讓之不安全感以及二代接班初期因經驗不足產生的經營風險,讓公司可保正常穩健之經營。

綜上所述,閉鎖性公司組織型態之特性,給予正面臨或即將面臨家族接班議題的企業可以善加應用之股權規劃工具,惟家族企業永續經營及傳承仍須依靠家族成員間共同遵守的核心價值並建立合宜的治理機制來運作,此部分可訂定家族憲章並成立家族辦公室,讓後代子孫日後可依制度化的傳承機制運作,傳承創辦人之經營理念,達成代代相傳的永續目標。

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