| Summary: | 碩士 === 國立臺北大學 === 法學系 === 93 === Abstract
According to article 14 of the Regulations Governing Handling of Stock Affairs by Public Companies, the par value of stock certificates shall be ten New Taiwan Dollars. However, the discouraging performance of Taiwan stock market makes many stock prices to have dropped under their par value in recent years. Thus, the Legislative Yuan of Republic of China revised article 140 in Company Law, which allows corporations to issue shares under the par value to solve their financing problems while authorized. But since the discounted shares violate the Capital Principles, which states that the corporation may not sell the shares for less than their par value in most par value stock system countries. And since the appropriate measures are not yet in place in our country, I suggest that we begin by modifying the existing par value system which formulates the basis for this research.
The article has six chapters as follows. The first one is preamble. The second chapter is about par value system; including the meaning and function of par value, the concept of par value stock、nominal par value stock、and no par value stock, and the relation between Capital Principles and par value. Then, I introduce no par value stock and other alternatives (discount shares and nominal par value stock) to solve the financing problems of corporations in the third chapter. The fourth chapter talks about the par value and no par value stock system in the United States、Japan、and Germany. After which, I investigate the effect and the related measures of implementing no par and nominal par value stock in chapter five. And finally, the final chapter represents the conclusion and research results of this thesis.
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