本文主要分近年來台灣上市櫃公司十分盛行的資本結構重組(Capital Reorganization)模式－形式減資與私募增資之結合，對於公司本身、控制股東、非控制股東，與債權人等利害關係人之影響為何，以及會有何種利益衝突與應如何防免。本文肯認減資與私募之正面意義，但同時建議不可忽略私募制度可能變成有心人士進行圖利自已或特定人，減損公司價值之工具。本文建議，法規範應協助投資人鑑別不同型態之私募，針對利益衝突較大、代理人問題較嚴重的私募－經營團隊參與以及涉及經營權移轉之私募－應有相關配套設計。本文認為加強資訊揭露，以及在涉及經營權移轉之私募適用異議股東收買請求權，應可有效降低利害衝突，提升減資與私募所帶來之正面價值。

Alone with the adoption of private placement in the 2002 Securities Act of Taiwan, the scale and frequency of the combination of capital reorganization-the capital reduction and private placement-have increased tremendously. This paper provides a thoughtful study regarding the pros and cons of capital reorganization from the perspectives of the company conducting the capital reorganization itself, controlling shareholders, non-controlling shareholders, and the creditors. By examining the empirical study and the current rules and regulations, this paper purposes comprehensive statute reforms that aim to encourage the efficient capital reorganization while discourage the non-efficient occurrence.