依國公司法第一百六十三條第一項前段规定，公司股份之轉讓不得以章程禁止或限制之，但此種規定之適用對象 ，理論上應限於資本规模大且股份轉讓換頻繁之資合性股份有限公司。而我國現存之股份有限公司大部分雖有股份有 限公司之外觀，却無其實質，換言之尚有濃厚之人合性，因此要求所有股份有限公司均適用上述「股份轉讓自由」之 原則，並不完全可行。實務上，小规模（閉鎖性）股份有限公司常以契約方式限制公司股東間股份之轉讓，此等契約 雖有其經濟上之價値，但我國經濟部則認爲此等契約有違公司法第一百六十三條第一項之规定，應爲無效。但本文則 認爲非公開上市股份有限公司之股東間，以契約限制股份轉讓原則上應有效，理由如下：⑴尊重契約自由原則。⑵我 國公司法第一百六十三條第一項前段僅規定不得以章程禁止或限制股份之移轉，並無規定限制轉讓之契約無效，⑶我 國現現存之股份有限公司（尤其是非公開上市）結構上閉鎖性程度仍高，⑷如價格計算條件公平、合理，則此等契約 不失爲保障閉'鎖性股東收回其資本之手段，⑶美國、西德、曰本，各主要國家亦採肯定立場。

According to Article 163,Section l,Preceeding paragraph of the R.O.C Company Law (reuised 1990),transfer of Company shares should not be Prohibited or sestricted by the articles of | association, although the applied objects of afoue-mentioned stipulation should be limited to the Capital-aggregated company which has gigantic capitals and high transfer rates of shares.Most of he existing Companies limited by shares in R.O.C have the apparance,not the reality,of such company. In other Words,they are strongly shareholder-aggregated,therefore to have the Principle of free tranfer of shares applied to all the companies limited by shares will not be effective. In practice small scale and closely-held company often try to restrict the transfer of shares between shoreholders by stipulated contracts,even though those contracts have some economical values,but the ministry of Economy regards them as void as they are Violating the Article 163,Section l,of the Company Law,In this thesis^the author would like to suggest that,in general Principle^he restriction of the transfer of shares between shareholders in non-public-placing company limited by shares through stipulated contract should be effective,reasons are stated as following 1) To respect the principle of freedom of contract. 2) Article 163 Section l’preceeding paragraph of the R.O.C Company Law only states that the transfer of shares should not be prohibited or restricted by the articles of association,it does not contain the provision that the contract limiting the transfer of shares is void. 3) The structure of the existing company limited by shares in R.O.C(especially the non-public placing company)is highly closelly-held to restain degree. 4) If the price price-fisiing terms are fair and reasonable,then the restrictive contrat will provide gadget for the shordholders in the closely-held company to retrieue their capitals invested.. 5) In U.S.A West Germany.Jepan and other predominant Countries,the general principle men-tioned-above has been followed positively.