股份自由轉讓原則為我國公司法上重要之原則。然而，在現行法律規範中，卻對股份自由轉讓設有相當多之限制，惟探究前揭諸多之轉讓限制之規範目的、違反時之法律效果後，卻發現其不無值得檢討之空間。本文除整理目前之法定限制外，將針對公司設立登記前之持股轉讓行為、發起人之持股轉讓行為與公司收回自己股份之行為進行省思。 現代民法肯認私法自治契約自由，公司章程、公司與股東或股東與股東間所訂立之契約，均為其展現。然而，我國採取股份自由轉讓原則，明文否准公司以章程禁止或限制股份之轉讓，此制度是否符合我國中小企業的閉鎖性需求，外國法例又是如何處理此商業需求值得觀察與借鏡。本文將介紹日本與美國之立法例，並探討「閉鎖性股份有限公司」專節之法案內容，並對股份轉讓限制之條文應如何運用提出建議。 在限制股份轉讓自由之契約方面，近年來「創投合約」與「對賭條款」時常引起國內學者之討論，本文將介紹其內涵、態樣與合法性要件，並分析其與我國公司法制諸原則或司法實務見解上有無齟齬之處。另外，公司對於員工持股之限制，若係以契約之形式為之，在契約內容之控制上，應以何標準判定該契約之有效性，本文將提出個人之觀察與淺見。 / The freedom of transfer shares is an important principle of our Corporate Law. However, there are many restrictions on it in our law system. After analyzing the specification purposes and the legal effects, we found that there are several defects we can improve. This essay will put emphasis on the behaviors of transfer before the incorporation registration of the company be done, of transfer of the shares owned by promoters, of a company redeem or buy back any of its outstanding shares. Nowadays, the modern Civil Law is willing to recognize the autonomy of private law and the freedom of contract. The articles of incorporation, bylaws, and agreements among shareholders externalize these core thinking. Nevertheless, because of the principle of the Freedom of Transfer Shares, we could not limit the transferability of shares by the articles of incorporation. Is this system meets the needs of Small and Medium Enterprises? How to handle this business commercial demand worth watching and learn from foreign legislations. This essay will foucus on the introduction of the enactment of Japan and the United States of America. Besides, the essay will discuss about the content of "Closed Corporations" special section of the Corporate Law and make recommodations to the provisions. In recent years, "Term Sheet" by venture capitalist and " Valuation Adjustment Mechanism " often cause discussions by domestic scholars, the essay will provide information about its content, elements and legitimacy and check whether these agreements conflict with our judicial practices and any of the principles of the Corporate Law in our country. Finally, if a company limitsthe transferability of the shares owned by employee in contract, what criterion could determine the validity of the contract, the essay will propose the observation and opinion individually.