完成四大自由流通，建立內部市場，確保商品、人員、勞務與資本在歐盟境內無邊境國界的流通，一直是歐盟努力達成的目標。然而，在開放自由流通下國家利益勢必會遭受威脅，會員國擔憂其國家利益受損，因而設立「黃金股」來維持其在企業中之控制，以便保護國家重大利益。 「黃金股」是國家利益保障與經濟自由化拉距之下的產物，為國營企業私有化後基於保護國家利益所設立的特別股份，希望對策略性的投資人直接產生阻礙。其最大特色便是政府不須在企業中真正持股，便可以在企業有極大的影響力，甚至是控制企業。而黃金股之運用，在歐盟內被視為國家限制投資自由及市場自由之措施，然而，黃金股議題涉及歐盟法中國營企業、國家利益及國家安全等概念，並非歐盟可以統一規範之範疇。正因黃金股性質及運作模式之特殊，所以在歐盟內引發爭議。 本論文便是以國家利益為出發點，探討會員國對於設立黃金股的起源、動機、運作模式以及目前在會員國內運用的情形。其次，再以歐盟法為基礎，探討歐盟對於黃金股的看法。最後以歐洲法院黃金股相關案例作分析及比較，歸納出歐洲法院確立之黃金股相關原則，以及符合歐盟法的黃金股模型。 With the globalization, the cross-border investment is increasing in the EU. For protecting the important national interests, Member states create or retain a special share in the former public undertaking, as called “Golden shares”. Golden shares are special rights vested in the State or in other public entities granting certain control in privatized companies. The main objective of golden shares was and remains the protection of a State’s strategic interests by maintaining special rights in privatized companies. Its application is regarded as an impediment to accomplish the internal market and violate the fundamental principles of EU. The EU treaty forbids the use of restrictive measures to hinder the free movement of capital and the free movement of establishment. Since 2000, the European Court of Justice has decided six cases in which the free movement of capital and the free movement of establishment were directly or indirectly restricted through the state holding of golden shares. These six cases are important guidelines to those states that still hold golden shares, or those who plan to reserve such special rights as they go through the privatization process. This thesis was under the background of the protection national interest and the free movement of capital to research in the application and debate of golden shares. It plans to discuss the cases which help us to generalize the golden shares’ principles which are typically under the jurisdiction of European Court of Justice.