我国公司资本制度的反思与重构

公司资本制度自其诞生之日就担负着便利公司股东投资和维护公司债权人利益的双重任务,存在着效率和安全之间的不同价值选择。20世纪60年代以来,许多国家和地区的公司改革运动表明公司资本制度担保功能的衰微和融资功能的强化已成为世界公司立法改革的一大走向。由于我国公司法出台时的治乱背景和防弊心理,以及理论界长期错误地把公司资本和公司信用等量齐观,中国现行的是最为严格的强制性约束模式的公司法定资本规则,这不仅增加了公司资本运作的成本、挤压了自治空间,而且没有在实践中真正有效地保护债权人。对现有的公司资本制度必须做出调整:一方面吸收授权资本制的优点,增加赋权性规则,放松不必要的资本管制;另一方面加强资本制度外债权人保护配套规则的建设。

Reconsideration and Restructuring of Company Capital System in China

Ever since its birth, capital system shoulders the double responsibility of facilitating investment for shareholders and safeguarding the rights of creditors. Therefore it has the adverse value choice of efficiency and safety. Since the 1960s, the company reform in many countries and regions shows that it has been a trend of legislation reform concerning companies to weaken the safeguard role of the capital system and strengthen its role of financing. However, China's the Company Law was passed with the special purpose to bring the chaos under control and to prevent the repetition of history, accompanied by the theoretical mistake of equaling capital to credit, China is implementing the most inflexible, compulsory and constraining company capital system. This practice not only increases the cost but also reduce the autonomy of Chinese companies. It fails to protect creditors effectively in practice. Consequently, some adjustments is a must for the Chinese company capital system: on the hand learn from authorized capital system, develop rights allocation regulations and reduce unnecessary capital control; on the other hand strengthen the establishment of coordination regulations of protecting creditors outside the capital system.