无面额股制度引入我国公司法路径研究  

Research on the Path of Introducing Non-par Stock System into China s Company Law

作　　者：朱慈蕴 梁泽宇[2] ZHU Ciyun;LIANG Zeyu(Law School of Shenzhen University,Shenzhen 518060,Guangdong;Law School of Tsinghua University,Beijing 100084)

机构地区：[1]深圳大学法学院,广东深圳518060 [2]清华大学法学院,北京100084

出　　处：《扬州大学学报（人文社会科学版）》2021年第2期57-69,共13页Journal of Yangzhou University(Humanities and Social Sciences Edition)

基　　金：2018年度国家社科基金一般项目“公司资本制度再造与债权人利益保护研究”(18BFX126);全国人大法工委委托课题“公司资本制度的再造与公司法的现代化”。

摘　　要：传统上,面额制度承担着保护债权人、维护股东平等和招徕投资者三项功能。然而这仅是一种误解。股票面额的存在人为地区分了股本和资本公积-股本溢价,但这二者本质上都是所有者投入资本,性质上并无不同。面额还阻碍了股价低于面额的企业增发新股的可能性。多个国家和地区已经抛弃了面额股制度而改采无面额股制度。无面额股制度能够避免面额股制度的缺陷,能够简化会计处理,减少对投资者的误导,同时还具有利于创始人掌控控制权、便于股份的细分与合并、方便公司发行股票股利等优势。我国应引入纯粹无面额股,新设立的公司只能发行无面额股。同时,会计上可以取消资本公积-股本溢价科目,并降低法定盈余公积停止计提的限度。Traditionally,the denomination system has three functions:protecting the creditor,maintaining the equality of shareholders and attracting investors.However,this is just a misconception.The presence of par value makes an artificial distinction between equity capital and equity premium-capital stock premium,but both of which are essentially capital invested by the owners and there is no difference in nature.The denomination also hinders the possibility of issuing new shares by enterprises whose share price is lower than the denomination.Many countries and regions have adopted no-par value stocks instead of par value stocks.No par value can avoid the defects of par value,simplifies accounting treatment,reduces misleading to investors,enables founders to take control,facilitates the segmentation and consolidation of shares and issuance of stock dividends.China should introduce pure no-par value stocks and direct new companies to issue only no-par value stocks when they are set up.At the same time,we can cancel the account of capital reserve-capital stock premium and reduce the limit of withdrawal of legal surplus reserve.

关 键 词：无面额股 股本溢价 所有者投入资本 偿债能力测试 

分 类 号：D922.291.91[政治法律—经济法学]