授权资本发行制与认缴制的融合--公司资本制度的变革及公司法修订选择  

The Integration of Authorized Capital Issuance System and Subscription System:the Reform of the Company’s Capital System and the Choice of Compang Law Revision

作　　者：李建伟[1] LI Jian-wei(Civil,Commercial and Economic Law School,China University of Political Science and law,Beijing 100088,China)

机构地区：[1]中国政法大学民商经济法学院,北京100088

出　　处：《现代法学》2021年第6期106-122,共17页Modern Law Science

基　　金：阐释党的十九届四中全会精神国家社科基金重大项目“营商环境法治化的制度架构与实现研究”(20ZDA044)。

摘　　要：我国公司资本制度遵循“资本三原则”,将资本信用固化为公司债权人保护之基。长期的实践证明制度的预期效果较差,无谓地加大了公司设立的筹资压力,影响资本运作效率,最终抑制资本创富功能的实现。新一轮《公司法》修订的资本制度改革,要以激励投资创业、降低公司设立成本、平衡各方利益的规则体系之构建为导向。资本制度的重心在于资本发行与公司分配环节,前者的改革应围绕股份公司的授权资本发行制展开,同时辅以相适应的认缴制,后者的核心是引入“清偿能力”测试标准,以解决公司资金使用的灵活性与债权人保护之间的张力。Chinese corporate capital system follows the"three capital principles"of traditional civil law,solidifying capital credit as the basis for the protection of corporate creditors.Long-term practice has proved that the expected system effect is poor,and it increases the funding pressure for the establishment of a company,which affects capital operational efficiency and inhibits the realization of the wealth-creating function of capital.The direction of capital system reform in the new round of company law revisions is to build a rule system that encourages investment and entrepreneurship,reduces the cost of company establishment,and balances the interests of all parties.The focus of the capital system is on capital issuance and company distribution.The reform of the former focuses on introducing an authorized capital issuance system for joint-stock companies,supplemented by a complete subscription system.The core of the latter is to introduce the standard of"solvency"to solve the conflict between the flexibility of the company's use of funds and the protection of creditors.

关 键 词：授权资本 资本发行 资产信用 认缴制 分配制度 

分 类 号：D922.291.91[政治法律—经济法学]