公司减资规则的反思与重构  

Rethinking and Restructuring Corporate Capital Reduction Rules

作　　者：王毓莹[1] Wang Yuying

机构地区：[1]中国政法大学

出　　处：《环球法律评论》2024年第1期21-41,共21页Global Law Review

基　　金：最高人民法院2022年度应用法学理论研究课题“《公司法》修改问题研究”(2022YF07)的研究成果。

摘　　要：减资规则,既关乎公司资本安全、债权人保护,又关乎股东平等与公司自治。我国《公司法》上的减资规则面临两重困境,一是因法律漏洞引起的同案异判困境;二是《公司法》的修订解除了对公司资本制度的大量管制情况下的体系协调困境。减资规则系统性的变动,有资本维持路径与偿债能力测试模式两种方案,《公司法》的修订延续此前的法律逻辑选择了前者,并对违法减资法律责任、形式减资、非等比例减资等问题作出明确规定,虽然具有显著进步,但仍是未竟的转型。沿着《公司法》的理念,减资规则在法律适用中应当从严解释实质减资规则,从宽解释形式减资规则和非等比例减资规则。从制度完善的角度而言,减资规则应在继续秉承资本维持原则的基础上,充分吸收偿债能力测试模式之优势,通过赋予董事会在特定减资事项上部分决策权限,以偿债能力声明机制改进减资通知机制等具体举措,实现减资规则的系统性“升级”。Registered capital reduction rules in China's Company Law face two dilem-mas.Firstly,due to the limited supply of rules for registered capital reduction,there has been a long-standing phenomenon of different judgments on similar cases in terms of the legal effect of and responsibility for registered capital reduction in judicial practice.The rule system that only stipulates the substantial reduction of registered capital and lacks the formal reduction of regis-tered capital greatly limits the freedom of company operation and makes the rules more rigid.Secondly,the new Company Law has largely lifted the control on company capital,making the newly revised registered capital reduction rules seem out of place with other capital rules,and inevitably leading to inconsistencies in the system.To deal with the above problems,we should recognize that registered capital reduction has a special functional positioning.It is a means of relief as well as a means of operation.The principle of capital maintenance has different mani-festations in different stages of capital.In the stage of registered capital reduction,although the asset identity is still the same as that in the operation stage,the overall assets of the company are different from the registered capital.Registered capital reduction aims at building a new bal-ance based on the trust in the registered capital.Registered capital reduction rules are designed to match the registered capital with the actual assets of the company,so that the capital credit is once again almost equal to the company credit.To address the above-mentioned problems in registered capital reduction rules by following the above line of thinking,two systematic rule change modes can be adopted:the solvency testing mode and the capital maintenance mode.The new Company Law continues the old logic and chooses an improvement plan for capital ma-intenance,which is reflected in clear provisions on legal responsibilities for illegal capital re-duction,formal capital reduction,and non-proportional capital r

关 键 词：减资规则 资本维持原则 偿债能力测试 资本信用 资产信用 

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