股东未完全实缴出资之股权价值确定  

Determination of the Equity Value of Shareholders with Unpaid Capital Contributions

作　　者：吴吉东 Wu Jidong(Wan Long(Shanghai)Asset Appraisal Co.,Ltd.,Shanghai 200011)

机构地区：[1]万隆(上海)资产评估有限公司,上海200011

出　　处：《中国资产评估》2024年第6期13-20,共8页Appraisal Journal of China

摘　　要：新公司法对有限责任公司注册资本仍实行认缴登记制,股东未完全实缴出资的股权价值如何确定,仍然值得探讨。本文通过对公司法出资相关制度规则及司法观点的理解,探寻立法本意,检讨按认缴出资比例确定股权价值的不合理性,提出股东未完全实缴出资的股权价值确定方案,主张在一般情况下,应按实缴出资比例确定股权价值,并根据具体情况按认缴出资比例考虑或不考虑控股权溢价或非控股权折价。The new Company Law still implements a subscribed capital registration system for limited liability companies.The determination of the equity value of shareholders who have not fully paid their capital contributions remains a topic worth exploring.This article seeks to understand the legislative intent through an examination of the relevant institutional rules and judicial perspectives on capital contributions under the Company Law.It critiques the irrationality of determining equity value based on the proportion of subscribed capital contributions and proposes a solution for determining the equity value of shareholders with unpaid capital contributions.The article advocates that,in general,equity value should be determined based on the proportion of paid-in capital contributions.Additionally,depending on specific circumstances,the consideration of control premiums or non-control discounts based on the proportion of subscribed capital contributions should be evaluated.

关 键 词：有限责任公司 实缴出资比例 认缴出资比例 股权价值 

分 类 号：F123.7[经济管理—世界经济]