《公司法》出资期限新规则的意涵与限度  

The Implications and Limitations of the New Rules on the Time Limit for Capital Contributions in Company Law

作　　者：李宇 Li Yu

机构地区：[1]浙江大学光华法学院

出　　处：《法治社会》2025年第1期69-83,共15页Law-Based Society

摘　　要：有限责任公司的限期认缴制作为政策选择的妥当性仍有待检视。自由认缴制可能产生负外部性,但更适当的应对方法是《公司法》第五十四条的加速到期规则。该规则可以有效矫正缴资期限过长的乱象,又不会产生副作用。限期出资无非是期望公司需要资本时出资能够及时到位,但是一刀切地规定五年内缴足,容易造成资本闲置。而《公司法》第五十四条既不会规范不足,又不会规范过度:公司不能清偿到期债务时,出资人可被请求提前缴资,公司无此需求时,原定出资期限维持不变。相较于前端规范模式的一刀切做法,作为后端规范模式的加速到期规则更便利、更精准。限期认缴制属于任意性规范。股份有限公司并非实行全面实缴制,而仅有发起人须实缴,认股人可以认缴。授权资本制也不能取代认缴制,二者各有内涵与功能。关于增资,新《公司法》并未规定实缴。对于限期认缴制和发起人实缴制,不应作无限制的解释。The appropriateness of the time-limited subscription system for limited liability companies as a policy choice remains to be examined.The voluntary subscription system may generate negative externalities,but a more appropriate response is the accelerated maturity rule stipulated in Article 54 of the Company Law.This rule can effectively rectify the chaos caused by excessively long capital contribution deadlines without generating side effects.The purpose of requiring timely capital contributions when the company needs them is straightforward,yet stipulating a one-size-fits-all rule of full payment within five years tends to lead to capital idleness.Article 54 strikes a balance between under-regulation and over-regulation:when a company is unable to repay its debts when due,contributors may be requested to make advanced capital contributions.When the company has no such need,the originally scheduled contribution deadline remains unchanged.Compared to the one-size-fits-all approach of the front-end regulatory model,the accelerated maturity rule,as a back-end regulatory model,is more convenient and precise.The system of time-limited subscription belongs to permissive norms.Joint-stock limited companies do not operate under a full paid-in capital system.Only the promoters are required to make paid-in capital contributions,while subscribers may make subscriptions.The authorized capital system cannot replace the subscription system,as both have their own connotations and functions.Regarding capital increases,the new Company Law does not stipulate paid-in capital requirements.The time-limited subscription system and the promoter paid-in capital system should not be interpreted without restrictions.

关 键 词：公司资本 认缴制 实缴制 出资 增资 

分 类 号：D922.291.91[政治法律—经济法学]