公司资本信用与债权人利益保护  

Corporate Capital Credit and Protection of Creditors' Interests

作　　者：刘红霞[1] 朱梦遥 李继峥 江轩宇[1] LIU Hongxia;ZHU Mengyao;LI Jizheng;JIANG Xuanyu(School of Accounting,Central University of Finance and Economics;Agricultural Bank of China)

机构地区：[1]中央财经大学会计学院,100081 [2]中国农业银行总行

出　　处：《经济理论与经济管理》2025年第1期93-110,共18页Economic Theory and Business Management

基　　金：国家社会科学基金重大项目(21ZDA040);国家自然科学基金面上项目(71972193,72372171)的资助。

摘　　要：本文利用非上市发债公司认缴和实缴资本数据,考察了资本信用对债权人利益保护的影响与作用路径。研究表明:公司资本信用显著提高了债权人利益保护水平,影响机制是降低潜在诉讼风险、缓解信息不对称及提高债权人对公司的信任程度。拓展性分析发现:当公司实缴比例高于20%或实缴期限小于5年时,资本信用对债权人利益的保护效果更显著;适当放松对高水平研发投入企业的实缴要求可以促进其良性发展;未实缴到位的瑕疵股权出质会损害债权人利益。本文为政府在法律过渡期合理、柔性地引导公司适应2023年修订后的《中华人民共和国公司法》提供了政策依据。The evolution of company law has followed a"strict-lax-strict"pattern with regard to capital requirements.The latest company law emphasises capital credit by requiring shareholders of limited liability companies to pay their contributions in full within five years,and joint-stock companies to have fully paid-up capital.Against this background,this paper poses the following research questions:the role of capital credit in protecting creditors'interests and the conditions under which capital credit is most effective.Using manually collected data from the Enterprise Credit Announcement System,the study conducts an empirical analysis of unlisted debt issuers from 2014 to 2023.The study finds that:(1)An increase in the paid-in ratio of registered capital significantly reduces credit spreads in the secondary bond market,thereby enhancing creditor protection;(2)Capital credit affects creditor interest protection through the channels of reducing potential litigation risk,reducing information asymmetry,and increasing creditor confidence in the firm;(3)The positive impact of capital credit is more pronounced for firms with poorer information environments,higher industry default risks,and worse regional commercial credit environments;(4)Companies with a paid-in ratio above 20%and a payment period below 5 years show a more pronounced protective effect of capital credit on creditors'interests;(5)Appropriate relaxation of paid-in requirements for companies with high R&D investment can promote their positive development;(6)The pledge of defective equity that has not been fully paid in further harms creditors'interests.The marginal contributions of this study are as follows:First,this study empirically tests the relationship between capital credit and creditor protection.The existing literature has tended to focus on deductive reasoning from a legal perspective,lacking empirical tests of the relationship between capital credit and creditor protection.This study fills this gap.Second,it expands the research perspective on credito

关 键 词：公司法 资本信用 认缴制 债权人利益保护 

分 类 号：F832.51[经济管理—金融学] F275[政治法律—经济法学] D922.291.91[政治法律—法学]