我国公司资本公积金制度的模式选择与规范重构  

Model Selection and Normative Reconstruction of China's Capital Reserve System

作　　者：宋晓庆 Song Xiaoqing

机构地区：[1]湖南大学法学院

出　　处：《法商研究》2025年第1期169-184,共16页Studies in Law and Business

基　　金：最高人民法院司法案例研究课题(2023SFAL024)。

摘　　要：我国公司资本公积金制度面临着法律制度定位不明确、规则供给缺位导致司法裁判类案异判、现行规则与新公司资本制度不匹配等问题。引入授权资本制、无面额股等新资本规则后,以面额为基点的传统资本公积金制度模式已发生变化。新资本公积金制度应立足面额股和无面额股发行中资本公积金制度与资本制度之间体系衔接的差异,通过借鉴不同资本制度背景下形成的旨在资本积累的强制模式和旨在资本利用的任意模式,采用符合新公司法资本维持与资本效率双重目标的折中模式。在折中模式下,主要面向资本维持、资本利用、资产标尺、财务指标这4个矫正方向。在公司资本公积金制度的功能重构中,应以资本功能为本位,突出财务指标功能,弱化证券监管功能。在具体规则展开中,结合面额股与无面额股并存机制,从实体规则与程序规则两个层面,重构资本公积金形成、减少、分配与公示规则。Currently,China's capital reserve system faces several problems,including unclear legal positioning,inconsistent judicial rulings caused by insufficient regulatory provisions,and a lack of alignment between existing rules and the new corporate capital system.The introduction of new capital rules,such as authorized capital and no-par value shares,has altered the traditional capital reserve system based on par value.The new capital reserve system should be developed based on the differences in the integration of the capital reserve system with the capital system in the issuance of par value and no-par value shares.By drawing on the mandatory model and the discretionary model,which have evolved under different capital systems,an eclectic model that aligns with the dual objectives of capital maintenance and capital efficiency in the new Company Law should be adopted.In this eclectic model,the focus should be on four corrective directions:capital maintenance,capital utilization,asset measurement,and financial indicators.In the functional reconstruction of the company capital reserve system,the emphasis should be on the capital function,highlighting the function of financial indicators while weakening the function of securities regulation.In the development of specific rules,the formation,reduction,distribution,and disclosure rules of capital reserves should be restructured at both substantive and procedural levels,considering the coexistence mechanism of par value and nopar value shares.

关 键 词：公司法 资本公积金 授权资本制 无面额股 公司财务指标 

分 类 号：D922.291.91[政治法律—经济法学] D922.28[政治法律—法学]