论公司法出资期限规则的更新——以股东与债权人利益的平衡为视角  

Development of the Specified Period of Capital Contribution in Company Law——A Perspective on Balancing Shareholders'and Creditors'Interests

作　　者：邢海宝[1] 安晨曦 XING Hai-bao;AN Chen-xi(School of Law,Remin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学法学院,北京100872

出　　处：《河北法学》2025年第4期38-61,共24页Hebei Law Science

基　　金：教育部人文社会科学重点研究基地重大项目“法治化营商环境建设法律问题研究”(22JJD820018)的成果。

摘　　要：为缓和全面认缴制下过度保护股东期限利益的倾向,以“非破产加速到期”维护债权人利益的主张应运而生,并率先出现于司法实践。为强化股东出资责任、保护债权人利益,《公司法》在增设该规则的同时,还将全面认缴制修改为限期认缴制。这两处更新没有达成互相配合、互相补充的效果。“非破产加速到期”在实践与规范文义上的适用空间都极为狭窄,且其实际发挥的作用是绕开破产程序、避免破产成本,既不可行又无必要;从直接效果看,限期认缴制加快了公司实收资本充实,有效地保护了公司债权人,完全可以覆盖“非破产加速到期”;从深远影响看,限期认缴制能够在事实层面上降低注册资本额,从而矫正观念层面上过分重视注册资本以及实收资本的心态,进而引导市场主体强化资产信用观念。To mitigate the tendency of overprotecting shareholders'interests to refuse capital contribution under the subscription regime,the concept of“non-bankruptcy acceleration”emerged to safeguard creditors'interests,appearing in judicial practice.To reinforce shareholders'contribution obligations and protect creditors'interests,the new Company Law introduced this rule while simultaneously amending the subscription regime to a limited subscription regime.However,these two developments have failed to achieve a complementary and synergistic effect.The application of“non-bankruptcy acceleration”is extremely narrow,both in practice and in terms of its normative scope.Its actual function is to bypass bankruptcy proceedings and avoid bankruptcy costs,which is neither feasible nor necessary.From a direct perspective,the limited subscription regime accelerates the capitalization of paid-in capital,effectively protecting corporate creditors and fully covering the role of“non-bankruptcy acceleration”.From a broader perspective,the limited subscription regime reduces the nominal registered capital in practice,thereby correcting the overemphasis on registered capital and paid-in capital in market perceptions and guiding market participants to strengthen their focus on asset-based creditworthiness.

关 键 词：非破产加速到期 注册资本 实收资本 认缴制 公司债权人保护 

分 类 号：DF411.91[政治法律—经济法学]