我国授权资本制的时代价值、创新与实施展望  

The Contemporary Value,Innovation and Implementation Outlook of China's Authorized Capital System

作　　者：郭富青 Guo Fuqing

机构地区：[1]西北政法大学民商法学院,陕西西安710063

出　　处：《法律科学(西北政法大学学报)》2025年第2期140-153,共14页Science of Law:Journal of Northwest University of Political Science and Law

基　　金：国家社科基金一般项目(24BFX075)“民法典善意制度公司法应用的特殊性研究”。

摘　　要：授权资本制的本质是授予董事会自主运作资本的权利。我国新设授权资本制旨在提高资本运营效率和资本制度的竞争力,具有嵌入式、可选择、可转换的折中授权资本制特色。对这一新增资本制的认知不应限于新《公司法》第152、153条的规定,还须涵盖股份回购和财务资助等规定,并体系化地对其进行解析。在资本形成的前端,我国授权资本制首创了公司在3年内授权发行的股份不超过已发行股份50%的规则,以防止董事滥用发行权,平衡新老股东的权益;在资本流转的后端,其授权董事会流转资本的权利则十分有限。新的授权资本制被移植于法定资本制的土壤中,可能出现制度排异的问题,故应为其创造实施条件和环境。未来,我国公司资本制度的走向应是:放弃法定资本制,逐渐扩大适用授权资本制,最终过渡为声明资本制。The essence of the authorized capital system is to grant the board of directors the power to operate capital independently.The newly established authorized capital system in China aims to improve the efficiency of capital operation and the competitiveness of capital system.Its stipulation characterized by embedded,selectable and convertible tradeoff authorized capital system.The understanding of this new capital system should not be limited to the provisions of Articles 152 and 153,but also cover the provisions of share buyback and financial assistance,so that grasp and analyze the system.At the front end of capital formation,it provided the restriction that the authorized shares issued within three years should not exceed 50%of the issued shares,in order to prevent directors from abusing the issuing power and balance the interests of new and old shareholders.At the back end of capital flow,its authority to ratify the board to transfer capital is very limited.The new authorized capital system was transplanted into the soil of the legal capital system,it may cause the symptoms of rejection or endemic,so the implementation conditions and environment should be created.In the future,the trend of China's corporate capital system should be to abandon the legal capital system,gradually expand the application of authorized capital system,and finally transition to the declaration capital system.

关 键 词：授权资本制 法定资本制 声明资本制 时代价值 制度创新 

分 类 号：D922[政治法律—法学]