《公司法》阻碍了财务困境中公司的融资

On the Financing of the Problem Companies under the Company Law of China

陷入财务困境的公司,尤其是陷入财务困境的金融机构,要想走出财务困境,就必须进行重组、重整。但是中国《公司法》在三个方面阻碍了财务困境中公司的融资,包括:必须在弥补亏损之后才能分配利润的股利分配制度;有限的股份种类;以盈利作为股份公司发行新股条件的新股发行制度,和以盈利作为公司发行债券条件的债券发行制度。为了便于财务困境中公司实现再融资,也为了配合正在制定的《破产法》中破产重整制度的实施,建议对《公司法》做以下修改:一、在利润分配制度中增加灵巧股利的类型,在债权人同意的情况下,公司可以在弥补亏损之前,就当期利润进行分配;二、增加有关类别股份的规定,给予优先股和特定目标普通股以明确的法律调整;三、删去《公司法》第137条第一款第(二)项、第(四)项,今后不再以盈利作为股份公司发行新股的条件;删去《公司法》第161条第一款第(三)项,今后不再以盈利作为公司发行债券的条件。

On three points, the Company Law of the People's Republic of China has embarrassed the recapitalization and reorganization of the company in financial distress. First, the rules about the dividend and distribution require that the profits distribution must be after the company has made up its losses. Second, there have limited kinds of shares. Third, the rules about the new shares issuing and the corporate bonds issuing require that the company has been continuously profitable. For the sake of the refinancing of the company in financial distress, it is necessary to a-mend The Company Law. At least, the amendments should include: l.permiting the nimble dividends; 2.increasing rules about different shares, such as preferred stock, targeted common stock, etc; 3. Amending Article 137, Article 161 of The Company Law, requiring no longer the company is continuously profitable as a condition of the new shares issuing and the corporate bonds issuing.