认缴资本制下公司股东权研究——基于法经济学的视角

A Law & Economics analysis of the shareholder rights under subscribed capital system

我国修改后的《公司法》实行认缴资本制,在认缴资本制下,股东可以分期缴付出资。从法经济学视角分析,对认缴股东所享有的股东权,立法的态度应是"原则上承认,例外情况下限制",即凡股东出资原则上一概享有同等的股东权,不因是实缴或认缴而有区别,但法律规定或股东间约定可以限制认缴股东的股东权;就股东权具体权能而言,《公司法》区分股东各具体权能,承认认缴股东的共益权,否认其自益权。这种理解与《公司法》效率优先的价值取向和立法目的相契合。

The revised ＂Company Law＂ implements subscribed capital system,and the shareholder can pay the investment by stages under this capital system.But ＂Company Law＂ does not have stipulated explicitly if the subscribers have the same shareholder rights as shareholders who pay in full their subscribed capital or not.This article explain the related law in the view of law economics,and think that the attitude to subscribed Shareholder rights of the law is ＂acknowledged in principle that in the exceptional case limits＂,That is namely every investor totally enjoys the same rights in principle,but the legal rule or the shareholder＇s agreement may limit the shareholder rights;Speaking of the shareholder power,＂Company Law＂ differentiates shareholder power,acknowledges the shareholder＇s collective rights and denies the shareholder＇s personal rights.This kind of understanding corresponds to first value orientation and the legislative goal of the ＂Company Law＂.