论我国无面额股制度之推行

On the Implementation of the System of No-par Value Stock in China

面额股的出现是一历史错误吗?与发达国家、新兴市场国家的公司制度纷纷从面额股转换到无面额股体系的潮流恰成对照,我国对无面额股制度研究问津不多,2005年公司法修订时未能提上中心议题加以探讨。鉴此,本文在阐述了无面额股体系在各国的兴革与制度优胜的原因后,针对我国停留在面额股制度的现状,力倡公司法对此应作进一步的改革,以授权性规则引进无面额股和对高科技等特殊行业优先放开折价发行为宜,以达帕累托改进。

Is the emergence of the par value stocks a historical error？ Just as the reference to the trend that compa- ny system of the developed countries and emerging market countries has converted from par value stock to no-par value stock system, China takes less care about no-par value stock system, and the Companies Act Amendment in 2005 failed to put it on the central issues to be discussed. In this context, this paper describes the causes of initia- tion and reforms of the no-par value stock system in other countries, aiming at the status of staying in the system of par value stock in China. It recommends a further reform in the Company Act to authorize the rules of introducing no-par value stock and high-tech industry issue at a discount, aiming at achieving Pareto improvement.