公司的信用与评价 以公司债券发行限额的存废为例

The Corporate Credit and Its Assessment An Example from the Debate on Corporate Debenture Issuing Ceiling

公司债券发行限额,被用于遏制公司过度负债,调和股东有限责任与债券投资者保护之间的利益冲突。这种在业主论指导下物化公司人格的资本信用观,以发债之时的净资产衡量公司信用,不能揭示公司真实的信用状况,容易落空债券投资者保护并诱发道德风险。应在企业主体论指导下承认公司的独立人格,树立以公司营业现金流为信用内涵的资产信用观,建立与公司持续经营状况一致的动态信用评价方法。《证券法》应废除由政府预判公司信用和兜底风险的发债限额规定,赋予公司自主发债权并落实债券投资者的"买者自负"责任,建立市场主导、政府辅助的公司信用约束机制,才能真正实现公司债券的市场化改革目标。

The issuing ceiling of corporate debenture is used to curb a corporation from excessive in- debtedness and reconcile the conflict between investor protection and limited liability of shareholders. The credit conceptionbased on capital guided by the proprietary theorymaterializes the corporate personality which measures corporate credit through its net assetsat the time of debenture issuing. However, it could not reveal the true credit condition of corporation which might make debentureinvestor protection failed and cause moral hazard. It is necessary to acknowledge the independence of corporate personality guided by the entity theory, establish a credit conception based on assets and a dynamic assessment methodology on cash flowgenerated from the corporation continuing operation. Thus, in order to fully achieve the ob- ject of market--oriented reform in corporate debenture, the Securities Act should abolish issuing ceiling which hints the government to assess risk in advance and take risk in the end, establish a market--based duty constraining mechanism of corporate credit supported by the government.