刍议公司资本形成制度的改革与发展——以“认缴制”的定性为起点

The Reform and Development of Capital Raising System

我国公司登记的"认缴制"改革在资本形成制度上并没有改变我国法定资本制的性质。当前各发达国家和地区的资本形成模式都呈现出不断放松管制并加强自治的趋同化发展潮流。"认缴制"与授权资本制的法律效果不同、自治效果也有差距,无法替代授权资本制。授权资本制的优势不仅体现在公司的便捷化设立和资本的高效率筹集,更深远的价值还在于其对私法自治的实质性落实,以及对股东和公司利益的有效平衡,能够适应现代化的公司治理和资本市场发展需求。我国资本形成制度未来的发展方向应立足于授权资本的分次发行,以及多元化资本概念的构建,实现资本的有效利用。

The Chinese reform of Capital Subscribing System has not changed the nature of Legal Capital System. The similar trends of developed countries and regions’ Capital Raising System are decrease control and enhance autonomy nowadays. The legal result and autonomy of Chinese Capital Subscribing System are different form Authorized Capital System. Therefore the Chinese Capital Subscribing System cannot instead of Authorized Capital System. Advantages of Authorized Capital System are not only the convenience of incorporations and the efficiency of equity financing,but it can also enhance autonomy and balance the benefit of shareholders and corporation. Authorized Capital System can adapt the developmental requirements of modern Corporation Governance and Capital market. The developmental direction of Chinese Capital Raising System should be create concepts of＂Authorized Capital＂,＂Issued Capital＂and so on. Besides,some supporting systems of Authorized Capital System must be established at the same time for the making use of capital.