简政繁权——评中国大陆注册资本认缴制

Streamline Administration but Complicate Relations:On the Registered Capital System for Subscribed Shares

根据"简政放权"政策,中国大陆最近修改了《公司法》,将注册资本实缴登记制修改为认缴登记制。本文对此体制松绑进行了成本收益分析,并与美国、英国以及我国台湾地区的注册资本制度进行了比较。四个视角可以用来检视此新体制:登记制度和披露制度的分离,股东、债权人和公司之间的复杂三边关系,公司募集资本时弹性的缺乏,股东会作为资本结构协调者的有效性。在此基础上,应作出立法和行政变化以因应新体制。

Pursuant to the 'Streamline Administration and Delegate Powers'policy,the Chinese Government has recently amended its Company Law,permitting shareholders of companies to subscribe for unpaid shares.This article aims to critically evaluate the costs and benefits of this liberalized new regime.After reviewing the amended rules,it briefly introduces the registered capital system adopted in the U.S.,the U.K.,and Taiwan in order to draw comparative lessons.Next,it examines the new regime from four perspectives:1.the decoupling of the registration system and the disclosure regime,2.the complicated trilateral relations among the shareholders,the creditors and the company,3.the lack of flexibility for a company to raise capital,4.the effectiveness of shareholder meetings as the coordinator of a company's capital structure.This article concludes by recommending some legislative and administrative changes to improve the new regime.