认缴制下资本制度的完善——从保护债权人的角度出发

The Perfection of Capital System in Context of Subscribed System:A Creditor Protection Perspective

2014年《中华人民共和国公司法》的实施,使我国的公司资本制度从法定资本实缴制,变成了法定资本认缴制。这一变化打破了公司资本制度效率与安全的平衡,使得公司资本对公司债务的担保功能不复存在。基于此,有必要对公司资本制度加以完善,建立包括股红分配前置、股东出资加速到期、强制信息披露、完善公司高管责任等一系列的制度安排,以保护公司债权人的利益,弥补认缴制下公司资本制度的缺陷,修复现行公司资本制度的效率与安全的统一。

The enforcement of the Corporate Law of the People’s Republic of China has changed China’s corporate capital system from a contributed system to a subscribed system since 2014.This change has broken the balance between the efficiency and the safety of corporate capital system.As a result,corporate capital no longer has its guarantee function for corporate debts.Thus,it is necessary to improve the corporate capital system and make a series of institutional arrangements,including the prepositive allocation of dividends,the acceleration of shareholder’s investment,the disclosure of compelled information,and the perfection of corporate senior management responsibility,so that the interests of corporate creditors can be protected and the defects of the corporate capital system in the context of the subscribed system can be made up for,and the unity of efficiency and security in the current corporate capital system can be restored.