股东期限利益保护研究——基于《全国法院民商事审判工作会议纪要》第6条的分析

On Protection of Shareholders’Term Interest:Based on Article 6 of the Summary of Civil and Commercial Judicial Work of National Courts

最高人民法院明确规定,股东就尚未到期的出资享有期限利益。文章认为在完全认缴制改革的背景下,注册资本的信号功能和担保功能虚化,债权人不再依赖注册资本评估公司的偿债能力。此外,担保等债权保护机制运用广泛,且破产程序通畅度不断提升,因而不允许加速到期保护股东期限利益的同时,也不会过分损害债权人利益。最高人民法院的解释路径可以被归纳总结为"法律指引理论"。具言之,由于《公司法》明确授权出资期限由股东和公司自行约定,而法律又是所有人所明知的,故而债权人应受法律指引,承担审查章程中相关规定的义务。

The Supreme People’s court stipulates that shareholders are vested term interest for the undue capital contribution.This article points out that,after the reform of the full subscription,the signal function and guarantee function of registered capital have become void and creditors no longer appraise the company’s solvency in accordance with the registered capital.In addition,protection mechanisms for creditors,such as guarantee,are widely used,and the smoothness of bankruptcy proceedings is constantly improving.Thus,non-accelerated-expiration are able to protect the term interests of shareholders,and,at the same time,do not excessively damage the interests of creditors.The interpretative course adopted by Supreme People’s court could be summarized as the Theory of Legal Guidance.Since the company law clearly authorizes the duration of capital contribution to be agreed by the shareholders and the parties themselves,the creditors have the obligation to review the provisions concerning the duration of capital contribution in the articles of associations and shall not infringe the shareholders’term interest.