公司融资对公司基本法律制度建构的证成

The Proof of Corporate Finance on the Construction of the Basic Legal System of the Corporation

公司融资塑造了公司基本法律制度。在铁路大规模融资的背景下,股东有限责任、公司独立法人资格及公司资本制应运而生。当融资来源从大型银行转向以普通公众为主的证券市场时,又形成了现代公司治理机制。此后,由公司融资形成的现代金融市场,又对公司资本制、股债二分法的权力结构、一股一票的股权内涵进行了变革。此后,以私募股权与私募对冲基金为代表的投资机构,又推动了公司控制权市场的产生,促进了公司法研究与实践的变革。由此可见,公司法的发展史无疑证明了公司融资对公司法律制度有着建构性的力量。与域外相比,中国公司法的发展历史更多地呈现出断代史的特征,其基本法律制度更多地是由国家自上而下的推动,这使得我们对公司融资的作用、影响以及它与公司法律制度的互动缺乏历史性的认知,也使得我们在应对部分公司融资的创新时显得进退失守。未来,无疑需要在公司法的理论研究与制度修订中,加强对公司融资与公司法互动作用的理解与学习。

Corporate finance has established basic corporate legal system.In the context of large-scale financing of the railway,the limited liability of shareholders,the company legal capital system came into exist.When the financing sources were changed from large banks to public securities market,the company has formed a modern corporate governance mechanism.Then,the financial market formed by the corporate finance,which still has the institutional force.Driven by this power,the legal capital system,the stock and debt structure,and traditional ownership structure all have been changed.Since then,investment institutions represented by private equity and private hedge funds have promoted the emergence of corporate control market and the reform of corporate law research and practice.These proves that corporate finance has a constructive force on corporate legal system.Compared with foreign countries,the basic legal system of Chinese companies is more driven by the state from top to bottom,which makes us lack of historic knowledge of the role and impact of corporate finance and its interaction with the basic legal system of the corporation,and also makes us appear to be backward in dealing with the innovation of corporate finance.In the future,it is undoubtedly necessary to strengthen the understanding and learning of the interaction between corporate finance and corporate law.