中国公司资本制度体系化再造之思考

Reflections on Reconstruction of the Chinese Corporation Capital System

公司法资本制度改革在政策引导下不断放松对前端的管制,忽视对资本制度后端的配套规则构建,导致资本制度体系不协调。资本制度体系化再造的理纲仍然是资本三原则,但对资本三原则内涵与功能的理解应当与时俱进。公司资本承载着保护债权人与构筑公司独立人格的双重功能,在此基础上重新审视资本制度前端的全面认缴制,应当限制认缴期限,完善加速到期制度与出资规则,同时引入无面额股制度。资本制度后端的部分规则存在缺陷,在商事实践的创造性演进下暴露出严重问题。“打补丁”式的司法回应无法承载不断涌现的新型商业模式,引入偿债能力测试是资本制度后端改革的可行路径。公司资本制度是公司法三大主线之一,与公司治理制度、股东和股权制度环环相扣,体系化再造需要对三大主线制度同时进行改革。资本制度体系化建设最可能产生的后果是立法对董事受信义务需求的回应。

Policy-oriented capital system reform“corrupted”the coordination of the systematic context,giving rise to the imbalance of front-end control and back-end support.Future rectification and reconstruction recall the classic three capital principles,whose understanding and function should keep pace with market innovation.Corporate capital bears the dual functions of protecting creditors and building independent personality of the company.On this basis,we should re-examine the full subscription system at the front-end,limit the subscription period,perfect the accelerating payday mechanism as well as the rules of capital contribution,and introduce the system of non-denomination shares.Meanwhile,serious problems have been exposed under the creative evolution of commercial practice,but previous“patching”judicial response cannot bear the emerging new business models constantly,thus the introduction of solvency test is a feasible way to reform the back-end.The corporate capital system is one of the three main lines of the Company Law,which is closely linked with the corporate governance system,shareholder equity system.Systematic reconstruction needs to reform the three main lines at the same time;in compatible with the systematic construction of the capital system,the importance of directors'fiduciary duty would increase accordingly.