论有限责任公司强制利润分配数额的确定

Legal Practice on the Determination of the Amount of Mandatory Profit Distribution of Limited Liability Companies

司法介入有限责任公司利润分配后,利润分配数额的确定仍需尊重公司自治,诉诸利益相关者的有效谈判。强制分配数额确定规则具有动态与静态二元功能,前者在于作为保护小股东分红权益的终局手段,后者在于通过规则本身对当事人充分谈判结果的模拟,引导当事人有效谈判。强制利润分配的利润来源应当是公司经审计资产负债表上的“留存收益”,并兼顾存量现金流。在设计强制利润分配数额的参考区间时,需置重于公司、股东与债权人间利益的衡平。就利润分配数额下限的参考基准而言,应当首先考虑该企业已发行长期债券的税后债务资本成本,其次考虑多年期银行定期税后贷款利率。就利润分配数额上限的参考基准而言,从保护债权人利益角度,所设基准之一为:所有者权益-实收资本-资本公积-法定盈余公积;从保护公司持续经营发展利益角度,所设基准之二为:保障公司持续经营发展的资金所需,主要考虑公司所处生命周期与财务比率。

After judicial has intervened in the profit distribution of limited liability companies,the determination of the profit distribution amount still needs to respect the company’s autonomy and resort to effective negotiation among stakeholders.The rules for determining the amount of mandatory profit distribution have both dynamic and static functions;the former is to serve as the final means to protect the rights and interests of minority shareholders in profit distribution,while the latter is to guide the parties to negotiate effectively by simulating the results of full negotiations between the parties through the rules.The source of profit for mandatory profit distribution should be the“retained earnings”on the company’s audited balance sheet,taking into account the stock cash flow.In designing the reference range for the amount of mandatory profit distribution,the balance of interests between the company,shareholders and creditors should be emphasized.For the reference benchmark for the lower limit of profit distribution,the after-tax cost of debt capital of the enterprise’s issued long-term bonds should be considered first,followed by the multi-year after-tax bank loan interest rate.In terms of the reference benchmark for the upper limit of profit distribution,from the perspective of protecting the interests of creditors,one of the benchmarks is:owners’equity—paid-in capital—capital surplus—legal reserve;from the perspective of protecting the interests of the company’s continuous operation and development,the second benchmark is:the capital required to protect the company’s continuous operation and development,mainly considering the company’s life cycle and financial ratio.