《公司法》修订中的资本制度路径思辨——以委托代理理论构建我国授权资本制

Reflection on the Capital System Path in the Revision of Company Law:Constructing China’s Authorized Capital System with Principal-agent Theory

2013年我国《公司法》针对公司资本制度进行了大幅度修改,通过降低门槛和认缴制适用等变革淡化了资本三原则的决定性作用,但仍沿用了法定资本制。在全球经济下行及我国经济转型背景下,以《公司法》修订为契机,公司资本制的路径选择及发展中的制度体系再度引发了研究思辨。公司的本质在于外部财产管理中委托代理关系的组织化构建,应当充分发挥董事会作为受托人的专业能力和作用,授权资本制是更能体现信义关系并符合效率价值的资本制度。结合对英美完全授权资本制和日本折中授权资本制的述评,分析我国公司资本制的历史沿革与当下的市场环境可知,未来我国公司资本制度应当最大程度激发公司活力,逐步向授权资本制过渡。基于委托代理理论,可以通过外部监管与内部治理的双重策略规制逐步放宽公司资本制度,控制可能增加的代理成本,实现各方利益均衡与市场健康有序发展。

In 2013,the Company Law of China substantially revised the company capital system,weakened the decisive role of the three principles of capital by lowering the threshold and applying the subscription system,but still adopted the statutory capital system.In the context of global economic downturn and China’s economic transformation,the revision of the Company Law as an opportunity,the path selection of corporate capital system and the developing institutional system once again triggered research and discussion.The essence of a company lies in the organizational construction of the principal-agent relationship in the external property management,and the professional ability and role of the board of directors as the agent and trustee should be given full play.Authorized capital system is a capital system that can better reflect the fiduciary relationship and conform to the value of efficiency.Based on the review of the fully authorized capital system in Britain and America and the compromise authorized capital system in Japan,and analysis of the historical evolution of China’s corporate capital system and the current market environment,it is concluded that China’s corporate capital system should activate the vitality of the company to the greatest extent in the future and gradually transition to the authorized capital system.Based on the principal-agent theory,the company capital system can be gradually relaxed through the dual strategy of external supervision and internal governance,so as to control the possible increase in agency costs and realize the balance of interests of all parties and the healthy and orderly development of the market.