公司资本制度改革的合理性——基于政府与市场的法律边际分析

The Rationality of Corporate Capital System Reform--Based on the Legal Marginal Analysis of the Government and the Market

政府与市场的关系是一个永恒的话题。在不断简政放权的当下,应当积极推动有效市场与有为政府共同发展,利用市场机制本身的特性,选择有效的制度工具,以更低的成本来实现更为高效的资源配置。认缴资本制自2013年公司资本制度改革伊始就受到质疑,但从债权人保护、股东利益失衡风险防范以及市场活力激发三个方面出发分析,较之于改革前的制度体系,改革后的公司资本制度不失为一次产权效率与制度效益的有效变迁,体现了公司资本制度中政府与市场关系的妥善处置,具有制度上的进步性。在新一轮的公司法改革中,公司资本制仍需再出发,重视非正式制度与正式制度相互之间的协调作用,进一步推进国家治理体系和治理能力现代化。

The relationship between the government and the market is an eternal topic.In the current era of continuously streamlining administration and delegating power,the government should actively promote the joint development of suffi cient markets and eff ective governments,make use of the characteristics of the market mechanism itself,choose effective and market-based institutional tools in order to allocate resource more effi ciently.The subscribed capital system has been questioned since the beginning of the company’s capital system reform in 2013.However,from the perspective of creditor protection,risk-imbalance prevention mechanism of shareholder’s interest and market vitality stimulation,the reformed capital system is definitely an effective improvement with regard to the effi ciency of property rights and system benefi ts compared to the system before the reform.It embodies the proper handling of the relationship between the government and the market in the corporate capital system,and is institutionally progressive.In the new round of company law reform to be launched,the capital system still needs new improvements.Importance ought to be attached to the coordination between informal systems and formal ones in order to further promote the modernization of the national governance system and governance capabilities.