论资本公积转增股本前后的出质股权守恒定律

The Doctrine of Conservation of Pledged Equity Before and After Conversion of Capital Reserve into Share Capital

出质股权的最佳度量衡是股权类别和比例,而非股东出资额或股份数量。资本公积金转增股本不会变更出质股权,股权质权及其类别和比例在转增股本前后具有同一性和守恒性,质押双方无需就此办理质权变更或设立登记手续。无此登记,并不削弱质权人在资本公积金转增股本后的质权效力。建议裁判者采取实质穿透裁判思维,尊重出质股权的完整性和安全性。建议甄别存量型送股和增量型配股,对前者豁免新增出资额(股份)变更登记,对后者实行质权设立登记生效主义。公众公司股份质押登记惯例已确认出质股权涵盖存量型送股。法定孳息说旨在保护质权人,但忽视出质股权在转增股本前后的同一性。建议《公司法》确认出质股权守恒定律,明确股权出质后资本公积金或未分配利润转增股本对应的新增股东出资额(股份)为出质股权组成部分。登记机构办理注册资本变更登记时应同步更新出质股权信息。建议统一股权质押登记规则和机构,终结诸类公司股权质押制度“碎片化”现象,充实法定必要登记信息,构建债权人友好型登记信息公示平台。

The best metrics for quantifying pledged equity is the class and ratio of pledged equity,instead of the amount of contributed capital or the number of shares.The conversion of corporate capital reserve into share capital does not change the pledged equity,the class and ratio of pledged equity before and after the conversion are identical and unaltered,and both parties don’t need to process the alteration or establishment registration.Without such registration,the validity of the pledgee's pledge after the conversion of share capital may not be weakened.The courts should adopt the approach of substance over form,respect the integrity and safety of the pledged equity.The bonus stock should be differentiated from newly issued shares,the former should be exempted from alteration registration,and the latter should process registration to create valid pledge right.The practice of registration of share pledge in public corporations confirms that the existing pledged shares automatically cover the converted share capital and bonus shares.The statutory yield theory,although aiming at protecting the pledgee,ignores the identical nature of the pledged equity before and after the conversion.The Company Law should recognize the doctrine of conservation of pledged equity,and include the amount of newly converted equity capital or bonus shares in the pledged equity.The registration authority should synchronize and update the pledged equity information on conversion of corporate capital reserve.The equity pledge registration rules and institutions should be uniformed,the fragmentation of equity pledge systems among various corporations should be ended,the mandatory registration information should be enriched,and a creditor-friendly registration information disclosure platform should be built.