股份公司分配制度的财源规制研究

Research on financial standard of corporate distribution regime in joint stock companies

财源规制发展至今有资本维持原则模式、偿债能力测试模式与折衷模式。各个国家和地区结合自身治理模式与商事需求设置了不同的模式并设计了一系列规则。我国2021年公布的《公司法(草案)》在分配制度的财源规制上缺少体系化构建,体现在大分配框架缺失、财源规制缺位以及权责机制体系悖反等方面。鉴于此,建议从建立大分配框架、为实质分配行为引入财源规制模式以及完善权责机制等方面构建体系化的股份公司分配制度。为股份公司分配行为选择财源规制模式时,应以决策权的归属为逻辑起点,在资本维持原则模式的基础上,适时引入偿债能力测试模式,使股份公司分配制度的财源规制更加完善。

There are three patterns of financial standard so far,including capital maintenance pattern,solvency test pattern and compromise pattern.All countries and regions choose different patterns and design a series of regulations according to their own corporate governance model and business requirements.The"Company Law(Draft)"promulgated in 2021 lacks a systematic construction of the financial resource regulation of the distribution system,which is reflected in the lack of a large distribution framework,the absence of financial resource regulation,and the systematic contradiction of the rights and responsibility mechanism.To solve the problems,we should establish the distribution framework,bring in financial standard for all virtual distribution behaviour and improve the mechanism of rights and responsibility.When choosing specific pattern of financial standard for distribution behaviour,we should begin with the ownership of dicision-making authority,adhere to the capital maintenance principle model and bring in the solvency test for reference,so as to develop and perfect the financial standard of distribution regime.