重塑资本形成:授权资本制的本土化建构

Reshaping Capital Formation:The Localization Construction of Authorized Capital System

授权资本制的引入作为公司法修订的核心特征,依然存在“标签化”引入的固有弊端,概念含混不清、配套机制脱节、救济途径缺失等问题严重阻碍公司法新一轮革新的活力释放,有必要将其纳入资本形成规则体系整体考量。比对授权资本制与法定资本制的制度内涵,可明晰不同资本形成规则下的利益考量转变,域外法视野下英美、德法、日韩等国家授权资本制的发展历程,为本轮公司法修订中授权资本制的引入提供了可资借鉴的经验。资本制度的前端设计意欲真正体现公司股份运作的灵活性和自治性,仍须着眼于出资类型、认缴制度、股份发行救济程序与授权资本制的协同配合,弥补本轮制度革新的体系缺憾。

The introduction of the authorized capital system,as the core feature of the revision of the Company Law,still has the inherent drawbacks of the introduction of“labeling”.The problems such as unclear concepts,disjointed supporting mechanisms,and lack of relief channels seriously hinder the vitality of the new round of reform of the Company Law.It is necessary to incorporate it into the overall consideration of the capital formation rules system.Comparing the institutional connotation of the authorized capital system and the legal capital system,we can clearly understand the change of interest considerations under different capital formation rules.The development process of the authorized capital system in Britain,America,Germany,Japan and South Korea from the perspective of extraterritorial law provides valuable experience for the introduction of the authorized capital system in the current revision of the Company Law.The front-end design of the capital system is intended to truly reflect the flexibility and autonomy of the company’s share operation.It still needs to focus on the coordination of the type of capital contribution,the subscription system,the share issuance relief procedure and the authorized capital system to make up for the shortcomings of this round of institutional reform.