公司偿债能力判断规则及其构建

Rules for Judging a Company’s Solvency and Their Construction

公司偿债能力是影响公司所有权配置的决定性因素,也是调和公司股东和债权人利益冲突的关键指标。但中国《公司法》和《企业破产法》在偿债能力判断上并未遵循一致规则。尽管《公司法》为各种股东报偿规定了约束条件,但是这些约束条件并不以公司偿债能力判断为基准。《企业破产法》确立了资债比较法和实际清偿力判断法两种偿债能力标准,但无法适用于股东报偿纠纷案件。《公司法》与《企业破产法》在偿债能力判断上的脱节应当得到纠正。《公司法》应当引入《企业破产法》的偿债能力判断标准,构建一套兼顾公司持续经营能力和偿债能力,结合资本维持规则和实际清偿力判断法的股东报偿规制模式。

The solvency of a company is a decisive factor influencing its ownership allocation,and a key indicator for reconciling the conflict of interests between its shareholders and creditors.However,China’s Company Law and Enterprise Bankruptcy Law do not follow the same rules in judging solvency.Although the Company Law provides constraints for various distributions for shareholders,these constraints are not based on solvency tests.The Enterprise Bankruptcy Law has established two solvency tests,namely,the balance sheet test and the equity solvency test,but they cannot be applied to distribution disputes of shareholders.The disconnection between the Company Law and the Enterprise Bankruptcy Law in judging solvency should be rectified.Therefore,it is necessary to introduce the solvency tests of the Enterprise Bankruptcy Law into the Company law,and build a distribution regulation model that takes into account the company’s ability to continue as a going concern and its solvency,and combines the capital maintenance rules and the equity solvency test.