有限责任公司全面认缴制该何去何从?——兼评《公司法(修订草案三审稿)》第47条

The Future of the Comprehensive Subscription System for Limited Liability Companies:Comment on Article 47 of the Company Law(Third Review of Revised Draft)

《公司法(修订草案三审稿)》中增加了有限责任公司股东认缴的出资需在五年内缴足的规定,引发了理论界和实务界对全面认缴制的又一次讨论热潮。回顾过往商业实践可以发现,全面认缴制在发挥其鼓励投资积极作用的同时,也带来了股东滥用期限利益逃避出资义务的严重问题,由此衍生出大量股东出资纠纷。股东出资义务兼具法定性和约定性双重属性,立法设计中需厘清资本认缴制的边界,划定股东期限利益的范围。《公司法(修订草案三审稿)》将限制认缴期限和股东出资义务加速到期制度作为认缴制的配套约束机制,虽然二者都具备维护资本充实和保护债权人利益的功能,但各自也具有不可替代的制度价值。通过对认缴制的再认识对之进行科学评价无疑具备重要的现实意义。

The Company Law(Third Review of Revised draft)has added the provision that the shareholders’capital contribution of limited liability companies should be paid in full within five years,which has triggered another upsurge of discussion on the comprehensive subscription system in the theoretical and practical circles.Reviewing the past business practice,it can be found that when the comprehensive subscription system plays a positive role in encouraging investment,it also has a serious problem that shareholders abuse the term benefits to evade the investment obligation,and a large number of shareholder investment disputes have been derived from it.The shareholder’s contribution obligation has both legal and contractual characteristics.The legislative design needs to define the boundary of the capital subscription system and delimit the scope of the shareholder’s term interests.In this revision,the system of limiting the subscription period and accelerating the maturity is taken as the supporting constraint mechanism of the subscription system.Although both of them have the functions of maintaining capital enrichment and protecting the interests of creditors,they also have irreplaceable institutional value.This paper will evaluate it through the re-understanding of the subscription system.