禁止财务资助规则的公司法建构

禁止财务资助规则的公司法建构

Construction of Financial Assistance Prohibition Rule inthe Company Law

    期刊名称：《法学研究》
    期刊年份：
    作者：皮正德
    单位：
    中文关键词：财务资助;利润分配;对赌协议;股份回购;抽逃出资
    英文关键词：financial assistance; profit distribution; VAM; share repurchase; withdrawal of contribution
    中文摘要：
    财务资助行为横跨资本制度前端的增资与后端的分配，兼具分配属性与经营属性，在实践中演变出循环增资、变相分配等具有欺诈性质的行为样态。禁止财务资助规则因其债权人保护功能而被纳入公司分配行为的规制轨道，但财务资助行为的经营属性使其无法摆脱经营行为规制的路径依赖。财务资助行为可以从受资助购买的标的、受资助方信用以及提供资助方的主观状态三方面进行类型化。我国应在原则禁止财务资助行为的基础上，设置商业判断例外与债权人安全例外。前者允许为公司利益并经董事会特别多数决或金融机构正常经营业务中的财务资助行为，后者允许公司以合法的利润分配、回购、减资方式实现的财务资助，或以未分配利润为限为员工持股计划提供的财务资助。在责任设计上，宜将救济主体拓展为公司、股东和债权人，将责任主体限缩为董事和高级管理人员。公司违法提供财务资助时，应根据受资助方善意与否确定财务资助行为的效力。
    英文摘要：
    Financial assistance for the purchase of one’s own shares straddles capital increase at the “front end” of the company capital system and distribution at the “back end” of the system. It has the attributes of both distribution and business and evolves into fraudulent behaviors such as circular capital increase and disguised distribution in practice. Financial assistance prohibition is brought onto the track of regulation of corporate distribution because of its creditor protection function, but because of its business attribute, it is unable to rid itself of the path dependence on business behavior regulation. Financial assistance can be typified by three aspects, i.e., the subject matter of the funded purchase, the credit of the funded party and the subjective state of the funder. China should, on the basis of the prohibition of financial assistance in principle, set up exceptions to the prohibition for business judgment and creditor security. The former allows financial assistance for the benefit of the company, approved by a special majority of the board of directors, or in the normal business of financial institutions, while the latter allows financial assistance realized by legal profit distribution, share repurchase, capital reduction, or financial assistance provided for employees’ share scheme limited by undistributed profits. In the design of liability, it’s advisable to expand relief subjects to companies, shareholders and creditors, and limit liability subjects to directors and senior managers. If a company provides financial assistance illegally, the effectiveness of the financial assistance depends on whether or not the recipient acts in good faith.
    全文阅读：  点击下载