抽逃出资规则及公司分配制度的系统性改造
王军抽逃出资规则及公司分配制度的系统性改造
Systematic Reform of the Rule of Withdrawing Contribution and the Corporate Distribution Regime
期刊名称：《法学研究》
期刊年份：
作者：王军
单位：
中文关键词：抽逃出资;公司分配;资本维持;实际偿付能力检测;董事义务
英文关键词：withdrawal of contribution; corporate distribution; capital maintenance; equity solvency test; duties of directors
中文摘要：
抽逃出资规则的含义和适用标准一直是模糊的。司法解释确立的损害公司权益标准并未解决其适用难题。侵蚀股本标准改进了认定抽逃出资的可操作性，但难以筛除那些符合资本维持要求却损害公司实际偿付能力的交易。抽逃出资规则的困境根源于并反映了我国公司分配制度的结构性缺陷。公司分配制度的系统性改造，应当致力于建立一种实际偿付能力检测法和资本维持规范优势互补的结合模式：以资本维持规范为基础框架，为公司分配事项提供明确且不会对资本运作形成过重负担的规则；以实际偿付能力检测法为兜底机制，要求董事履行审慎评估义务，对资本维持规范难以筛除的不当行为加以约束。在结合模式的分配制度框架内，抽逃出资规则不宜作为裁判规则适用，其原本指向的各种行为应当依据利润分配、股份回购或减资规则处理，并接受实际偿付能力标准的检测。
英文摘要：
The legal meaning and applicable standard of the withdrawal of contribution rule have always been vague. The "damage to corporate rights and interests" standard established by judicial interpretations fails to solve the problem of the application of the rule. The "impairment of capital" standard improves the operability of the identification of the withdrawal of contribution, but it is faced with difficulties in screening out transactions that meet the capital maintenance requirements but damage a company's solvency. The dilemma of the withdrawal of contribution rule is rooted in and reflects the structural defects of the distribution regime in the Chinese Company Law. In carrying out systematic reform of the corporate distribution regime, China should try to establish a combination mode that allows the equity solvency test and the capital maintenance rules to complement each other's advantages by taking capital maintenance rules as the basic framework to provide clear rules on corporate distributions that do not impose excessive burden on capital operation, and by using the equity solvency test as the bottom mechanism to require directors to perform the duty of prudent assessment and to check the improper behaviors that are difficult to eliminate under the capital maintenance rules. In the framework of the distribution regime under the combination mode, the withdrawal of contribution rule should not be applied as an adjudicative rule. The various behaviors that the rule originally directs should be dealt with according to the dividend distribution rules, the share repurchase rules and the capital reduction rules, and examined by the equity solvency test.
全文阅读： 点击下载
