公司资本制度的后端改革与偿债能力测试的借鉴
朱慈蕴,皮正德公司资本制度的后端改革与偿债能力测试的借鉴
Reform on the “Back-end” of Company Capital System and the Solvency Test for Reference
期刊名称：《法学研究》
期刊年份：
作者：朱慈蕴,皮正德
单位：1. 深圳大学法学院;2. 清华大学法学院
中文关键词：偿债能力测试 资本维持原则 资本制度 公司分配 债权人保护
英文关键词：solvency test; capital maintenance principle; capital system; distribution rules; creditor protection
中文摘要：
中国公司资本制度的变革一直集中在前端，即放松资本管制，鼓励投资创设公司。公司资本制度的后端，即公司利益(资产)向股东流动，仍处于传统资本维持原则控制之下，没有大的变革。美国1980年《示范商事公司法》以“大分配”统合公司利益(资产)流向股东的行为，开创了由立法中的衡平测试、资产负债表测试以及判例中的资本充足测试构成的偿债能力测试规则。偿债能力测试颠覆了资本维持原则对公司资本、资产与负债之间关系的处理，聚焦于保障债权人的优先分配顺位，立足于董事的受信义务，摆脱了对财会指标的过度依赖，体现着公司行为自由化、资本规则抽象化、企业融资便利化的发展方向，顺应了会计专精化的发展趋势。在我国资本维持原则主导的资本制度中，应适当借鉴偿债能力测试规则，建立一种相对灵活的利益(资产)流出制度，以此提升公司资本制度功能、公司治理水平及公司债权人保护实效。
英文摘要：
In recent years, the changes in Chinese company capital regime have been concentrating on the “front-end”, which aims at relaxing capital controls and encouraging investment. But the “back-end” of corporate capital system, namely the flow of assets from companies to shareholders, remains under the control of the traditional capital maintenance principle. The 1980 US Model Business Corporation Act (MBCA) unifies the flow of assets from companies to shareholders with “distribution” and creates the solvency test, which includes equitable solvency test, balance-sheet solvency test and capital-adequacy solvency test. Solvency test overturns the capital maintenance principle's treatment of the relationship among company's capital, assets and liabilities by focusing on ensuring the priority distribution of creditors, basing itself on the fiduciary duty of directors, and getting rid of excessive dependence on financial and accounting indicators. This change reflects the development trend of liberalization of corporate behavior, abstraction of capital rules and facilitation of corporate financing, which is in line with the development trend of accounting specialization. China should learn from the US solvency test and establish a relatively flexible capital system, so as to improve the function of the capital system, the quality of corporate governance and the actual effect of corporate creditor protection.
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