认缴制后公司法资本规则的革新
丁勇认缴制后公司法资本规则的革新
Reform of Capital Rules in the Company Law after the Implementation of the Subscribed Capital System
期刊名称：《法学研究》
期刊年份：
作者：丁勇
单位：华东政法大学
中文关键词：认缴制;出资债权;加速到期;强制执行;资本维持
英文关键词：subscribed capital system;capital claim;accelerated due time of contribution;compulsory enforcement;capital maintenance
中文摘要：
现行公司法资本规则仍以实缴制为模型，无法适应认缴制后公司仅享有出资债权的资本结构。主体规则上，应将债权人限定为公司。到期规则上，应取消由股东事先对出资债权设定期限的要求，交由有限责任公司股东会或股份有限公司董事会决议自治。对于公司非破产条件下的出资加速到期，组织法方案和代位权方案均有根本缺陷，应采强制执行出资债权方案。处分规则上，禁止出资债务免除、延期、更新或替代履行，禁止股东并限制公司抵销出资债权，转让、质押和强制执行出资债权不应有足值的要求，董事依勤勉义务独立地判断出资债权的价值。计量规则上，改变实缴制下仅以实收资本作为分配标尺的做法，在股东明显缺乏履行能力或约定出资期限时，应对出资债权作减值处理并阻却公司利润分配，回归注册资本责任担保本义。
英文摘要：
The reform of the subscribed capital system in 2014 did not change the fact that the current capital rules in the Company Law are mostly still based on the paid-in capital system. They are unable to adapt themselves to the "New Normal" of post-reform capital structure in which the company only has a capital claim against the shareholders. Firstly, it is urgent to stop the inappropriate expansion of the scope of capital claim's creditor to individual shareholders. The creditor should only be the company itself. Secondly, the legislative requirement of setting a contribution due time in the initial articles by the shareholders should be abolished. The due time should be decided by the company itself in the form of the resolution of the shareholders' meeting or the board of directors. As to the acceleration of the contribution due time, the compulsory enforcement approach combines the advantages of the two existing approaches and is the only reasonable and feasible solution lex lata. Thirdly, the principle of real capital payment requires that the contribution obligation cannot be released, postponed, renovated or replaced. The offset by shareholders is forbidden and that by the company restricted. However, the transfer, pledge and compulsory enforcement of capital claim are not restricted by the principle of real capital payment. Only the transfer price is subject to the restriction of the directors' duty of diligence. Last but not least, the principle of capital maintenance requires that the registered capital instead of the paid-up capital should be the scale used in company distribution. The capital claim should be depreciated when the shareholder obviously lacks the ability to pay the contribution or a due date of contribution is set in the articles and the value difference thus produced hinders the distribution of profit to the shareholders. Only in this way the liability guarantee function of registered capital can be reestablished and ensured.
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