公司的信用與評價－－以公司債券發行限額的存廢為例

The Corporate Credit and Its Assessment - An Example from the Debate on Corporate Debenture Issuing Ceiling

公司債券發行限額，被用於遏制公司過度負債，調和股東有限責任與債券投資者保護之間的利益衝突。這種在業主論指導下物化公司人格的資本信用觀，以發債之時的淨資產衡量公司信用，不能揭示公司真實的信用狀況，容易落空債券投資者保護並誘發道德風險。應在企業主體論指導下承認公司的獨立人格，樹立以公司營業現金流為信用內涵的資產信用觀，建立與公司持續經營狀況一致的動態信用評價方法。《證券法》應廢除由政府預判公司信用和兜底風險的發債限額規定，賦予公司自主發債權並落實債券投資者的“買者自負”責任，建立市場主導、政府輔助的公司信用約束機制，才能真正實現公司債券的市場化改革目標。

The issuing ceiling of corporate debenture is used to curb a corporation from excessive indebtedness and reconcile the conflict between investor protection and limited liability of shareholders. The credit conceptionbased on capital guided by the proprietary theorymaterializes the corporate personality which measures corporate credit through its net assetsat the time of debenture issuing. However, it could not reveal the true credit condition of corporation which might make debentureinvestor protection failed and cause moral hazard. It is necessary to acknowledge the independence of corporate personality guided by the entity theory, establish a credit conception based on assets and a dynamic assessment methodology on cash flowgenerated from the corporation continuing operation. Thus, in order to fully achieve the object of market－oriented reform in corporate debenture, the Securities Act should abolish issuing ceiling which hints the government to assess risk in advance and take risk in the end, establish a market—based duty constraining mechanism of corporate credit supported by the government.