論資本公積轉增股本前後的出質股權守恆定律

The Doctrine of Conservation of Pledged Equity Before and After Conversion of Capital Reserve into Share Capital

出質股權的最佳度量衡是股權類別和比例，而非股東出資額或股份數量。資本公積金轉增股本不會變更出質股權，股權質權及其類別和比例在轉增股本前後具有同一性和守恆性，質押雙方無需就此辦理質權變更或設立登記手續。無此登記，並不削弱質權人在資本公積金轉增股本後的質權效力。建議裁判者採取實質穿透裁判思維，尊重出質股權的完整性和安全性。建議甄別存量型送股和增量型配股，對前者豁免新增出資額（股份）變更登記，對後者實行質權設立登記生效主義。公眾公司股份質押登記慣例已確認出質股權涵蓋存量型送股。法定孳息說旨在保護質權人，但忽視出質股權在轉增股本前後的同一性。建議《公司法》確認出質股權守恆定律，明確股權出質後資本公積金或未分配利潤轉增股本對應的新增股東出資額（股份）為出質股權組成部分。登記機構辦理註冊資本變更登記時應同步更新出質股權信息。建議統一股權質押登記規則和機構，終結諸類公司股權質押制度“碎片化”現象，充實法定必要登記信息，構建債權人友好型登記信息公示平臺。

Abstract:The best metrics for quantifying pledged equity is the class and ratio of pledged equity, instead of the amount of contributed capital or the number of shares. The conversion of corporate capital reserve into share capital does not change the pledged equity, the class and ratio of pledged equity before and after the conversion are identical and unaltered, and both parties don’t need to process the alteration or establishment registration. Without such registration, the validity of the pledgee's pledge after the conversion of share capital may not be weakened. The courts should adopt the approach of substance over form, respect the integrity and safety of the pledged equity. The bonus stock should be differentiated from newly issued shares, the former should be exempted from alteration registration, and the latter should process registration to create valid pledge right. The practice of registration of share pledge in public corporations confirms that the existing pledged shares automatically cover the converted share capital and bonus shares. The statutory yield theory, although aiming at protecting the pledgee, ignores the identical nature of the pledged equity before and after the conversion. The Company Law should recognize the doctrine of conservation of pledged equity, and include the amount of newly converted equity capital or bonus shares in the pledged equity. The registration authority should synchronize and update the pledged equity information on conversion of corporate capital reserve. The equity pledge registration rules and institutions should be uniformed, the fragmentation of equity pledge systems among various corporations should be ended, the mandatory registration information should be enriched, and a creditor - friendly registration information disclosure platform should be built.