授權資本發行制與認繳制的融合──公司資本制度的變革及公司法修訂選擇

The Integration of Authorized Capital Issuance System and Subscription System: the Reform of the Company’s Capital System and the Choice of Compang Law Revision

我國公司資本制度遵循''資本三原則''，將資本信用固化為公司債權人保護之基。長期的實踐證明制度的預期效果較差，無謂地加大了公司設立的籌資壓力，影響資本運作效率，最終抑制資本創富功能的實現。新一輪《公司法》修訂的資本制度改革，要以激勵投資創業、降低公司設立成本、平衡各方利益的規則體系之構建為導向。資本制度的重心在於資本發行與公司分配環節，前者的改革應圍繞股份公司的授權資本發行制展開，同時輔以相適應的認繳制，后者的核心是引入''清償能力''測試標準，以解決公司資金使用的靈活性與債權人保護之間的張力。

"Chinese corporate capital system follows the ''three capital principles'' of traditional civil law, solidifying capital credit as the basis for the protection of corporate creditors. Long-term practice has proved that the expected system effect is poor, and it increases the funding pressure for the establishment of a company, which affects capital operational efficiency and inhibits the realization of the wealth-creating function of capital. The direction of capital system reform in the new round of company law revisions is to build a rule system that encourages investment and entrepreneurship, reduces the cost of company establishment, and balances the interests of all parties. The focus of the capital system is on capital issuance and company distribution. The reform of the former focuses on introducing an authorized capital issuance system for joint-stock companies, supplemented by a complete subscription system. The core of the latter is to introduce the standard of ''solvency'' to solve the conflict between the flexibility of the company’s use of funds and the protection of creditors."