摘要
面额股兼有资本单位符号和货币符号,无面额股仅有资本单位符号,两种股份的核心区别在于是否将货币符号从股份中剥离出来。伴随公司资本制度从管制向便利融资的转型,我国在修订公司法时引入不真正无面额股。这将突出股份的资本单位符号功能且弱化股份的货币符号功能,必然冲击原有的注册资本和资本公积金制度,需要对公司资本制度作出配套修改。一方面,无面额股规则排除了禁止折扣发行规则的适用,董事应勤勉尽责地制定发行无面额股作价方案,股东会行使无面额股发行决定权应维护少数股东权利。另一方面,不真正无面额股兼有面额股的某些属性,无法彻底消除与面额股伴生的渗水股现象,应当要求股东“以承诺支付的对价为限”承担有限责任。除此以外,无面额股突出了认购股款的同质性,公司既可以选择同时设置“股款”“资本公积”科目,也可以仅设置“股款”科目,因而公司资本需要对溢价款的会计处理规则作出重大改变,允许公司使用资本公积金转增股本或者弥补亏损。
Par value stock have both capital unit symbol and currency symbol,no-par value stock has only currency symbol.The key difference between the two kinds of stock is whether the currency symbol is separated from the shares.With the transition of the company capital system from regulation to convenient financing,China introduced no-par value stock when revising the company law.This will stress the function of the currency unit symbol and weaken the function of the currency symbol,which will inevitably impact on the original registered capital and capital accumulation fund system.On the one hand,the no-par value stock rule excludes the application of the prohibition of discount issue rule,and the directors shall diligently and conscientiously formulate pricing plans for the issuance of no-par value stock,and the shareholders’meeting shall pay attention to the protection of minority shareholders’rights when exercising the right to decide the issuance of non-par shares.On the other hand,no-par value stock has some attributes of par stock,which cannot completely eliminate the phenomenon of water-seepage stock associated with par stock,therefore,the shareholders should be required to bear limited liability“to the extent of the consideration promised to be paid”.In addition,no-par value stock highlights the homogeneity of the subscription funds,the company can choose to set“Share Funds”and“Capital Reserves”of the two subjects,can also set only“Share Funds”of the subjects,therefore,significant changes to the rules governing the accounting treatment of premium payments are needed to allow companies to use the capital reserve fund to increase equity or cover losses.
作者
叶林
张冉
Ye Lin;Zhang Ran(Civil and Commercial Legal Science Research Center of Chinese Renmin University)
出处
《国家检察官学院学报》
CSSCI
北大核心
2023年第6期14-30,共17页
Journal of National Prosecutors College
基金
教育部人文社会科学重点研究基地重大项目“法治化营商环境建设法律问题研究”(22JJD820018)的阶段性成果
关键词
公司法修订
无面额股
注册资本
资金公积金
Revision of the Company Law
No-par Value Stock
Registered Capital
Capital Reserves
作者简介
叶林,中国人民大学民商事法律科学研究中心研究员;张冉,中国人民大学民商事法律科学研究中心研究人员。
