To streamline administration and institute decentralization, the Chinese central government has been conducting a reform of the registered capital system since 2013. The reform is charactered with the pursuit of business freedom, the weakening of the regulation function the registration and the abandon of the idea of the capital credit., which requires a different institutional design of the corporation’s creditors protection. The change of the capital system of the corporation from the paid-in capital system to the subscription capital system makes unsuitable the traditional protection systems for the corporation’s creditors which was designed for the paid-in capital system. Under the traditional paid-in capital system, the protection for the corporation’s creditors depended on the rules centered on the credit guaranteed function of the registered capital which does not exist at all. Under the subscription capital system, the lose of the credit guaranteed function of the capital system requires a comprehensive protection for the corporation’s creditors, which includes the construction of the credit system, the introduction of the investment reminder program and the use of piercing the corporation’s veil.
为简政放权、营造法制化的营商环境,中国政府自2013年开始自上而下 进行了注册资本登记制度改革。相较于改革前的注册资本登记制度,改革 后的注册资本登记制度呈现出营业自由的张扬、登记行政监管功能的弱化 以及资本信用观念的扬弃等特征。这些特征使得中国≪公司法≫债权人保 护制度在理念追求、体系安排以及制度设计等层面已经无法适应公司资本 制度变迁后公司债权人利益保护的需要。在原有的实缴资本制度下,因过 度迷信资本的信用担保功能,中国≪公司法≫形成了一个以注册资本法规 群为主导的债权人利益保护制度体系。这种制度体系建立在虚无的资本信 用担保功能之上,不仅无法真正起到保护债权人的作用,也与新的认缴资 本制琴瑟不合。在新的认缴登记制之下,被误信的资本信用担保功能已经 不复存在,债权人利益的保护必须在资本信用担保功能之外另行寻找保护 之道。考虑到认缴资本制度下资本信用担保功能的丧失,法律必须从事 前、事中、事后为公司债权人构筑起全方位的保护体系,包括事前权威征 信系统的建立,事中出资催缴程序的引入以及事后的法人格否认机制的运 用。 关