股权出资论
摘要
在我国,股权出资不仅是一种全新的出资形式,也是一项亟待立法规制的出资行为。本文在对股权出资进行价值判断和利弊分析的基础上,界定了股权出资的概念,揭示了股权出资的性质与特征,指出了股权出资可能导致的弊端,提出了“股权出资限制论”。从股权出资的主体、客体、程序、评估、验资等五个方面,阐述了强化法律规制的措施和手段。同时,对违反法定条件、违反批准程序、违反公司章程的股权出资合同的效力进行了较为深入的分析和研讨。总结了股权出资在公司实践和司法审判中的典型案例,归纳概括出虚假股权出资、瑕疵股权出资、隐名股权出资等三种情形及其具体表现形态,并分别阐述了各种违法股权出资者依法应当承担的民事责任。
It is always a hot topic with arguments in both research and practice of corporate law that whether shares could be one kind of contribution. Furthermore, it is also a legal issue which needs urgent solution that we have to face to. On the base of jurisprudence of Chinese corporate law and with perspective of Chinese practice in corporate law, this paper deeply explores in some parts of the issue combined with research and practice. Except for the introduction and conclusion, the text of this paper is divided into four parts:
Part I is "jurisprudence analysis on shares as contribution ". In this part, firstly the author analyzes the nature of shares according to logic of theory and research of this issue. On the base of comprehensive evaluation on all kinds of schools of shares, with consideration that shares are property rights in existence in form of values and they could be measured by currency, the author concludes that share as contribution could be a reasonable and lawful kind of contribution. Then the author analyzes the definition and features of shares as contribution. After examine several definition of it, the author concludes the definition as following: shares as contribution are such a contribution that initiator or investor contributes his shares in another corporate so as to get shares of the new company or additional shares as investment expansion. On the base of this definition, the author raises the opinion that shares as contribution have features as following: subject itself has the feature of identity and continuity; acceptor has the feature of new company and investment expansion; and the value has the feature of instability. To further clarify the definition of shares as contribution, the author compares it with transfer of shares, reversal investment,and company separation. Conclusion of this comparison is that these concepts have close connection among them but they have different meanings, and we may not mix them up. Different countries have different regulations on shares as contribution. Chinese scholars have positive and negative opinions on this correspondingly. The author does not agree to hold absolutely positive or negative opinions on this, however, the author raise the argument as "limited shares as contribution "after consideration that shares as contribution probably will cause false registered capital, increase burden of financing, cause difficulty on evaluation of values, do harm to safety of transactions, namely, we should add necessary limitation and regulation to do our best to reduce or eliminate disadvantages caused by share as contribution.
Part II is "regulations on shares as contribution". First of all the author analyzes regulation on subject. The author argues that qualified subject should be shareholder of limited liability company, initiator of company limited by shares and subscriber of non-public issued shares, and the subject should not be limited to natural person. Directors, supervisors or senior managers of the company who want to contribute shares as contribution should meet legal conditions as well. Secondly, the author analyzes regulations on object and argues that shares should be regulated as well, and should meet legal conditions such as consent of shareholders, amount limitation, etc. Shares could not be shares as contribution if they could not meet the legal conditions. The third are regulations on contribution procedure. Contributions must follow due process, namely, it should be with required documents, with agreement or legal evaluation, with legal verification. The fourth are regulations on evaluation on the contribution. Evaluation should be carried out by professionals. Evaluation should consider more on voluntary than compulsory in principle. The fifth are regulations on verification on the contribution. Review system on verification authority should be established and facilitated. Publication system of verification should be established. Adjustment system of evaluation should be established. All the regulations mentioned above help ensure lawful function of the contribution.
In PartIII , the paper explores effectiveness of contribution agreement in four aspects. 1. When the contribution violates legal conditions, the author argues that this agreement should be deemed as a contract with undetermined effectiveness. 2. When the contribution violates legal process of approval, the author argues it as an invalid one. 3. When the contribution violates the company articles of association, the company and other shareholders may argue it as an invalid one, but it should be valid to the parties, and non performance of it will bear liability in breach of contract. 4. Conditional contribution effects when the condition is met.
Part IV is "civil liability of shares as contribution". The author analyzes civil liabilities in four complicated situations in practice. Firstly, the author analyzes civil liability on false contribution. Combined with typical case study, the author divides them into three kinds of situations, namely, false shareholders, false shares and false debt with true investment, and then explain correspondent civil liabilities. Secondly, the author clarifies civil liability of defective shares as contribution. The author explains that there are three styles of defective shares as contribution, namely insufficient contribution, false contribution and capital flight. Defective shares as contribution do not affect the existence of share right, and they will not inevitably lead to invalidation, but correspondent civil liability should be borne. Thirdly, the author clarifies civil liability of nominee shareholder. The author deeply analyzes the relations between nominee shareholders and ultimate beneficiary of the nominee shareholding, and the author set detailed criteria of shareholder qualification and issues which need consideration.
In sum, shares as contribution are a very complicated issue both in research and practice of corporate law. This paper is just an elementary discussion on the base of other people's research, and it raises several opinions which still need to be developed. The author would be reluctant to carry out further research in order to contribute the humble efforts to the completeness and integrity of system of shares as contribution in China.
It is always a hot topic with arguments in both research and practice of corporate law that whether shares could be one kind of contribution. Furthermore, it is also a legal issue which needs urgent solution that we have to face to. On the base of jurisprudence of Chinese corporate law and with perspective of Chinese practice in corporate law, this paper deeply explores in some parts of the issue combined with research and practice. Except for the introduction and conclusion, the text of this paper is divided into four parts:
Part I is "jurisprudence analysis on shares as contribution ". In this part, firstly the author analyzes the nature of shares according to logic of theory and research of this issue. On the base of comprehensive evaluation on all kinds of schools of shares, with consideration that shares are property rights in existence in form of values and they could be measured by currency, the author concludes that share as contribution could be a reasonable and lawful kind of contribution. Then the author analyzes the definition and features of shares as contribution. After examine several definition of it, the author concludes the definition as following: shares as contribution are such a contribution that initiator or investor contributes his shares in another corporate so as to get shares of the new company or additional shares as investment expansion. On the base of this definition, the author raises the opinion that shares as contribution have features as following: subject itself has the feature of identity and continuity; acceptor has the feature of new company and investment expansion; and the value has the feature of instability. To further clarify the definition of shares as contribution, the author compares it with transfer of shares, reversal investment,and company separation. Conclusion of this comparison is that these concepts have close connection among them but they have different meanings, and we may not mix them up. Different countries have different regulations on shares as contribution. Chinese scholars have positive and negative opinions on this correspondingly. The author does not agree to hold absolutely positive or negative opinions on this, however, the author raise the argument as "limited shares as contribution "after consideration that shares as contribution probably will cause false registered capital, increase burden of financing, cause difficulty on evaluation of values, do harm to safety of transactions, namely, we should add necessary limitation and regulation to do our best to reduce or eliminate disadvantages caused by share as contribution.
Part II is "regulations on shares as contribution". First of all the author analyzes regulation on subject. The author argues that qualified subject should be shareholder of limited liability company, initiator of company limited by shares and subscriber of non-public issued shares, and the subject should not be limited to natural person. Directors, supervisors or senior managers of the company who want to contribute shares as contribution should meet legal conditions as well. Secondly, the author analyzes regulations on object and argues that shares should be regulated as well, and should meet legal conditions such as consent of shareholders, amount limitation, etc. Shares could not be shares as contribution if they could not meet the legal conditions. The third are regulations on contribution procedure. Contributions must follow due process, namely, it should be with required documents, with agreement or legal evaluation, with legal verification. The fourth are regulations on evaluation on the contribution. Evaluation should be carried out by professionals. Evaluation should consider more on voluntary than compulsory in principle. The fifth are regulations on verification on the contribution. Review system on verification authority should be established and facilitated. Publication system of verification should be established. Adjustment system of evaluation should be established. All the regulations mentioned above help ensure lawful function of the contribution.
In PartIII , the paper explores effectiveness of contribution agreement in four aspects. 1. When the contribution violates legal conditions, the author argues that this agreement should be deemed as a contract with undetermined effectiveness. 2. When the contribution violates legal process of approval, the author argues it as an invalid one. 3. When the contribution violates the company articles of association, the company and other shareholders may argue it as an invalid one, but it should be valid to the parties, and non performance of it will bear liability in breach of contract. 4. Conditional contribution effects when the condition is met.
Part IV is "civil liability of shares as contribution". The author analyzes civil liabilities in four complicated situations in practice. Firstly, the author analyzes civil liability on false contribution. Combined with typical case study, the author divides them into three kinds of situations, namely, false shareholders, false shares and false debt with true investment, and then explain correspondent civil liabilities. Secondly, the author clarifies civil liability of defective shares as contribution. The author explains that there are three styles of defective shares as contribution, namely insufficient contribution, false contribution and capital flight. Defective shares as contribution do not affect the existence of share right, and they will not inevitably lead to invalidation, but correspondent civil liability should be borne. Thirdly, the author clarifies civil liability of nominee shareholder. The author deeply analyzes the relations between nominee shareholders and ultimate beneficiary of the nominee shareholding, and the author set detailed criteria of shareholder qualification and issues which need consideration.
In sum, shares as contribution are a very complicated issue both in research and practice of corporate law. This paper is just an elementary discussion on the base of other people's research, and it raises several opinions which still need to be developed. The author would be reluctant to carry out further research in order to contribute the humble efforts to the completeness and integrity of system of shares as contribution in China.
引文
1. 2005 年12月22日,国务院修改并公布的《公司登记管理条例》规定,股东不得以劳务、信用、自然人姓名、商誉、特许经营权或者设定担保的财产作价出资。
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3. 郭峰:《股份制企业所有权问题的探讨》,《中国法学》1988 年第 3 期。
4. 储育明:《论股权的性质及其对我国企业产权理论的影响》,《经济法制》1990 年第 2 期。
5. 江平、孔祥俊:《论股权》,《中国法学》1994 年第 1 期。
6. 陈晓军:《股权出资四题》,《前沿》2007 年第 10 期。
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10.薄燕娜:《股权出资之法律问题探析》,《烟台大学学报(哲学社会科学版)》2005 年第 1 期。
11.金莉娟:《论股权出资的转让本质》,《内蒙古电大学刊》2007 年第 9期。
12.沈四宝编译:《最新美国标准公司法》,法律出版社 2006 年 3 月版,第 49-50 页。
13.胡艳东:《股权出资问题的法律分析》,暨南大学硕士学位论文,2006年 5 月。
14.参见左传卫著:《股东出资法律问题研究》,中国法制出版社 2004 年10 月版,第 163-165 页。
15.黄广磊、田伟:《股权出资合法性及其限制问题探究》,《山东法制报》2006 年 6 月 9 日第 3 版。
16.施天涛:《公司法论》,法律出版社 2005 年版,第 121 页。
17.参见胡艳东:《股权出资问题的法律分析》,暨南大学硕士学位论文,2006 年 5 月。
18.杜烈康、郑梅莲:《股权出资如何审验》,《中国注册会计师》2003 年第 9 期。
19.杜烈康、郑梅莲:《股权出资如何审验》,《中国注册会计师》2003 年第 9 期。
20.宋晓明等:《民商事审判若干疑难问题》,《人民法院报》2006 年 8 月9 日理论版。
21.古锡麟、李洪堂:《股权转让若干审判实务问题》,清华大学法学院编《21 世纪商法论坛论文集(上册)》第 38 页。
22.古锡麟、李洪堂:《股权转让若干审判实务问题》,清华大学法学院编《21 世纪商法论坛论文集(上)》第 36 页。
23.古锡麟、李洪堂:《股权转让若干审判实务问题》,清华大学法学院编《21 世纪商法论坛论文集(上)》第 38 页。
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2. 郭峰:《股份制企业所有权问题的探讨》,《中国法学》1988 年第 3 期。
3. 储育明:《论股权的性质及其对我国企业产权理论的影响》,《经济法制》1990 年第 2 期。
4. 江平、孔祥俊:《论股权》,《中国法学》1994 年第 1 期。
5. 陈晓军:《股权出资四题》,《前沿》2007 年第 10 期。
6. 薄燕娜:《股权出资之法律问题探析》,《烟台大学学报(哲学社会科学版)》2005 年第 1 期。
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2. 王利明:《论股份制企业所有权的二重结构》,《中国法学》1989 年第1 期。
3. 郭峰:《股份制企业所有权问题的探讨》,《中国法学》1988 年第 3 期。
4. 储育明:《论股权的性质及其对我国企业产权理论的影响》,《经济法制》1990 年第 2 期。
5. 江平、孔祥俊:《论股权》,《中国法学》1994 年第 1 期。
6. 陈晓军:《股权出资四题》,《前沿》2007 年第 10 期。
7. 闻静:《股权出资问题研究》,暨南大学硕士论文,2007 年 4 月。
8. 左传卫著:《股东出资法律问题研究》,中国法制出版社 2004 年 10 月版,第 163 页。
9. 参见薄燕娜:《股权出资之法律问题探析》,《烟台大学学报(哲学社会科学版)》2005 年第 1 期。
10.薄燕娜:《股权出资之法律问题探析》,《烟台大学学报(哲学社会科学版)》2005 年第 1 期。
11.金莉娟:《论股权出资的转让本质》,《内蒙古电大学刊》2007 年第 9期。
12.沈四宝编译:《最新美国标准公司法》,法律出版社 2006 年 3 月版,第 49-50 页。
13.胡艳东:《股权出资问题的法律分析》,暨南大学硕士学位论文,2006年 5 月。
14.参见左传卫著:《股东出资法律问题研究》,中国法制出版社 2004 年10 月版,第 163-165 页。
15.黄广磊、田伟:《股权出资合法性及其限制问题探究》,《山东法制报》2006 年 6 月 9 日第 3 版。
16.施天涛:《公司法论》,法律出版社 2005 年版,第 121 页。
17.参见胡艳东:《股权出资问题的法律分析》,暨南大学硕士学位论文,2006 年 5 月。
18.杜烈康、郑梅莲:《股权出资如何审验》,《中国注册会计师》2003 年第 9 期。
19.杜烈康、郑梅莲:《股权出资如何审验》,《中国注册会计师》2003 年第 9 期。
20.宋晓明等:《民商事审判若干疑难问题》,《人民法院报》2006 年 8 月9 日理论版。
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