清偿能力测试标准主导公司资本分配规制的解析

    Analysis and Reference of the Solvency Test Standard Leading Company’s Capital Allocation Regulation

    • 摘要: 清偿能力测试标准是一个与资本维持原则相对称的概念,其旨在以公司满足对其到期债务的清偿能力作为公司资本分配的先决条件。1980年美国《示范公司法》确立该标准对公司资本分配规制的主导地位,而导致这一立法变革的逻辑动因则包括内外两个方面。内部动因源于该标准对债权人核心关切即公司是否具备对其到期债务清偿能力的精准把握,外部动因则在于资本维持原则对债权人保护的僵化与低效。“资产负债表测试” “衡平清偿能力测试”与“资本充足率测试”构成该标准嵌入公司资本规制体系的三种具体模式,各种模式关注重心明显有别,但又存在着紧密关联。该标准的建构从多维路径优化对公司资本的分配规制,包括规制理念的修正、规制目标的拓展、规制方式的改变、规制程序的转换以及规制缝隙的填补。鉴于中国公司资本规制立法的未来发展,有必要对该标准进行借鉴,建构综合性清偿能力测试模式,同时还应拓补董事信义义务制度、完善债权人撤销权制度以及发展商事估值技术制度,以构建完备的清偿能力测试标准制度体系。

       

      Abstract: The solvency test standard is a concept commensurate with the capital maintenance principle, which aims to make the company’s ability to pay its debts due as a precondition for the company’s capital allocation. The 1980 U.S. Model Company Law established the standard’s dominance in the regulation of corporate capital allocation, and the logic behind this legislative change includes both internal and external factors. With a precise grasp of its ability to repay its debts due, the external motivation lies in the rigidity and inefficiency of the protection of creditors by the principle of capital maintenance. “balance sheet test”,“Equity solvency test” and “capital adequacy ratio test” constitute three specific modes in which the standard is embedded in the company’s capital regulation system. The focus of each mode is obviously different, but they are closely related. The construction of this standard optimizes the distribution regulation of corporate capital from a multi-dimensional path, including the revision of regulatory concepts, the expansion of regulatory objectives, the change of regulatory methods, the transformation of regulatory procedures, and the filling of regulatory gaps. In view of the future development of my country’s corporate capital regulation legislation, it is necessary to use this standard for reference and build a comprehensive solvency test model. Build a complete solvency test standard system.

       

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