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.