从新《公司法》修订看股东与债权人利益的平衡

股东有限责任是《公司法》上基石性的制度。该制度降低了股东的投资风险,同时加大了债权人债权不能实现的风险,因此,《公司法》需通过相应制度实现股东和债权人利益的平衡。2005年10月,我国通过了《公司法》修正案,文章比较了《公司法》修订前后的变化,指出修正案一方面将保护债权人利益的着眼点由关注资本信用转移至更具实质意义的资产信用,并引入了揭开公司面纱理论;另一方面取消或放松了原《公司法》对股东投资的过多限制,这不仅可以鼓励股东投资设立公司,促进经济发展,同时使债权人利益的保护也得到了更切实的保障。文章通过法理学分析指出,修正案实现了股东和债权人利益更好的平衡,使法律更接近于公平正义的价值目标。

The Balance of Interests between Creditors and Shareholders from the Perspective of the Recent Amendment of Corporation Law

As a fundamental system under corporation law,shareholders' limited liability system significantly reduces shareholders' risk.On the other hand,it increases the risk of the corporation's creditors.An important role of corporation law is to balance the interests between the two groups.October 2005 saw the adoption of Amendment of Corporation Law of the PRC.The Amendment can better protect corporations' creditors by shifting the focus from capital credit to assets credit which is more realistic in creditors protection.Another significant change is the introduction of "Piercing the Corporate Veil" theory into China's Corporation Law.Meanwhile the Amendment removes or releases many limitations on shareholders which will significantly promote investment. As a whole,the Amendment realizes a better balance of interest between the creditors and shareholders.