摘要
公司法的资本制度安排应当立基于公司的交易本质,充分尊重商业逻辑和市场逻辑,透析股东与债权人等商事主体之间的合约订立过程。在秉持社会成本最小化原则的前提下提高各方的福祉。而2013年公司资本制度改革将中小企业的债权人放逐于制度的空白地带。交易费用这一视角可以帮助我们更好地看清这一制度变革背后的隐性风险,挖掘出公司法背后的经济结构,以及制度设计与现实商业机理之间的复杂关联,以此观察近二十年来中国公司资本制度的变化,可以更好地规制股东的道德风险行为,同时更客观地看待目前公司资本制度变革的利弊得失。
The capital system arrangement of the Company Law should be based on the transaction nature of the company, fully respect the business logic and the market logic, and analyze the contracting process between the commercial subjects such as shareholders and creditors. On the premise of minimizing social costs, the welfare of all parties should be improved. However, the reform of corporate capital system in 2013 expelled the creditors of small and medium-sized enterprises into the blank area of the system. The perspective of transaction costs can help us to better recognize the hidden risks behind this institutional changes, dig out the economic structure behind the corporate law, and understand the complex relationship between institutional design and the real business mechanism. To observe the changes of China＇s corporate capital system in the past twenty years from this perspective can help us better regulate the moral hazard behavior of the shareholders, at the same time, view the pros and cons of the current reform of the corporate capital system more objectively.
作者
田源
TIAN Yuan(Shandong University, Jinan 250100, China)
出处
《江西财经大学学报》
CSSCI
北大核心
2017年第2期114-123,共10页
Journal of Jiangxi University of Finance and Economics
基金
国家社会科学基金项目"选择性执法问题研究"(11BFX019)
关键词
公司法的经济结构
交易费用
公司资本制度
债权合约
corporate law economic structure
transaction costs
corporate capital system
contract of creditor＇s rights
