摘要
目前国内关于对赌协议的履行,存在履行方式多样态、履行节点多场域的特征,理论界和实务界对相关标准仍存争议。不仅如此,现实中其他表征的公司资产向股东流出行为层出不穷,持续性削弱了公司的实际清偿能力,导致公司债权人利益隐蔽却又实质性受损。现有的公司法对此规制分散且效果有限,即便公司最终进入破产程序,也因公司已经不具备实质性的可偿债资产而无力回天。为此,应对包括对赌协议履行在内的任一公司资产向股东流出的行为,全部归摄于公司分配行为进行统一立法规定,并配置对应的规制标准。传统静态的资本维持原则存在较大的规制局限性,以三重测试为内核的偿付能力标准更能动态体现公司资产的真实清偿能力。更为重要的是,这一标准应在《公司法》《企业破产法》中予以贯通适用,对公司分配行为完成“前端+后端”“前瞻+回溯”的协同规制体系,以董事会商业判断+司法审查为样态,真切实现债权人利益保障、公司和股东整体利益的双赢。
There are still disputes in both theoretical and practical circles regarding the performance standards of valuation adjustment mechanisms(VAMs)in China.Moreover,other behaviors representing the outflow of assets to shareholders continuously weaken corporate solvency and substantially impair the interests of creditors.Current provisions in the Company Law are fragmented and have limited effect.Even when a company eventually enters bankruptcy proceedings,it often lacks substantive assets for repayment.Therefore,all behaviors involving the outflow of corporate assets to shareholders,including the performance of VAMs,should be incorporated into corporate distribution and uniformly regulated by law.The traditional static capital-maintenance principle shows significant limitations,while the insolvency standard,with its triple-test mechanism,can more dynamically reflect a company’s true debt-repayment ability.More importantly,this standard should be consistently applied in both the Company Law and the Enterprise Bankruptcy Law,thereby establishing a coordinated regulatory system for corporate distributions that covers both“front-end and back-end”as well as“prospective and retrospective”aspects.With a model combining the business judgment of the board and judicial review,this approach can genuinely protect creditors’interests and achieve a win-win situation for companies and shareholders.
作者
刘思萱
LIU Si-xuan(Kenneth Wang School of Law,Soochow University,Suzhou Jiangsu 215006,China)
出处
《苏州大学学报(哲学社会科学版)》
北大核心
2025年第5期60-69,共10页
Journal of Soochow University(Philosophy & Social Science Edition)
关键词
对赌协议
公司分配
偿付能力
偿债资产
贯通规制
Valuation Adjustment Mechanism
corporate distribution
insolvency
debt-repaying assets
integrated regulation
