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证券市场的兴起影响了公司融资方式,也给公司法管制资本的传统做法提出了众多挑战。英、美、德、法等国公司法不同的应对方式也塑造了当下公司资本制度的多种样态。其中,资本市场最发达的美国见证了法定资本制的式微以及证券市场监管的崛起,后者在一定程度上替代了资本制度的功能,给上市公司的公众股东以及债券投资者提供了更有效的保护。本文以出资管制与资本市场之间的互动为重点,从功能主义的进路概括了公司资本管制的内在逻辑与制度要素,分析了对我国公司法资本制度与证券监管并存的“双轨制”特征,在此基础上对此次公司法资本制度改革以及对证券市场的潜在影响做了初步探讨。
The rise of the stock market has affected the way in which companies finance and also poses numerous challenges to the traditional approach of corporate law in regulating capital. The different coping styles of corporate law in Britain, the United States, Germany, France and other countries also shape the current pattern of corporate capital system. Among them, the most developed capital market in the United States has witnessed the decline of the statutory capital system and the rise of the securities market regulation. The latter, to a certain extent, has replaced the function of the capital system and provided public shareholders and bond investors of listed companies with more effective protection. This article focuses on the interaction between capital contribution and capital market. From the perspective of functionalism, this paper summarizes the internal logic and institutional factors of the company’s capital controls, and analyzes the “dual-track system” in which the corporate capital law and the securities regulatory coexist. On this basis, this article made a preliminary discussion on the reform of the capital law of the Company Law and the potential impact on the securities market.