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根据《公司法》对资本公示的要求,公司必须公示认缴资本,实缴资本是否公示由其自治决定。但《注册资本登记制度改革方案》与《企业信息公示暂行条例》却规定公司有义务公示其实缴资本,由此形成了我国公司资本公示的二元格局。在公司资本公示二元格局下,公司法理论与实践将面临多重困境:其一,公司信用能力的判断标准模糊;其二,股权转让法律关系趋于复杂;其三,股权质押的适用范围缩小;其四,股权期权激励计划的利用价值降低;其五,财产执行方面亦面临难题。要化解上述困境,唯有在恢复实缴资本强制公示要求的基础之上,重构法定验资报告制度。
According to the requirements of the Company Law on capital publicity, the company must make a public announcement of the subscription of capital, and whether the paid-up capital is publicly announced is determined by its autonomy. However, the “Registration Capital Reform Plan” and the “Interim Regulations on Enterprise Information Disclosure” stipulate that the company is obligated to publicize the actually paid capital, thus forming the dual pattern of the capital publicity of the company in our country. In the dual structure of corporate capital publicity, the theory and practice of corporate law will face multiple dilemmas: first, the judgment standard of corporate creditability is vague; second, the legal relationship of equity transfer tends to be complicated; thirdly, the scope of application for equity pledge is reduced Fourthly, the value of the equity option incentive plan is reduced. Fifthly, the implementation of the property is also facing problems. To resolve these dilemmas, we must reconstruct the statutory capital verification reporting system only on the basis of restoring the mandatory publicity requirements for paid-up capital.