新《公司法》的资本公积补亏禁令评析

资本公积不得补亏是2005年《公司法》对资本公积规则的重大变更,与此次《公司法》修改放松资本管制的基调颇不和。资本公积的构成主要依赖于公司财务会计规则的界定,但其功能及其实现方式则是公司法中的命题,资本维持原则的要求构成了资本公积补亏的法律约束条件。然而为实现证券监管之目的,新资本公积规则不仅逾越了公司法的功能边界,而且忽略了其自身的基本逻辑。1993年《公司法》缺乏对公司理财行为的关注,客观上为公司财务操纵提供了一种庇护。2005年《公司法》则走到另一个极端,剥夺公司财务运作上的自主权。证券监管思路的调整与会计准则的修改将完全消解新《公司法》资本公积补亏禁令的存在意义。

On the Prohibition on Refunding of Accumulation Fund with Capital in New Company Law

The Company Law 2005 makes a big change in the legal rules on capital reserve by prohibiting companies to write off their loss with capital reserve. The prohibition is in great contrast with the basis tune of the company Law revision aiming at deregulating capital. This article explores the underling restriction on the function of capital reserve and described the influence from company law, especially the capital maintenance principle and accounting principles. The author then points to the new capital reserve rule's enthusiasm to pursue some goal under securities regulation, resulting in theoretical controversy and further, depriving a company of its autonomy in financial operation. The prohibition shall soon lose its value as a legal rule following the change in securities regulation and accounting standards.