【作者】 曹明；

【导师】 储育明；

【作者基本信息】 安徽大学 ， 法律， 2013， 硕士

【摘要】 债权出资是指本人以对公司享有的债权或本人以对第三人享有的债权在公司设立、增资或重整过程中以此向公司投资的行为。本文主要研究的是以对公司享有的债权在公司增资或重整过程中向公司投资的行为。由于债权具有财产性和可转让性,从一些发达国家关于债权出资的立法和司法实践证实,债权出资是可行的；另外,如果那些持有债权而不是货币或财产的人也能够以公司的形式投资,那么,创设公司的成本将大大减少。所以,法律允许债权作为一种出资方式,无论从社会财富、股东利益的最大化方面还是从丰富股东出资方式的多样化方面亦或是债权本身的特性方面都是符合公司法律制度建立的初衷。但是,我国立法在是否允许债权出资没有作出统一的规定；在允许债权出资后,应如何控制法律风险的出现及责任追究方面的规定也还很不完善。从我国目前的法律层面看,虽然公司法对股东出资的形式作了列举式的规定,没有将债权列举为法定的出资形式之一,但是在公司法解释三的征求意见稿第十四条和浙江省工商局2010年颁布的《浙江省公司债权转股权登记管理暂行办法》及2012年1月1日国家工商总局颁布的《公司债权转股权登记管理办法》中均明确允许债权可以作为法定的出资形式对公司出资。即便是有这些规定也不能掩盖债权本身的缺陷。债权出资的法律风险主要表现在以下几个方面：其一,债权的实现具有不确定性；其二,债务本身的诉讼时效与公司法规定的出资时间具有冲突；其三,债权出资缺少价值评价体系；其四,债权出资缺少责任追究制度。但是,由于债权在现代社会中凸显的作用,即使存在各种各样的风险,允许债权作为一种出资形式,已是经济发展的必然。所以,我国立法在确立允许债权出资时,在制度设计方面应予以完善。首先应明确债权出资的种类,其次是建立债权出资的披露制度和债权出资的价值评估制度。除此之外,在债权出资的担保及表决制度方面、在债权出资的比例限制制度方面以及公司内部财务制度方面,均应作出明确且可操作的规定。当然,债权虽具有价值,但是属期待权,具有很高的不确定性。所以完善、强化债权出资的责任追究制度,可在一定程度上防范、消除债权出资的风险,最大限度地减少利益相关人的损失。所以,无论是在债权股股东虚假出资应承担的责任、债权股转让过程中债权股股东及受让人对公司、公司其他股东及公司债权人应承担的责任以及评估机构、验资审计机构、公司登记机关应承担的的责任等方面都应予以明确。更多还原

【Abstract】 The creditor’s rights investment as one of investment way,that refers to himself who can claim on the company or himself who can claim on the third party to invest when the company is in the process of establishment, either capital increase or reforming. This article will research the way of himself who claims on the company when the process of the company capital increase or reforming happened.The creditor’s rights can be treated as the property and can be transferable, according to some developed countries on legislation and judicial practice about creditor’s rights, the creditor’s rights investment is feasible. In addition, if those people who hold debt rather than money or property can be regarded as one kind of company investment way, then, to set up the company’s costs will be greatly reduced. Moreover, either the maximization of social wealth, the interests of the shareholders or varied the investment way or the characteristic of creditor’s right itself, which meets the original purpose of the company law. However, our legislation on allowing the creditor’s rights investment does not make a unified regulation. If the legislation allows the creditor’s rights investment existing, that should improve the system about how to control the legal risks and strengthen the responsibility of punishment.According to our legal level at present, the company law on the shareholder’s capital contribution form is a summarized rule, it does not list it as one of the creditor’s rights investment form, but the article fourteenth of the company law explained three draft and The trade and Industry Bureau of Zhejiang province in2010promulgated the’Zhejiang province company debt to equity registration management Interim Measures’and in January1,2012the State Administration for Industry and Commerce promulgated the’measures for the administration of registration of corporate debt to equity’all allow the creditor’s rights can be treated as the legal capital contribution form. Even these provisions are existing, but that cannot avoid the risk of creditor’s right investment yet.The legal risk of creditor’s rights mainly includes the following aspects:firstly, the achievement of creditor’s rights uncertainly; secondly, the conflict between the statute of limitation and the investment time; thirdly, the lack of value evaluation system of creditor’s rights investment; finally, lack of the accountability system of the creditor’s rights investment.However, due to the creditor’s rights in modern society plays the more important role, even if the various risks will be appear, allowing the creditor’s rights as a form of capital, is the necessity of economic development. Therefore, If the legislation of our country in the establishment allows the creditor’s rights investment, It should be improve in the design of the system. Firstly, which should be clear of the creditor’s rights investment species, Secondly, which should establish the disclosure system and the value evaluation system of the creditor’s rights investment. In addition, the voting system and the guarantee system and the proportion restriction system all should be clear and operable.Of course, the debt has value, but it belongs to the right of expectation, and it is uncertainty. So, to a certain extent, to improve the creditor’s rights investment system and strengthen the responsibility investigation system, which can prevent, eliminate the risk of creditor’s rights, and minimize the loss of stakeholders. Anyway, either the responsibility of the false capital shareholders, the debt stock shareholders, the other shareholders of the company or the assessment organ, the capital inspection organ, the registration organ, all should be clear.更多还原