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公司法的资本制度安排应当立基于公司的交易本质,充分尊重商业逻辑和市场逻辑,透析股东与债权人等商事主体之间的合约订立过程。在秉持社会成本最小化原则的前提下提高各方的福祉。而2013年公司资本制度改革将中小企业的债权人放逐于制度的空白地带。交易费用这一视角可以帮助我们更好地看清这一制度变革背后的隐性风险,挖掘出公司法背后的经济结构,以及制度设计与现实商业机理之间的复杂关联,以此观察近二十年来中国公司资本制度的变化,可以更好地规制股东的道德风险行为,同时更客观地看待目前公司资本制度变革的利弊得失。
The capital system of company law should be arranged based on the nature of the company’s transactions, full respect for business logic and market logic, and dialysis of contracts between shareholders and creditors and other commercial entities. Improve the well-being of all parties on the premise of upholding the principle of minimizing social costs. In 2013, the reform of the company’s capital system banned small and medium-sized creditors from being blanked out of the system. The perspective of transaction costs can help us to better understand the hidden risks behind the institutional change, dig out the economic structure behind the company law, and the complicated relationship between system design and the real business mechanism. In the past ten years, the changes in the capital structure of Chinese companies can better regulate the shareholders’ moral hazard behaviors and at the same time, they can more objectively view the pros and cons of the changes in the current capital structure of the company.