未届期股权转让的出资责任——基于《公司法(2023)》第88条第1款的适用分析

Transfer of Unmatured Equity and Capital Contribution Liability—An Application Analysis of Paragraph 1, Article 88 of the Company Law (2023)

摘要: 未出资股权转让后的责任承担问题，系认缴制改革衍生的公司法疑难问题，本质上是资本充实原则与股东退出自由的制度性博弈。2023年修订的《公司法》第88条第1款虽确立了“受让人承担首要出资责任，出让人承担补充责任”，但仍面临三重困境：股东资格认定标准模糊导致责任主体锁定困难，多次转让引发责任无限扩张风险，补充责任的适用不清。针对于此，应当重构以通知公司为节点的股东资格变动规则，借鉴德国法设置五年责任期限以限缩责任链条，阐明股东承担补充责任后的追偿权，同时赋予当事人间特别约定的权利。

Abstract: Post-transfer liability for unfulfilled capital contributions has emerged as a knotty corporate-law issue stemming from the shift to an authorized-capital system. At its core lies an institutional tension between the principle of capital maintenance and shareholders’ freedom to exit. Article 88 (1) of the Company Law as revised in 2023 assigns primary liability to the transferee and secondary, supplemental liability to the transferor, yet three dilemmas persist: the ambiguous criteria for determining shareholder status complicate identification of the responsible party; serial transfers threaten an unbounded expansion of liability; and the parameters of supplemental liability remain unclear. To address these problems, a rule tying the change of shareholder status to notice given to the company should be reconstructed; the German model of a five-year liability cut-off should be adopted to curtail endless chains of claims; the transferor’s right of recourse after discharging supplemental liability should be clarified; and the parties should be free to stipulate otherwise by special agreement.