授权资本制的引入与股东利益保护研究

Research on The Introduction of the Authorized Capital System and the Protection of Shareholders’ Interests

摘要: 2023年《公司法》修订引入授权资本制，实现了我国公司资本制度的实质性跨越，有效提升了股份有限公司的融资效率与经营灵活性。但董事会股份发行权的扩张，也引发了股东股权稀释、控制权旁落、救济渠道不足等利益保护问题，且授权资本制与既有认缴制的叠加适用进一步加剧了资本虚化风险。基于此，本文从授权资本制的制度内涵与本土特征出发，剖析制度实践中股东利益保护的现实困境，从制度衔接、发行规制、救济机制、责任追究四个维度提出完善路径，旨在实现公司融资效率与股东利益保护的双重平衡，推动授权资本制的本土化有效落地。

Abstract: The revision of the Company Law in 2023 introduced the authorized capital system, achieving a substantive leap in China’s corporate capital system and effectively improving the financing efficiency and operational flexibility of joint-stock limited companies. However, the expansion of the board of directors’ power to issue shares has given rise to shareholder interest protection issues such as equity dilution, loss of control rights, and insufficient remedies. Moreover, the overlapping application of the authorized capital system and the existing subscription system has further exacerbated the risk of capital emptiness. Based on this, starting from the institutional connotation and local characteristics of the authorized capital system, this paper analyzes the practical dilemmas in the protection of shareholder interests in institutional practice, and puts forward improvement paths from four dimensions: institutional connection, issuance regulation, remedy mechanism, and liability investigation. It aims to achieve a dual balance between corporate financing efficiency and shareholder interest protection, and promote the effective local implementation of the authorized capital system.