新《公司法》中股东失权制度研究

Research on Shareholder’s Loss of Equity System in the New Company Law

摘要: 2023年修订的《公司法》增设股东失权规则，为认缴资本制下规制股东瑕疵出资、保障公司资本真实提供了全新制度依据。该项制度落地后，司法适用边界模糊、程序规则不完善、制度体系衔接不畅等问题逐步凸显，尤其抽逃出资能否适用失权程序、决议程序如何规范等问题，尚未形成统一裁判共识。文章以公司法资本三原则与董事信义义务为理论基础，厘清股东失权制度的规范定位与运行逻辑，结合德国相关立法与司法实践经验，区分股东失权与股东除名的制度差异。针对学界争议较大的抽逃出资规制问题，文章对立法限缩制度适用范围的理由进行辩证分析，通过目的性扩张解释，论证抽逃出资应当纳入股东失权制度规制范畴。同时针对现行决议程序存在的制度漏洞，提出关联董事表决权排除、提高决议通过比例、构建二次催缴预警机制等完善路径。文章通过厘清制度适用边界、优化程序规范，以期完善认缴资本制下的出资责任体系，平衡公司资本维持与股东权益保护的司法价值。

Abstract: The newly revised Company Law of 2023 has established the shareholder forfeiture system, which provides a new institutional basis for regulating defective capital contribution and guaranteeing the authenticity of corporate capital under the subscribed capital system. Since the implementation of the system, practical problems such as vague applicable boundaries, imperfect procedural rules and poor institutional connection have emerged, and there is no unified judicial consensus on core issues including the application of forfeiture rules to capital evasion. Based on the three principles of corporate capital and directors’ fiduciary duties, this paper clarifies the normative orientation and operational logic of the shareholder forfeiture system and distinguishes it from shareholder delisting system with reference to German legislative and judicial experience. Through dialectical analysis of the legislative reasons for limiting the scope of application, this paper adopts the purposive expansion interpretation and holds that capital evasion shall be regulated by the shareholder forfeiture system. In view of the procedural defects, this paper proposes targeted optimization measures such as establishing voting exclusion rules for related directors, raising resolution adoption standards and introducing secondary reminder mechanisms. The research aims to improve the liability system of capital subscription, so as to realize the balanced protection of corporate capital security and shareholders’ legitimate rights and interests.