手执看片福利盒子日乾

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The integration of authorized capital issuance system and subscription system

Li Jianwei  
[Abstract]: China's corporate capital system follows the "three principles of capital" and solidifies capital credit as the basis of corporate creditor protection. The long-term practice has proved that the expected effect of the system is poor, which unnecessarily increases the financing pressure of company establishment, affects the efficiency of capital operation, and finally inhibits the realization of the function of creating wealth by capital. The capital system reform in the new round of revision of the company law should be guided by the construction of a rule system that encourages investment and entrepreneurship, reduces the cost of company establishment, and balances the interests of all parties. The focus of the capital system lies in the link of capital issuance and company distribution. The reform of the former should be carried out around the authorized capital issuance system of joint-stock companies, supplemented by the corresponding subscription system. The core of the latter is to introduce the "solvency" test standard to solve the tension between the flexibility of the use of company funds and the protection of creditors.
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手执看片福利盒子日乾

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