作者：邹学庚
作者介绍：中国政法大学民商经济法学院副教授，法学博士
出版日期：2026年8月9日
内容提要 《九民纪要》和《公司法解释（征求意见稿）》以减资回购规则保护公司债权人，这一理念正确但路径不恰当。未来公司法应采以公司清偿能力为核心的股份回购规则。从比较法上看，偿债能力测试规则与资本维持下的财源限制规则在配套规则的辅助下实质趋同，均要求公司回购股份时须满足三个维度的清偿能力：清算意义上的清偿能力要求公司在股份回购后的资产不小于负债，保护既有债权人利益；资本充足意义上的清偿能力要求公司在股份回购后应维持与资本相当的净资产，保护潜在债权人利益；流动性意义上的清偿能力要求公司能够清偿到期债务，维持公司持续经营。在2023年《公司法》的资本维持体系下，应优先考虑法律的稳定性，建构财源限制规则规范清算意义上的清偿能力和资本充足意义上的清偿能力。同时，将流动性意义上的清偿能力纳入董事信义义务规则调整；若股份回购导致公司无法清偿到期债务，则董事不得实施。
关键词 股份回购 清偿能力 资本维持 偿债能力测试 财源限制 债权人保护
Abstract: The 2019 Minutes of the National Conference on Civil and Commercial Trial Work of Courts and the Supreme People’s Court’s Interpretation on Several Issues Concerning the Application of the Company Law of the People’s Republic of China (Draft for Comments) are correct in their underlying aim of protecting corporate creditors through rules on share repurchase by way of capital reduction, but inappropriate in the regulatory path they adopt. Future company law should move toward a share repurchase regime centered on corporate solvency. From the perspective of comparative law, the solvency-test rule and the source-of-funds restriction rule under capital maintenance are substantively convergent when read together with their supporting rules: both require that, in repurchasing its own shares, a company satisfy solvency along three dimensions. Solvency in the liquidation sense requires that, after the repurchase, the company’s assets be no less than its liabilities, thereby protecting the interests of existing creditors. Solvency in the sense of capital adequacy requires the company, after the repurchase, to maintain net assets commensurate with its capital, thereby protecting the interests of potential creditors. Solvency in the liquidity sense requires that the company remain able to pay its debts as they fall due, thereby preserving its going concern. Within the capital maintenance framework of the 2023 Company Law, priority should be given to legal stability: a source-of-funds restriction rule should be constructed to govern solvency in the liquidation sense and in the sense of capital adequacy. At the same time, solvency in the liquidity sense should be incorporated into the rules on directors’ fiduciary duties; where a share repurchase would render the company unable to pay its debts as they fall due, directors must not implement it.