To Maximize Shareholder Value And The False Protection Of The Interests Of The Creditors

As one of supporting systems of law of corporation, the company capital system plays the extremely vital role in instructing, controlling and adjusting the establishment, operation and bankruptcy of a company. The system influences the economical development and the competitive power of a country, and the goal realization of the law of corporation in enlarging social investment, promoting economic growth, increasing social wealth and the employment opportunity. Therefore, it is essential to research and analyze the company capital system. Generally speaking, the company capital has two function: One is the function of the management and the capital appreciation, the other is the function of paying off a debt and guaranteeing. These two functions are corresponding to two goals separately: Efficiency and security. The authorized capital system stresses the efficiency and legal capital system stresses security. The company capital system reform and the development tendency in the world are to fully display company capital management and the appreciation function, maximize shareholder benefit; but gradually give up company capital's function of paying off a debt and guaranteeing, give up company capital's function of protecting the creditor. This article will use the economical method to analyze the phenomenon ,locate the company capital system target in the shareholder benefit maximization, point out that the only core function of the company capital system is to pursue the shareholder benefit maximization. Meanwhile, the article will point out the function of paying off a debt and guaranteeing is false function. And they do not have big connection between the creditor protection and the company registration capital system. The Chinese company capital system reform should turn towards the shareholder benefit maximization and the efficiency, abandon the idea that company capital system has the function of protecting the creditor, divide the company capital system and the creditor protection mechanism, simplify the company capital system and perfect creditor protection mechanism at the same time.This article mainly divides into seven parts: The first part is introductory remarks, mainly introducing the research background, the research question and the significance, the research content, the structure and the innovation place in this article. The second part is the related company capital system theory summary. The third part is the analysis to the formation reason and localization of the company capital system, the...