Research On Creditors Rights And Interests Protection Under Company's Assets Credit System In China

From the accounting perspective,the company assets include the owner's equity and liabilities,owners' equity is the company's capital invested by shareholders,its essence is a kind of ownership.And as for the liabilities,it is the creditors' claim,its essence is a kind of right of claim.On the one hand,the effectiveness of the right of claim is weaker than the one of the ownership,on the other hand,shareholders have supreme power in the company,while creditors do not have management control of the company,which caused the interests of creditors have to seek protection from the law in order to balance the interests of shareholders and creditors,only then can the company continue to raise debt capital and keep a balance of accounting.With the development of economy,the part of the corporation law 2006 can no longer meet the requirements of the development of market economy,in this context,in 2013,the corporation law of our country made a major revision.There are three major changes: firstly,it is stipulated that the company registry would not need to submit the related capital verification report,the industrial and commercial registration would not include paid-in capital,which greatly simplifies the relevant company registration and registration documents;Secondly,the capital subscribed system is established,in other word,the contributed capital is no longer required when the company is established,it would be sufficient that there is a written stipulation about the investment way and the deadline are specified in the articles of association of a company which means the paid-in registered capital is abolished.Thirdly,the minimum registered capital system for the ordinary company limited and limited liability company is abolished(banks,non-banking financial institutions and other special industries are not included).These three modifications are a significant change in corporation law in China,as the change includes not only the traditional capital system,but also makes the corresponding credit system and capital system began to change as well.In our country,the registered capital under the traditional legal system is the capital credit system,but in fact this capital credit system is not able to provide sufficient protection to the creditors.Usually the capital only means the registered amount when the company is founded,it has not always been the same as the company's actual assets.Because the company profit or loss is hard to predict,leading to the company's real property amount often vary greatly with the company's capital.And the difference will expand with the company operation period,generally if the operation period is longer,its reference value to protect their rights and interests of creditors is weaker.Compared with the capital credit system,asset credit system has great superiority.Under the asset credit system,the focus by the creditors is no longer a constant capital during the company's registration,instead the creditors should pay attention to the change of company assets according to company's operation performance as only the company assets change can provide adequate protection to the rights and interests of creditors.We can say that the change from the capital credit to assets credit is not only the change of laws and regulations,but also a concept of change.However,we must realize that China is still in the transition from capital credit to assets credit,assets credit system also has a lot of problems.Because China still do not establish relevant laws and regulations,the three major changes of the corporation law caused adverse effects to the protection of the interests of creditors in China.In order to better protect the interests of the creditors,we must constantly improve the system of credit assets with purpose to give a better play to its advantages.The last chapter put forward five suggestions about how to safeguard the interests of creditors under the asset credit system,the suggestions include both laws and regulations,including the establishment of credit system and internal governance of the company.Hope those improvement measures can promote the establishment of the credit system and improve the assets and flourish the market economy of our country on the basis of fully protecting the interests of creditors.