Upon the issue by the company of a share without par value , if an amount is stated in the memorandum to be authorized capital represented by such shares then each share shall be issued for no less than the appropriate proportion of such amount which shall constitue capital , otherwise the consideration in respect of the share constitutes capital to the extent designated by the directors and the excess constitutes surplus , except that the directors must designate as capital an amount of the consideration that is at least equal to the amount that the share is entitled to as preference , if any , in the assests of the company upon liquidation of the company 公司发行无面值股票后，如果在备忘录中载明一个金额，该金额为此类股票代表的法定资本，则每只股票应以不低于构成资本的金额的适当比例发行，否则股票发行的对价以董事指定的金额大小为准构成资本，超额部分则构成盈余；除非董事必须指定对价的一个金额作为资本，该金额至少应等于公司清算时股票在公司资产中作为优先部分（如果有）的金额。
In this thesis , after analyzing corporate capital , corporate capital system , the advantage and disadvantage of three kinds of corporate systems , the author used methods such as “ the law of barrel ” , “ cost - benefit ” , mathematics equation and so on with innovation to analyze three principles of corporate capital ( confirming , maintaining and unchanging ) and the applying effects of three corporate capital systems in different social environments . it is found that statutory capital system is favorable to increase the cost of setting up and running a company , to prevent some one with bad intention from corporate economical deception and upsetting the social economic order . but with the completion of the relevant social systems , the cost of corporate economical deception is increased ; the events of corporate economical deception and the destruction influence can be lowered down 本文在分析公司资本、公司资本制度内涵及三种资本制度优缺点的前提下,创新地运用经济学的“木桶原则” 、 “成本?效益”和数学方程式等方法,分析公司资本的确定、维持、不变三原则和三种资本制度对不同社会环境的适用效果后,认为法定资本制有利提高设立、运营公司的成本,阻止一部分恶意人员利用公司进行经济诈欺,扰乱社会经济秩序,但随着相关社会制度体系的完善,相关制度体系提高了恶意人员利用公司经济诈欺的成本,减少了经济诈欺的行为与损害后果,这时,法定资本制度保持原有设立、运营公司的高门槛就显得不合理,其阻碍社会资本进入公司发展的副作用就突出了;而折衷、授权资本制对公司设立、运营的成本依次降低,更有利于公司吸收社会资本发挥经济推动作用。
Corporate system is a typical form of the modern enterprise system ; it is the result of modern market economy and the large - scale socialized production . because of the limited risk and the unlimited benefit , it greatly stimulates the investor ’ s enthusiasm and strongly promotes the development of contemporary society . corporate capital is the “ blood ” on which a company should live , the material base for management of a company , and property foundation for a company ’ s responsibility 公司制度是现代企业制度的典型形态,是现代市场经济和社会化大生产的产物,它以投资者风险责任的有限性和资产受益的无限性极大地刺激了投资者的积极性,快速地推动当代社会的发展;公司资本是公司赖以生存的“血液” ,是公司经营的物质基础和公司对外承担责任的财产基础;现有法定、折衷和授权三种资本制,英国、美国等实行授权资本制,德国、日本、韩国等最初实行法定资本制,因实践中存在的问题越来越多,先后改法定资本制为折衷资本制;近年来,就实施何种公司资本制度最有利于公司的发展成为大家关注的问题,学者们众说纷纭,并没有达成一致意见。
One kind of legal mandatory focuses on the financial rations , such as equity insolvency test , balance sheet test , liability / asset ratio , and cash flow test . another kind of legal mandatory focuses on the " stated capital " and fixed - ratio reserves fund . i pay much attention to the issue of " which part of the value can be distributed " 接近之处在于：采用法定资本的概念，法定了最低注册资本，强制计提资本公积金和盈余公积金，以维护公示资本，并在公示资本之外增加对债权的担保，以及限制实缴出资的分配，限制减资分配和股票回购，倾向于把可分配的价值限定于利润、限定于资本的增值部分。
So the high threshold to set up and run a company by statutory capital system seems unreasonable , it will obviously hindering social capital from helping the development of a company . eclectic capital system and authoritized capital system can decrease the cost of setting up and running a company , thus can help a company to intake social capital and promote the economical development 因此,得出一个结论:完善公司资本制度与完善社会相关制度体系密切相关,在相关社会制度不完善的情况下应当适用法定资本制,随着相关社会制度的不断完善应当逐步由折衷资本制替代,最后应当实行授权资本制。
