资本维持原则下对赌回购义务履行障碍之破解
Cracking the Obstacles to the Fulfillment of the Bet Repurchase Obligation under the Capital Maintenance Principle

资本维持原则是阻碍对赌回购义务履行的重要障碍。其作用途径主要通过“盈余分配规则”阻碍对赌回购义务履行的资金来源与“减资程序前置”架空对赌回购义务履行请求权的方式实现。与僵化的资本维持原则相比，偿债能力测试更注重目标公司实际偿还债务的能力，其回购自由度更高，但在实际操作中容易过分依赖董事个人的商业判断。因此，在平衡投资者、目标公司与债权人利益的基础上，最好采用折中办法破解对赌回购义务的履行障碍。一方面，确立股份回购的财源限制标准、扩大对赌回购的资金来源以缓解资本维持原则的僵化；另一方面合理融入偿债能力测试，区分上市公司与非上市公司的不同需求，分别引入不同的测试子标准。
The capital maintenance principle is an important obstacle to the fulfillment of the bet repurchase obligation. It is mainly realized through the “surplus distribution rule” which hinders the source of funds for the fulfillment of the betting repurchase obligation, and the “capital reduction procedure” which empties the right to request for the fulfillment of the betting repurchase obligation. Compared with the rigid capital maintenance principle, the solvency test pays more attention to the target company’s actual ability to repay its debts, and its repurchase freedom is higher, but it is easy to rely too much on the business judgment of the directors in the actual operation. Therefore, on the basis of balancing the interests of investors, target companies, and creditors, it is best to adopt a compromise approach to crack the obstacles to fulfillment the betting repurchase obligation. On the one hand, it is advisable to establish criteria for limiting financial resources for share buybacks and expanding the source of funds for betting on buybacks to alleviate the rigidity of the capital maintenance principle; on the other hand, it is advisable to reasonably incorporate a solvency test, distinguishing between the different needs of listed companies and non-listed companies, and introducing different sub-criteria for the test respectively.