The Company Registration System Reform And The Close Company’s Credit Guarantee

The registered capital reform took place in Shenzhen, 2013.In this reform, the limitation for minimum capital was repeal, and the enrollment for a company becomes much easier than before. Reform simplified company registration procedures, which leads the number of company grows in a fast speed. However, the reform also brings a list of chaos, for example, "one dollar company", "Sustainable Company", and “Zombie Company” emerges suddenly.At the meanwhile, shareholders subscribed "high price" of registered capital. Cases of E-rent and fruit bank also raise concerns. These concerns make some of the media and scholars consider the reform as the reason for all of the problems. Since the reform simplifies the establishment program of the company, for a time, the number of companies raises, and it seems that the regulatory are missing. But in fact, every reform will lead to some chaos, we should consider it in a right way. China’s traditional company credit view was built above the capital credit. For the purpose of protect company’s credit, a system of laws and regulations was built. The capital credit is stable and unchanged. In the practiced, it caused a lot of problems, because the capital credit cannot reflect the real status of credit of a company. Later,the doctrine came into asset credit. Asset credit is changeable and dynamic, and it reflects the credit status for the company’s existence period. However, since the asset credit is based on the doctrine of asset publicity, which is not established yet, the assets credit still has a long way to go. The 2013 reform broke the legal basis for the capital credit, and the doctrine for asset credit is not established yet, the mission for us is to find a way to renew the idea of the credit for a company, and rebuild it, on the base of the rules and regulations nowadays. As the company is a comprehensive credit phenomenon associated with a variety of factors, the credit for a company depends on the balance of corporate governance legal control and autonomy. Thus, under the new situation of the company to build credit, requires diverse means, from internal and external at the same time. On one hand, make the responsibilities of directors and shareholders more clear; on the other hand, make the external means more practical and easy to use. For example, encourage companies enroll the true information of themselves, make good use of credit system and the rating system for company’s credit.