The Analysis Of The Current Creditor Protection Mechanism In China

With the modification of the company law in 2013,the legislative logic of the protection of creditors in our country has been greatly adjusted.The legislative system has also transformed with the adjustment of legislative thinking.The most direct representation is that the capital system has changed from the payment system to the subscription system.However,the reform of the capital system is only a beginning,the mechanism of the protection of the whole creditor in our country has changed with the revolution of the capital system,but the continuous creditor protection mechanism has not yet been formed.Therefore,we need to clarify the basic theoretical basis,intention and direction of the reform,as well as the current status and deficiencies of the creditor protection mechanism,so as to correctly reconstruct the creditor protection mechanism.The following is a simple comb of the issues and reasons of the reform:As for the reasons of the reform,from the macro level,the legislators are committed to constructing the foundation for the creditors independently fighting for rights with the help of market strength,rather than a long-term use of administrative protection of creditors,of which the essence is that the legislator realizes that contract autonomy can fundamentally reduce costs and improve efficiency and promote prosperity.This is also the consensus of countries on the value of corporate law.From the micro level,legislators have long believed that capital adequacy can guarantee the company’s solvency and protect the interests of creditors.However,with the deepening of research and the shortcomings of practice and the reference of other countries in the world,legislators gradually realize that the company’s real solvency is not static capital,but the company’s changing assets.Therefore,the mandatory payment,capital verification and the minimum registered capital cannot effectively achieve the protection of creditors,but will increase the cost of social operation supervision,increase the company set-up threshold,hinder the development of the market,bringing a lot of negative effects.The problem is that China has long pursued national centralism,government intervention in all levels of society.After the reform of the capital system,the creditor does not have enough game tools and game consciousness.The protection mechanism of the original creditor has collapsed from the short term.The protection mechanism of the new creditor has not yet been built,and it is in a more unfavorable position.Therefore,at this time,we should accurately grasp the direction of legislative reform,and correctly comb the various schools of institutional recommendations.The paper based on the construction of the independent game of creditors to measure and sort out the way of reconstruction of creditors’ protection.