增资涉及到的法条（增资的类型和常见法律问题）

​何谓增资？ What is capital increase?

根据《公司法》第九章的相关规定，公司增资，是指公司为扩大经营规模、拓宽业务、提高公司的资信程度而依法增加注册资本金的行为。

According to the relevant provisions of Chapter 9 of the Company Law, the company's capital increase refers to the act of increasing its registered capital in accordance with the law in order to expand its business scale, expand its business, and increase the company's creditworthiness.

《公司注册资本登记管理规定》第五条第一款规定“股东或者发起人可以用货币出资，也可以用实物、知识产权、土地使用权等可以用货币估价并可以依法转让的非货币财产作价出资”。但是，《公司注册资本登记管理规定》第五条第二款也规定，“股东或者发起人不得以劳务、信用、自然人姓名、商誉、特许经营权或者设定担保的财产等作价出资”。

The first paragraph of Article 5 of the Regulations on the Administration of Registered Capital Registration of Companies states that "Shareholders or promoters may use money to contribute capital and may also use non-monetary property such as physical objects, intellectual property rights, and land use rights that can be valued in currency and legally transferable Funding. However, the second paragraph of Article 5 of the Regulations on the Administration of Registered Capital Registration of Companies also stipulates that shareholders or promoters shall not contribute capital at the price of labor services, credit, natural person names, goodwill, franchise rights, or properties set up as guarantees.

公司增资的类型 Types of company capital increase

类型1: 公司股东按照持股比例增资

Type 1: The company's shareholders increase their capital in proportion to their shareholding

按持股比例增资不会改变公司股东的持股比例，但股东需要按照公司股东会决议的规定向公司缴纳出资，否则就是股东违约，需要依法向守约出资的股东承担违约责任。

Increasing capital in proportion to the shareholding ratio will not change the shareholding ratio of the company’s shareholders, but shareholders need to pay contributions to the company in accordance with the provisions of the company’s shareholders ’resolution. Otherwise, it is a shareholder's breach of contract, and it is necessary to bear the liability for breach of contract to shareholders who contribute capital in compliance with the resolution.

类型2: 公司股东不按照持股比例增资

Type 2: The company's shareholders do not increase capital in accordance with the shareholding ratio

不按持股比例增资，原股东持有的股份比例将发生变化。公司股东依然需要召开股东大会，按照《公司章程》约定的表决人数进行表决，部分股东的股权会被稀释。

If the capital is not increased according to the proportion of shares held, the proportion of shares held by the original shareholders will change. Shareholders of the company still need to convene a general meeting of shareholders to vote in accordance with the number of voters stipulated in the Articles of Association, and the equity of some shareholders will be reduced.

类型3: 利润转增资本

Type 3: Profit to capital increase

公司税后利润不直接向股东分配现金股利，而是转增为公司的注册资本，以股份的方式向股东分配股利。这种方式不会增加公司资金的存量，但可以使公司的资金不外流，使得公司能够长期使用这些资金。在利润转增公司注册资本的情形下，有限责任公司的各股东持有股权的比例并不改变。

The company's after-tax profits do not directly distribute cash dividends to shareholders but are converted into the company's registered capital and distributed to shareholders in the form of shares. This approach will not increase the stock of company funds, but it will keep the company's funds from flowing out, allowing the company to use these funds for a long time. In this case, the shareholding ratio of the shareholders of the limited liability company has not changed.

类型4: 资本公积和盈余公积转增资本

Type 4: Capital reserves and surplus reserves transferred to capital

资本公积的主要来源是公司溢价转让股权或发行股份的所得，盈余公积金（分法定公积金和任意公积金）其来源主要是公司利润的留存。

The main source of capital reserve is the company's premium transfer of equity or the issuance of shares, and the source of surplus reserve funds (statutory reserve fund and arbitrary reserve fund) is mainly the retention of company profits.

这两种公积金都可以依法转为公司的注册资本，所不同的是法定公积金转增注册资本时，应当留存不少于公司增资前注册资本额百分之二十五的部分。这种增资方式不需要股东增加对公司的投入，也不会增加公司资金的存量。有限责任公司各股东持有公司股权的比例，并不会发生改变。

Both of these provident funds can be converted into the company's registered capital according to law. The difference is that when the statutory provident fund is converted into registered capital, it should retain not less than 25% of the company's registered capital before capital increase. This method of capital increase does not require shareholders to increase their investment in the company, nor does it increase the company's capital stock. The proportion of shareholders of a limited liability company holding company equity will not change.

类型5: 引入新股东增资扩股

Type 5: Introduce new shareholders to increase capital and share

引入新股东增资，公司股东的人数及股份比例都会发生变化。此时，不仅需要公司的股东会决议，还需要公司的原股东与新加入的股东签署增资协议，协议的重点是出资比价和出资方式、期限等。部分不参与增资的股东，因其股权会遭受稀释，需同时表态放弃对公司股权的优先购买权。

The introduction of new shareholders to increase capital will change the number of shareholders and the proportion of shares in the company. At this time, not only the company's shareholders need a meeting resolution, but also the company's original shareholders and newly joined shareholders need to sign a capital increase agreement. The focus of the agreement is the investment price, investment method, and time limit. Some shareholders who did not participate in the capital increase, because of the decrease in their equity, need to express their abandonment of the preemptive right to purchase the company’s equity.

公司增资的基本法律流程 Basic legal process of company capital increase

步骤1: 董事会确定公司增资方案

Step 1: The board of directors determines the company's capital increase plan

步骤2: 股东会通过公司增资决议

Step 2: The shareholders' meeting passes the company's capital increase resolution

步骤3: 股东履行增资义务

Step 3: Shareholders fulfill their capital increase obligations

步骤4: 办理增资变更的工商登记

Step 4: go through business registration for capital increase change

公司增资常见的法律问题 Common legal issues of company capital increase

1. 股东对新增资本的优先认缴权问题

Shareholders' pre-emptive right for new capital.

有限公司股东较为固定，且股东之间具有紧密、信赖的关系。因此，有限公司增加资本时，应按规定由本公司股东优先认缴，维护现有股东的利益。

The shareholders of a limited company are relatively fixed, and there is a close and trusting relationship between shareholders. Therefore, when a limited company increases its capital, it shall be subscribed by the shareholders of the company in accordance with regulations to protect the interests of existing shareholders.

《公司法》第三十四条对股东的优先认缴权进行了规定，即“股东按照实缴的出资比例分取红利；公司新增资本时，股东有权优先按照实缴的出资比例认缴出资。但是，全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。”

Article 34 of the "Company Law" stipulates the shareholder's priority in subscription rights, that is, "Shareholders shall receive dividends according to their paid-in capital contributions; Contribution of capital. However, all shareholders agree not to share dividends according to the proportion of capital contribution or not to subscribe for capital contribution in priority according to the proportion of capital contribution.”

在公司增加注册资本时，股东有优先于非股东对公司的新增资本进行认缴的权利。同时股东之间是按实缴比例而非认缴比例享有“增资优先权”和“分红权”的，这些都体现了现行公司立法对实缴资本的鼓励和保护，毕竟只有实际到账的出资才是公司营运的现实基础。

When the company increases its registered capital, shareholders have priority over non-shareholders to subscribe to the company's new capital. At the same time, shareholders enjoy increasing capital priority and dividend rights according to the paid-in proportion rather than the subscription proportion. These all reflect the encouragement and protection of the paid-in capital by the current company legislation, after all, only the actual capital contribution is the actual basis of the company's operations.

2. 原股东放弃优先认缴权问题

The original shareholder waived the pre-emptive right

《公司法》第三十四条规定“公司新增资本时，股东有权优先按照其实缴的出资比例认缴出资”，该规定表明在全体股东无约定的情况下，有限责任公司新增资本时，股东优先认缴出资的权利以及该权利的行使范围以“实缴的出资比例”为限，超出该法定范围，只能按全体股东约定处理。

Article 34 of the Company Law stipulates that when a company adds capital, shareholders have the right to subscribe for the capital contribution in accordance with the actual capital contribution ratio. The regulation shows that when there is no agreement by all shareholders, when a limited liability company adds new capital, the shareholders' right to subscribe for capital contributions and the scope of exercise of this right are limited to the contributed capital contribution ratio. If it exceeds the statutory scope, it can only be handled according to the agreement of all shareholders.

结合《公司法》第七十一条股东转让股份时其他股东具有优先购买权的规定，可以认为股东放弃新增股份认购权引入新股东等同于股份转让，故其余股东应享有优先购买权。

Combining with the provisions of Article 71 of the Company Law, when shareholders transfer shares, other shareholders have the preemptive right to purchase. It can be considered that the shareholders give up the right to subscribe for new shares, and the introduction of new shareholders is equivalent to the transfer of shares, so the remaining shareholders should enjoy the preemptive right to purchase.

3. 股份稀释和股权比例变化，导致控制权转移问题

Decline of share ratio and change of share ratio lead to transfer of control

公司增资以吸收其他资金，从某一股东的角度来看，其持股比例下降。当公司增资额超过一定程度，增加注册资本的原股东累计持有，或者向单一新股东一次增资持有公司注册资本50%以上时，公司的控制权势必会转移至该股东，从而导致公司控制权发生转移。

A company increases its capital to absorb other funds. From the perspective of a certain shareholder, its shareholding ratio declines. When the company's capital increase exceeds a certain level, the original shareholders who increase the registered capital accumulatively hold it, or when a single new shareholder holds more than 50% of the company's registered capital at a time, the company's control power is bound to be transferred to the shareholder, resulting in the company's control right transfer.

4. 大股东与小股东的利益冲突问题

Conflict of interests between major shareholders and minority shareholders

在公司增资时，大股东与小股东的增资意愿、增资能力等都不同，就公司增资事项进行表决时，如果大股东滥用表决权，小股东的权利则会受到一定程度的侵害。如小股东不愿意公司增资，而在股东会就增资事项进行表决时，大股东以绝对的比例使该决议通过，则小股东将被动地接受股份被稀释的后果。

When the company increases its capital, the major shareholders and the small shareholders have different capital increase intentions and capital increase capabilities. When voting on the company's capital increase, if the major shareholders abuse their voting rights, the rights of the small shareholders will be violated to a certain extent. If the minority shareholders are unwilling to increase the company's capital, and when the shareholders' meeting votes on the capital increase, the major shareholders pass the resolution in an absolute proportion, the minority shareholders will passively accept the consequences of the dilution of the shares.

5. 新增资本影响股东权益的问题

The issue of newly added capital affecting shareholders' equity

公司经过长时间的经营，有可能产生大量的盈余公积金、资本公积金或未分配利润，则此时净资产已远远高于公司原始资本；或公司也可能产生大量的负债，净资产早已低于其原始资本，甚至可能资不抵债。

After a long period of operation, the company may generate a large amount of surplus reserves, capital reserves or undistributed profits. At this time, the net assets are already much higher than the company's original capital. Or the company may also generate a lot of liabilities, and the net assets are already below its original capital and may even be insolvent.

基于以上原因，合理的增资方式应是首先对公司的现有资产进行全面的评估，以确定股东权益的真实价值，并在此基础上，确定原股东的持股比例和新股东的股权比例。增资时，公司价值评估过低，将损害原股东的权益。反之，则会导致原股东不合理地占有新股东的出资利益。

For the above reasons, a reasonable way to increase capital should first be a comprehensive evaluation of the company’s existing assets to determine the true value of shareholders’ equity and on this basis, determining the shareholding ratio of the original shareholders and new shareholders. When increasing the capital, if the company's value is evaluated too low, it will damage the rights and interests of the original shareholders. On the contrary, it will cause the original shareholders to unreasonably occupy the capital interests of the new shareholders.

研究公司增资问题，必须先明确增资中的“资”的概念。这里的“资”应指公司股东的出资。股东出资是指股东在公司设立或者增加资本时，为取得股份或股权，根据协议的约定以及法律和章程的规定，向公司交付财产或履行其他给付义务。

To study the company's capital increase, the concept of capital must be clarified. The capital here should refer to the capital contribution of the company's shareholders. Shareholder contribution refers to the shareholders ’delivery of property or other payment obligations to the company in accordance with the agreement and the provisions of laws and regulations in order to obtain shares or equity when a company establishes or increases capital.

《公司法》第三条第二款规定：“有限责任公司的股东以其认缴的出资额为限对公司承担责任；，所以股东认缴的出资即为公司责任承担的基础。

The second paragraph of Article 3 of the Company Law stipulates that the shareholders of a limited liability company shall be liable to the company within the limit of the amount of capital contributed by them; therefore, the capital contributed by shareholders shall be the basis for their responsibility to the company.

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