自2013年中国《公司法》大修以来，中国公司注册资本由“实缴制”全面转型为“认缴制”，这一变革彻底改变了以往必须实缴出资才能设立公司的规定，极大地促进了创业热情和市场主体的快速发展。但与此同时，它也悄然埋下诸多治理隐患。许多企业家在享受“零首付注册公司”的便利时，却对“认缴≠不缴”、“实缴影响权利”等核心逻辑一知半解。今天，我们将通过一篇文章，彻底讲透认缴与实缴的全部关键问题。

　　Since the major revision of China's Company Law in 2013, the registered capital of Chinese companies has undergone a comprehensive transformation from the "paid in system" to the "subscribed in system". This change has completely changed the previous requirement of requiring paid in capital to establish a company, greatly promoting entrepreneurial enthusiasm and the rapid development of market entities. But at the same time, it has quietly planted many governance risks. Many entrepreneurs, while enjoying the convenience of registering a company with zero down payment, have only a partial understanding of the core logic of "subscription ≠ non payment" and "actual payment affects rights". Today, we will thoroughly explain all the key issues between subscribed and paid in through an article.

　　一、“认缴制”下股东是否有表决权？

　　1、 Do shareholders have voting rights under the "subscribed capital system"?

　　股东仅认缴出资而未实际缴纳出资时，是否可以在股东会上行使表决权呢？

　　Can shareholders exercise their voting rights at the shareholders' meeting when they have only subscribed to the capital contribution but have not actually paid it?

　　《公司法》第65条明确规定：“股东会会议由股东按照出资比例行使表决权；但是，公司章程另有规定的除外。”

　　Article 65 of the Company Law clearly stipulates: "Shareholders shall exercise their voting rights at the shareholders' meeting in proportion to their respective contributions, except as otherwise provided in the company's articles of association

　　由此可见，在公司章程没有特殊规定的情况下，股东应按照其认缴的出资比例行使表决权，这意味着即使股东未实缴出资，仍然享有公司表决权。当然，股东们完全可以通过公司章程的特殊规定，对未实缴股东的表决权进行适当限制。

　　From this, it can be seen that in the absence of special provisions in the company's articles of association, shareholders should exercise their voting rights in proportion to their subscribed capital. This means that even if shareholders have not actually paid their capital, they still have voting rights in the company. Of course, shareholders can impose appropriate restrictions on the voting rights of shareholders who have not paid in through special provisions in the company's articles of association.

　　二、“认缴制”下股东是否有分红权？

　　2、 Do shareholders have the right to dividends under the "subscribed capital system"?

　　同样的情况，股东仅认缴而未实缴出资时，是否可以享有公司的分红收益呢？

　　In the same situation, can shareholders enjoy the company's dividend income when they only subscribe without actually paying their capital?

　　《公司法》第210条规定：“有限责任公司按照股东实缴的出资比例分配利润，全体股东约定不按照出资比例分配利润的除外。”

　　Article 210 of the Company Law stipulates: "A limited liability company shall distribute profits in proportion to the actual contributions made by its shareholders, except where all shareholders agree not to distribute profits in proportion to their contributions

　　因此，在没有特殊约定的情况下，公司股东按照其实缴的出资比例分配利润，也就是说，仅认缴而未实缴的股东并不享有公司的分红权。当然，在全体股东一致同意的情况下，也可以约定允许未实缴股东参与分红。

　　Therefore, in the absence of special agreements, shareholders of the company shall distribute profits according to the proportion of their actual contributions, which means that shareholders who only subscribe but have not actually paid do not enjoy the company's dividend rights. Of course, with the unanimous consent of all shareholders, it can also be agreed to allow shareholders who have not actually paid in to participate in dividends.

　　三、认缴出资何时必须实缴补足？

　　3、 When must subscribed capital be fully paid up?

　　首先，一般情况下注册资本需要在五年内实缴完成。根据《公司法》第47条规定：“全体股东认缴的出资额由股东按照公司章程的规定自公司成立之日起五年内缴足。”

　　Firstly, in general, the registered capital needs to be fully paid within five years. According to Article 47 of the Company Law, "The subscribed capital of all shareholders shall be fully paid by the shareholders within five years from the date of establishment of the company in accordance with the provisions of the company's articles of association

　　其次，公司无法偿债的情况下，股东需要加速实缴出资到位。根据《公司法》第54条规定：“公司不能清偿到期债务的，公司或者已到期债权的债权人有权要求已认缴出资但未届出资期限的股东提前缴纳出资。”这意味着当公司无法偿还到期债务时，无论股东的出资期限是否届满，债权人或公司本身均有权要求股东提前履行出资义务。

　　Secondly, in the event that the company is unable to repay its debts, shareholders need to accelerate the payment of their actual capital contributions. According to Article 54 of the Company Law, "If a company is unable to repay its matured debts, the company or the creditors of matured debts have the right to demand that shareholders who have subscribed for capital but have not yet reached the capital contribution deadline pay their capital contributions in advance." This means that when a company is unable to repay its matured debts, regardless of whether the shareholder's capital contribution deadline has expired, creditors or the company itself have the right to demand that shareholders fulfill their capital contribution obligations in advance.

　　再次，公司破产或者解散清算时，股东需要加速实缴出资到位。根据《企业破产法》第35条规定：“人民法院受理破产申请后，债务人的出资人尚未完全履行出资义务的，管理人应当要求该出资人缴纳所认缴的出资，而不受出资期限的限制。”同时，《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的规定（二）》第22条也规定：“公司解散时，股东尚未缴纳的出资均应作为清算财产。”一旦公司进入破产程序或解散清算，所有股东的出资义务将立即加速到期。

　　Once again, when the company goes bankrupt or is dissolved and liquidated, shareholders need to accelerate the payment of their actual capital contributions. According to Article 35 of the Enterprise Bankruptcy Law, "If the people's court accepts a bankruptcy application and the debtor's contributor has not fully fulfilled their capital contribution obligations, the administrator shall require the contributor to pay the subscribed capital without being limited by the capital contribution deadline." At the same time, Article 22 of the "Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Company Law of the People's Republic of China (II)" also stipulates that "when a company is dissolved, the capital contributions that shareholders have not yet paid shall be treated as liquidation property." Once the company enters bankruptcy proceedings or dissolution liquidation, the capital contribution obligations of all shareholders will immediately accelerate.

　　最后，在股权转让之前，建议股东加速实缴出资到位。根据《公司法》第88条规定：“股东转让已认缴出资但未届出资期限的股权的，由受让人承担缴纳该出资的义务；受让人未按期足额缴纳出资的，转让人对受让人未按期缴纳的出资承担补充责任。”如果股东在未实缴出资情况下转让股权，而新股东未按期足额缴纳出资，原股东仍需承担补充责任。因此，建议股东实缴出资后再进行股权转让，如确实不具备实缴能力，也可考虑通过减资降低认缴出资额后再转让股权。

　　Finally, before the equity transfer, it is recommended that shareholders accelerate the payment of their actual capital contributions. According to Article 88 of the Company Law, "If a shareholder transfers equity that has already subscribed for capital but has not yet reached the capital contribution deadline, the transferee shall bear the obligation to pay the capital contribution; if the transferee fails to pay the capital contribution in full and on time, the transferor shall bear supplementary liability for the capital contribution that the transferee has not paid on time." If a shareholder transfers equity without actually paying the capital contribution, and the new shareholder fails to pay the capital contribution in full and on time, the original shareholder shall still bear supplementary liability. Therefore, it is recommended that shareholders make actual contributions before transferring their equity. If they do not have the ability to make actual contributions, they may also consider reducing their subscribed capital before transferring their equity.

　　四、股东实缴除了用货币出资，还可以用什么出资？

　　4、 What other contributions can shareholders make besides monetary capital?

　　股东实缴出资既可以使用货币出资，也可以使用非货币财产出资。

　　Shareholders' actual capital contributions can be made using both monetary and non monetary assets.

　　《公司法》第48条规定：“股东可以用货币出资，也可以用实物、知识产权、土地使用权、股权、债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，法律、行政法规规定不得作为出资的财产除外。”

　　Article 48 of the Company Law stipulates: "Shareholders may make capital contributions in monetary form, as well as in the form of tangible assets, intellectual property, land use rights, equity, debt, and other non monetary assets that can be valued in monetary form and transferred in accordance with the law; however, assets that cannot be used as capital contributions as stipulated by laws and administrative regulations are excluded

　　需要注意的是，非货币出资必须同时满足两个条件：一是可以用货币估价，二是可以依法转让。

　　It should be noted that non monetary contributions must meet two conditions simultaneously: one is that they can be valued in currency, and the other is that they can be legally transferred.

　　尽管股东可以使用专利等知识产权进行出资，但必须注意相关的税负问题。根据财政部、国家税务总局《关于完善股权激励和技术入股有关所得税政策的通知》（财税[2016]101号）规定，股东使用技术入股，在税务上被视为“股东把专利卖给公司”，理论上需要缴纳20%的个人所得税。

　　Although shareholders can use intellectual property such as patents to contribute capital, they must pay attention to the relevant tax burden issues. According to the Notice on Improving the Income Tax Policies Related to Equity Incentives and Technology Investment (Caishui [2016] No. 101) issued by the Ministry of Finance and the State Administration of Taxation, the use of technology investment by shareholders is considered as "selling patents to the company" in taxation, and theoretically requires a personal income tax of 20%.

　　五、实缴出资完成之后，公司债务是否就与股东无关了？

　　5、 After the actual capital contribution is completed, is the company's debt no longer related to shareholders?

　　理论上，股东完成出资后，仅以其出资额为限对公司债务承担有限责任。

　　In theory, after shareholders complete their capital contributions, they are only liable for the company's debts to the extent of their contributions.

　　《公司法》第4条规定：“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。”因此，股东在公司的主要义务是补足实缴出资，完成出资后通常无需对公司债务承担额外责任。

　　Article 4 of the Company Law stipulates that "shareholders of a limited liability company shall be liable to the company up to the amount of their subscribed capital." Therefore, the main obligation of shareholders in the company is to make up for their actual capital contributions, and they usually do not need to bear additional liability for the company's debts after completing their capital contributions.

　　然而，在特定情形下，股东的有限责任可能会被“穿透”，即使完成实缴出资，也需要对公司债务承担无限责任。

　　However, in certain circumstances, the limited liability of shareholders may be "penetrated", and even after completing the paid in capital, they still need to bear unlimited liability for the company's debts.

　　《公司法》第23条规定：“公司股东滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益的，应当对公司债务承担连带责任。”

　　Article 23 of the Company Law stipulates: "If a shareholder of a company abuses the independent status of the legal person and the limited liability of shareholders, evades debts, and seriously damages the interests of the company's creditors, they shall bear joint and several liability for the company's debts

　　如果股东通过关联交易、过度控制或财产混同等方式，滥用公司独立法人地位造成债权人利益受损，那么即使已完成实缴出资，股东也需要对公司债务承担连带责任。

　　If shareholders abuse the independent legal status of the company through related party transactions, excessive control, or property mixing, causing damage to the interests of creditors, then even if the paid in capital has been completed, shareholders still need to bear joint and several liability for the company's debts.

　　综上所述，认缴制在降低创业门槛的同时，也带来了新的法律责任风险。企业家应当准确把握认缴与实缴的权利义务边界，做好股权结构设计，防范潜在法律风险。

　　In summary, while the subscription system lowers the threshold for entrepreneurship, it also brings new legal liability risks. Entrepreneurs should accurately grasp the boundary between subscribed and paid in rights and obligations, design their equity structure well, and prevent potential legal risks.

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