-PL-070518-企业（公司）的性质-PART 1

——thinking from an article in corporate law

The article said “公司不得接受本公司的股票作为质押权的标的。”

Question: What is a Company?

What is the essence of it?

Why shall it not hold the share under its name as the pledge object?

1.        Company=Equity=the assessment of Shares (股份);

2.        The equity must be divided into shares (股份)for shareholder’s possessing;

3.        Share certificate（股票）= shareholder’s rights credential as an evidence;

4.       股份有限公司是否可接受本公司股票作为质押标的？来源：  作 者：股票作为有价证券，所代表的股东权利是一种具有财产内容的权利，股票可以流通并可以抵押。但在特殊情况下，也有一定的限制性规定。《公司法》第149条规定，公司不得接受本公司的股票作为抵押权的标的。原因在于，当公司债权得不到偿还时，公司有权对债务人的抵押物进行变卖。但若以本公司股票作为抵押物，一旦债务人不能履行自己的债务，公司作为债权人对该股票进行拍卖时，易造成法律关系混乱，影响自己利益的实现，起不到抵押作用。《公司法》颁布时，我国《担保法》尚未颁布，《公司法》依《民法通则》的规定，对抵押和质押未作区分。《担保法》颁布后，在股票上设立的担保关系称为质押。因此，《公司法》第149条所称抵押实为质押。

5.       这里，“易造成法律关系的混乱”还是没有揭示出问题的本质。

6.         The issue here is if the company receives the shares as its pledge object, and when the debtor can not perform its liability as the perform period is at the expiration, then the company as the creditor can only dispose of those shares equal to its own equity. 

7.         For the other hand, the essence of guaranty is to supply a safety method to protect the creditor’s futere rights and interests when its anticipatory interests is in void.  And the safety way means to some property in name of other entity, and thus it can not be any kind of property of its own name indeed; otherwise it doesn’t make any sense to the creditor.

8.         That is the analysis course for why a company as a creditor shall not receive its own share as the object of its pledge. 

9.         We can also know that the matter of guarantee law system is just a whole set of rules for protecting our anticipatory rights and interests promised by the counterpart party and a collection of defensive principles against the counterpart’s nonperformance, deferral performance, non-complete performance, or fundamental breach of contract and even action in tort. 

10.     And the essence of a Company includes equity and the relationship assembly of and among shareholders which can be clarified and predicted by the Game theory.

11.     The legal method here used is to divide the specific equity into abstract rights entitled by entities including natural persons or legal entities.

12.     Also, from the Concept Philosophy point of view, the concept of right can only make sense when it has its relative concepts as liability and Obligation, as the legal idiom said that “No remedy, no rights.”