중국 개정 ｢회사법｣의 주식제도에 관한 연구

The implementation of the new Company Law in 2024 marks a systematic innovation of China's corporate capital system. The adjustments to the system of no-par-value shares, class shares, authorized capital system, and the rules of share repurchase request rights have become the core of this reform. These institutional innovations aim to break through the limitations of traditional capital regulation, provide enterprises with more flexible capital operation space, and enhance the vitality of market entities. However, during the process of institutional change, many practical contradictions have emerged: there is a lack of unified standards for the valuation of no-par-value shares, class shares face the risk of rights imbalance, there is a gap in the supervision of the authorized capital system, and the rules of share repurchase request rights do not connect well with the capital maintenance model. By deeply analyzing the dilemmas in the institutional change and combining with domestic and international practical experience, this paper proposes solutions from dimensions such as legislative improvement, judicial practice, and regulatory optimization. It is expected to promote the effective implementation of the new system, achieve a dynamic balance between efficiency improvement and risk prevention and control in the corporate capital system, and provide institutional guarantees for the high-quality development of China's market economy.