关键词: 公司法, 资本信用, 认缴制, 债权人利益保护

Abstract: The evolution of company law has followed a “strictlaxstrict” pattern with regard to capital requirements The latest company law emphasises capital credit by requiring shareholders of limited liability companies to pay their contributions in full within five years，and jointstock companies to have fully paidup capital Against this background，this paper poses the following research questions：the role of capital credit in protecting creditors interests and the conditions under which capital credit is most effective
Using manually collected data from the Enterprise Credit Announcement System，the study conducts an empirical analysis of unlisted debt issuers from 2014 to 2023 The study finds that：（1）An increase in the paidin ratio of registered capital significantly reduces credit spreads in the secondary bond market，thereby enhancing creditor protection；（2）Capital credit affects creditor interest protection through the channels of reducing potential litigation risk，reducing information asymmetry，and increasing creditor confidence in the firm；（3）The positive impact of capital credit is more pronounced for firms with poorer information environments，higher industry default risks，and worse regional commercial credit environments；（4） Companies with a paidin ratio above 20% and a payment period below 5 years show a more pronounced protective effect of capital credit on creditors interests；（5） Appropriate relaxation of paidin requirements for companies with high R&D investment can promote their positive development；（6） The pledge of defective equity that has not been fully paid in further harms creditors interests
The marginal contributions of this study are as follows：First，this study empirically tests the relationship between capital credit and creditor protection The existing literature has tended to focus on deductive reasoning from a legal perspective，lacking empirical tests of the relationship between capital credit and creditor protection This study fills this gap Second，it expands the research perspective on creditor protection，enriching and complementing the mechanism of capital credit on creditor protection Third，it confirms the important role of strengthening capital credit under the comprehensive underwriting system to provide policy support for the implementation of the new company law，and also provides policy insights for the government to guide enterprises to adapt to the latest company law in a reasonable and flexible manner during the legal transition period

Key words: company law, capital credit, subscription, creditor protection