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Kapitalschutz als Selbstzweck - Tobias Meyer

Kapitalschutz als Selbstzweck - Tobias Meyer

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Published by Tobias Meyer
Artikel in GesKR 3/08.
Artikel in GesKR 3/08.

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Published by: Tobias Meyer on Jan 14, 2011
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GesKR
32008
     A    u      f    s      ä     t    z    e
220
TobiasMeyer*
KapitalschutzalsSelbstzweck?
DieKapitalverassunggemässdemGesetzesentwurzurRevisiondesAktien-undRechnungslegungsrechtsimKontextinternationalerEntwicklungen
Inhaltsübersicht
I.EinleitungII.DasesteGrundkapital–einsinkenderStern1.ZweckdesGrundkapitalsystemsnachherkömmlicher Auassung2.KritikimSchrittum:
Thecaseagainstlegalcapitalrules 
2.1KeinHatungsonds2.2ArbiträreHöhedesGrundkapitals2.3BeschränkungaudieBilanz2.4WeitereFunktionsdefzite2.5KostendesGrundkapitalsystems3.LiberalisierungderGrundkapitalnormeninEuropa:
Theraceforthetop 
3.1WettbewerbderGesellschatsrechteauderStuederGmbH3.2DeregulierungstrendauderEbenedesGemeinschatsrechts4.EntwicklungeninderRechnungslegung:
Trueandfairview 
5.FolgerungenmitBlickaudiebevorstehendeReormdes AktienrechtsIII.KapitalaubringungimE‑OR1.Sacheinlageähigkeit2.Verrechnungsliberierung3.WeitergehendeReormansätzeIV.KapitalerhaltungimE‑OR1.DasKapitalband1.1DasInstitutdesKapitalbandesgemässArt.653.E‑OR1.2Kritik2.Reservebildungsvorschriten2.1NeuregelungderReservebildungsvorschritengemässArt.671.E‑OR2.2Kritik3.WeitereModifkationenderKapitalerhaltungsvorschriten4.RevisionderRechnungslegungsvorschriten4.1AuswirkungendesvorgeschlagenenRechnungslegungsrechtsaudieKapitalerhaltung?4.2RechnungslegungnachIFRSundKapitalerhaltungV.Fazit
I.Einleitung
A 21. D 2007   B Botschat  R  A-  R-
1
;       V-  «» A   P. E  Z  R   F  K,    E   K-   
2
. D  - M   K-   K .B   E,    ,  S  G,   SK    S
3
,    E   E   F   . D  G    L  E -   ,    V-  F  K  .
II.DasesteGrundkapital–einsinkenderStern
1.ZweckdesGrundkapitalsystemsnachherkömmlicherAuassung
D S   G
4
   S 
Mindestgrundkapitals,

 Kapitalau-
* L. . T M, R, H AG, Z.D V  D. . M W, R,LL.M.,   H.
1
B  Ä  O  21. D- 2007, BB 2008, 1589 . («Botschat 2007»).
2
Botschat 2007 (FN 1), 1615 .
3
BGE 132 III 673
(«eines der wichtigsten Prinzipien des Aktien-rechts»);
Peter Böckli, S A, 3. A., Z2004, § 1 N 101,   
«Fundamentalprinzip»
.
4
F  I   K  B ;    AG 
 Aktienkapital,
  GH 
Stammkapital 
   G 
Grund-kapital 
. D T «G»   Theo Guhl/ Jean Nicolas Druey, D S O,9. A., Z 2000, § 66 N 3,   O  
 
221
     A    u      f    s      ä     t    z    e
TobiasMeyer–KapitalschutzalsSelbstzweck?
GesKR
32008
bringung
 
 Kapitalerhaltung
. G 
quid pro quo
  P  H  G  K  M  M  G  G-   G . D  B-  K G   D G   M  G,    S  A .B  A,    G-    R ,  A   G - . D    R   E  A  V   K. K-     S  Pf  L   - N: I  G  V    H ,   V-  G S-  ;   V G   B  . F   R ,    V -. S  G  ,     B  G    B  A .  B  P  .Z  N    G. S  A  ,  G  G  
 Hatungssub-strat
   H  G  V- 
5
. F   G ,  G  
Verlustpuer 
-,  ,  V   G 
6
. H    V-,    G  V  G  K    
 Finanzierungsunktion
 
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. Ü   G 
Risikobe-teiligung
 G ,     I  G G     P 
debt agen-cy

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. E
Seriositätsschwelle
  M ,      G  
9
.S    G   S  G , -  A  G  G-    E   G 
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.
2.KritikimSchrittum:
Thecaseagainstlegalcapitalrules 
I S   Z   E-  E   G -. W     A,   G - P 
11
,   K   Z   K
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.V    S, - ,   S:
2.1KeinHatungsonds
W E    Z ,   G  H-   G  
13
. D R  G . K -
I   K      F -. S     G   Z
Eigenkapital 
 G,    R D   A   F G  .
5
V.  BSK OR II-Baudenbacher, A. 620 N 14; PeterForstmoser/Arthur Meier-Hayoz/Peter Nobel, S- A, B 1996, § 49 N 34; Christoph K. Wid-mer, D L   A, D.Z 1998 (= SSHW 184), 15; .  BGE 60 II 319
(«Garan-tieonds»)
.
6
Böckli (FN 3), § 1 N 121.
7
Forstmoser/Meier-Hayoz/Nobel (FN 5), § 49 N 36; Widmer(FN 5), 16. V      -
Signalunktion
 G:
 
I  G  W   G   ,   G M    A( V  K) -  V ,    G- K   (  Akerlo’
market or lemons)
 F, . WolgangSchön, D Z  K/-, DK 2 (2004), 166 .
8
Tim Drygala, S  – Z  V-  S   K   K,ZGR 35 (2006), 596.
9
Rainer Koll-Möllenho, D P   G-   G, D. K 2004, 48.
10
Peter Böckli, N  F   R-  A, SJZ 104 (2008), 340.
11
Bayless Manning/James J. Hanks Jr., L C, 3. A., NY 1990; Luca Enriques/Jonatahn R. Macey, C - C F: T C  E L CR, 86 C L R (2001), 1165 .; Jonathan Rick-ord, R C, 15 E B L R(2004), 919 .
12
Walter A. Stoel, A  N  A?, SJZ 97 (2001), 533 .; FriedrichKübler, T R  C U P   SM, : H/W (H.), C M C L, O 2003, 95 .; Horst Eidenmüller, E-   G  W, : L  . (H.), F  AH, M 2005, 581 .;  Peter Böckli,N A  K, : S (H.),F  J N D  65. G, Z2002, 331 .
13
Peter Nobel, U   G-, D A 43 (1998), 356:
«Juristen, dievom Grundkapital als Hatungssubstrat sprechen, bewegen sichnoch in der Gedankenwelt des 19. Jahrhunderts»
.
 
222
     A    u      f    s      ä     t    z    e
TobiasMeyer–KapitalschutzalsSelbstzweck?
GesKR
32008
 K    F  B  ;     V V  . A  S-   P  B   G-  A   G,  
«kein Goldklumpen im Tresor»
14
,    G K   . I  R-    ,   K  R    A - .
2.2ArbiträreHöhedesGrundkapitals
E G  G   H G   H   - M  CHF 100 000 . CHF 20 000
15
.S   G  G -    M ,   ,     R  G  H  – H  G    P
völlig arbiträr 
      S  G  - G 
16
:
«No one who is consi-dering whether to lend money today to General MotorsCorporation is interested in knowing what, or whether,a shareholder paid or his shares 50 years ago»
17
. DG     F  V ,     R ,    V   V . D  (  B .  E G)  H  G  ,   Sf A. 725 A. 1 OR,   V - ,   
18
.
2.3BeschränkungaudieBilanz
A  W  ,   - G    B -. M  B   B   S    G   A  L   E  G. F   B-  R   R  K-,
nicht
  H  G
19
. D  ,   G   F  K   S . D B-   E     F  W    - A,   
cash-ow,
 - R,   B   P
20
. I  Z    U.S.- G- ,   V-    A   Ü  S 
21
.
2.4WeitereFunktionsdefzite
D ,  F  - G    L:D 
Mindestkapital 
 S-    M CHF 20 000   GH,     M-f  CHF 50 000   AG,  ,     
22
. JF   M   -  
run
 G 
14
S Druey (FN 4), § 66 N 2.
15
V. Jürg M. Schwarz, D GH  - S  KMU, : M-S (H.), DGH   R – P   P, Z2000, 89,  ,  70 %  AG  A   H   M ; Z     . E   ,    L   ,   M   Pf  - K  G , . LukasGlanzmann, D Pf   K A, AJP 6 (1997), 51 .
16
E    ,   K -  H  G   K, .   U  Jürg Schneider, L      à  , D.Nâ 2000, Z 2000 (= SSHW 197), 245 .;   E  B  S   Z 2000  2004,     A-   G  Ü  A-  GH    ; .  P- «Ü  U»,  ....
17
Manning/Hanks (FN 11), 92.
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Peter Böckli, R  A  CG, ZBJV 138 (2002), 721; Expertengruppe Nach-lassverahren, I   S -? T  V  S  U-. B  E N-, B 2005,   ...//////_/_., 13.K    B  B (   V)  V   ,
spezialgesetzliche Ei- genmittelvorschriten,
   A  ,   R   G  E-  ; . A. 4 A. 2 BG .V..A. 16 .  V   E  R-  B  E (ERV).
19
V. Andreas Engert, D W  G N, GHR 98 (2007), 339,    R-  A C.
20
V. Lukas Handschin/Alexander Kind, R V  R, ZSR 119 (2000), II. H,127 .;    D
«Cash ist Fakt – Gewinn ist Ansichtssache»
.
21
F  Ü   K   USA .Marc Richard, K  A. E   A  US- K, D. B 2006,89 .
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V. Böckli (FN 3), § 1 N 155.

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