金融英语佳句解析No.30：share capital的各种处理
这是有朋友有疑问的法律句子，因为涉及很多证券知识，所以就归类在金融英语中。法定股本、注册资本、实缴资本之间是什么关系？赎回股票和回购股票之间的区别？股份溢价账户和资本赎回准备金的来源与用途是什么？回购股票的目的？
请翻译
Any alteration of the authorised share capital or cancellation of any part thereof or issue of any shares or consolidation or subdivision of any shares or alteration of any of the rights attached to any of the issued shares or the reduction of the share capital or repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund or payment of any shares by way of bonus from such account or fund or the entering into any arrangement whatsoever granting rights by way of option or otherwise to subscribe for or acquire any other rights in respect of any part of the issued share capital of the Company from time to time;
参考译文
Any alteration of the authorised share capital / or cancellation of any part thereof / or issue of any shares / or consolidation or subdivision of any shares / or alteration of any of the rights attached to any of the issued shares / or the reduction of the share capital / or repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund / or payment of any shares by way of bonus from such account or fund / or the entering into any arrangement whatsoever granting rights by way of option or otherwise to subscribe for or acquire any other rights in respect of any part of the issued share capital of the Company from time to time;
法定股本的任何变更/或法定股本任何部分的注销/或任何股份的发行/或任何合股或拆股/或任何已发行股票所赋予的任何权利的变更/或股本减少/或偿付贷记在任何股份溢价账户或资本赎回准备金的任何金额/或从该类账户或准备金支付任何红利股/时不时作出通过期权或其他方式授予认购该公司已发行股本的任何部分或获得该股本任何其他权利的任何安排；
解析
1、Any alteration of the authorised share capital
法定股本是什么？注册资本、实收股本之间的联系是什么？
（Business Dictionary）Authorised share capital (法定股本): The maximum value of securities that a company can legally issue. This number is specified in the memorandum of association (公司组织大纲) (or articles of incorporation (公司章程) in the US) when a company is incorporated, but can be changed later with shareholders' approval.
Authorized share capital may be divided into (1) Issued capital: par value (票面价值) of the shares actually issued. (2) Paid up capital (实缴资本): money received from the shareholders in exchange for shares. (3) Uncalled capital (待缴资本): money remaining unpaid by the shareholders for the shares they have bought. Also called authorized capital, authorized stock, nominal capital, nominal share capital, or registered capital.
法定股本是指英美公司在公司章程中规定的发行股份限额。通俗点讲，股东认购股份就是认缴资本，付了钱的部分就是实缴资本，未付钱的部分就是待缴资本。发行股份时，股份数*票面价值不能超过剩余的法定股本（即可发行最高股份额）。法定股本可由股东变更。
中国《公司法》取消了最低注册资本、一次性缴足注册资本的要求：
（1）有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。
（2）发起设立：是指由发起人认购公司应发行的全部股份而设立公司。股份有限公司采取发起设立方式设立的，注册资本为在公司登记机关登记的全体发起人认缴的出资额，且发起人认购的股份不得少于公司股份总数的百分之三十五。在发起人认购的股份缴足（fully paid-up）前，不得向他人募集股份。
（3）募集设立：是指由发起人认购公司应发行股份的一部分，其余股份向社会公开募集或者向特定对象募集而设立公司。股份有限公司采取募集方式设立的，注册资本为在公司登记机关登记的实收股本总额。
以上，在中国，对于有限责任公司和股份有限公司（发起设立），注册资本=认缴资本，只有缴足后，注册资本=实收资本；对于股份有限公司（募集方式），注册资本=实收资本。在资产负债表所有者权益一栏有“实收资本（股本）”。
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2、consolidation or subdivision of any shares 任何合股或拆股，拆股也可以说stock split
618 Sub-division or consolidation of shares
(1) A limited company having a share capital may—
(a) sub-divide its shares, or any of them, into shares of a smaller nominal amount than its existing shares, or （拆股，面额更小）
(b) consolidate and divide all or any of its share capital into shares of a larger nominal amount than its existing shares.（合股，面额更大）
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3、the reduction of the share capital 股本减少/减资
（Investopedia）Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and share repurchases. The reduction of capital is done by companies for numerous reasons including increasing shareholder value and producing a more efficient capital structure.
中国《公司法》规定：股东大会作出决议，必须经出席会议的股东所持表决权过半数通过。但是，股东大会走出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的三分之二以上通过。
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4、repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund or payment of any shares by way of bonus from such account or fund
或偿付贷记在任何股份溢价账户或资本赎回准备金的任何金额或从该类账户或准备金支付任何红利股
credit 贷记。溢价发行股票，票面价值和溢价分别贷记在资产负债表所有权权益的股本和股份溢价账户。资产的借记和所有权权益账户的贷记均为增额，需要对财务报表有一定了解。
以下是股份溢价账户和资本赎回准备金的来源和用途、赎回和回购的区别、回购股票的目的：
From Companies Act 2006
610 Application of share premiums
(1) If a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to an account called “the share premium account”.
(2) Where, on issuing shares, a company has transferred a sum to the share premium account, it may use that sum to write off—
(a) the expenses of the issue of those shares;
(b) any commission paid on the issue of those shares.
(3) The company may use the share premium account to pay up new shares to be allotted to members as fully paid bonus shares.
以上，股份溢价账户的用途在于支付发行新股的费用和佣金以及发行红利股。
733 The capital redemption reserve
(2) Where under this Part shares of a limited company are redeemed or purchased wholly out of the company’s profits, the amount by which the company’s issued share capital is diminished in accordance with—
(a) section 688(b) (on the cancellation of shares redeemed), or
(b) section 706(b)(ii) (on the cancellation of shares purchased),
must be transferred to the capital redemption reserve.
<688 Redeemed shares treated as cancelled
Where shares in a limited company are redeemed—
(a) the shares are treated as cancelled, and
(b) the amount of the company’s issued share capital is diminished accordingly by the nominal value of the shares redeemed.>
(3) If—
(a) the shares are redeemed or purchased wholly or partly out of the proceeds of a fresh issue, and
(b) the aggregate amount of the proceeds is less than the aggregate nominal value of the shares redeemed or purchased,
the amount of the difference must be transferred to the capital redemption reserve.
(4) The amount by which a company’s share capital is diminished in accordance with section 729(4) (on the cancellation of shares held as treasury shares) must be transferred to the capital redemption reserve.
(5) The company may use the capital redemption reserve to pay up new shares to be allotted to members as fully paid bonus shares.
(6) Subject to that, the provisions of the Companies Acts relating to the reduction of a company’s share capital apply as if the capital redemption reserve were part of its paid up share capital.
以上，资本赎回准备金视为公司实收资本（股本）的一部分。注销赎回的股票或回购的股票或库存股后导致股本减少的金额，以及赎回或回购的股票收益低于其票面价值的差价（这是跌破票面价值的情况，票面价值贷记股本，该差价贷记资本赎回准备金，满足本段第一句要求），均贷记资本赎回准备金。资本赎回准备金的用途是发行红利股。
（Investopedia）What is the difference between redemption of shares and repurchase of shares?
Sometimes, shares of stock offered by a company are not regular, market-driven common shares. Instead, they may be preferred shares, which are considered fixed income securities and are issued with a par value. When that par value is paid back to the purchaser of the preferred share, this is considered a redemption. Redemption (赎回) can also occur when issued bonds are called (提前赎回) or matured and the principal, or par value, is paid back.
When a company issues shares of common stock for the public to buy and later decides to buy some of those shares back, that's considered a repurchase rather than a redemption.
A repurchase (回购) of shares, reduces the number of outstanding shares that a company has, and can increase the company's holdings so that it remains or regains majority shareholder status. It can also increase the stock's earnings per share, since it reduces the outstanding number of shares. A repurchase may even allow the company to profit off of the resale of its own shares at a later time.
中国《公司法》规定：公司不得收购本公司股份公司，不得接受本公司的股票作为质押权的标的。但是，有下列情形之一的可以收购本公司股份：
1、减少公司注册资本（当经股东大会决议，收购本公司股份后应当自收购之日起十日内注销）；
2、与持有本公司股份的其他公司合并（当经股东大会决议，收购本公司股份后，应当在六个月内转让或者注销）；
3、将股份奖励给本公司职工（应当经股东大会决议，不得超过本公司已发行股份总额的百分之五；用于收购的资金应当从公司的税后利润中支出；所收购的股份应当在一年内转让给职工）；
4、股东因对股东大会作出的公司合并、分立决议持异议，要求公司收购其股份的（应当经股东大会决议，应当在六个月内转让或者注销）。
以上，赎回股票通常指赎回可赎回优先股，优先股是具有固定收益的证券，平价发行。赎回还可用在债券上，债券是具有固定利息的证券，可提前赎回也可到期支付本金。而回购股票通常指回购普通股，在国外，回购股票后，可以作为库存股，日后做它用，而中国对于股票回购规定严格。
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请翻译
Any alteration of the authorised share capital or cancellation of any part thereof or issue of any shares or consolidation or subdivision of any shares or alteration of any of the rights attached to any of the issued shares or the reduction of the share capital or repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund or payment of any shares by way of bonus from such account or fund or the entering into any arrangement whatsoever granting rights by way of option or otherwise to subscribe for or acquire any other rights in respect of any part of the issued share capital of the Company from time to time;
参考译文
Any alteration of the authorised share capital / or cancellation of any part thereof / or issue of any shares / or consolidation or subdivision of any shares / or alteration of any of the rights attached to any of the issued shares / or the reduction of the share capital / or repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund / or payment of any shares by way of bonus from such account or fund / or the entering into any arrangement whatsoever granting rights by way of option or otherwise to subscribe for or acquire any other rights in respect of any part of the issued share capital of the Company from time to time;
法定股本的任何变更/或法定股本任何部分的注销/或任何股份的发行/或任何合股或拆股/或任何已发行股票所赋予的任何权利的变更/或股本减少/或偿付贷记在任何股份溢价账户或资本赎回准备金的任何金额/或从该类账户或准备金支付任何红利股/时不时作出通过期权或其他方式授予认购该公司已发行股本的任何部分或获得该股本任何其他权利的任何安排；
解析
1、Any alteration of the authorised share capital
法定股本是什么？注册资本、实收股本之间的联系是什么？
（Business Dictionary）Authorised share capital (法定股本): The maximum value of securities that a company can legally issue. This number is specified in the memorandum of association (公司组织大纲) (or articles of incorporation (公司章程) in the US) when a company is incorporated, but can be changed later with shareholders' approval.
Authorized share capital may be divided into (1) Issued capital: par value (票面价值) of the shares actually issued. (2) Paid up capital (实缴资本): money received from the shareholders in exchange for shares. (3) Uncalled capital (待缴资本): money remaining unpaid by the shareholders for the shares they have bought. Also called authorized capital, authorized stock, nominal capital, nominal share capital, or registered capital.
法定股本是指英美公司在公司章程中规定的发行股份限额。通俗点讲，股东认购股份就是认缴资本，付了钱的部分就是实缴资本，未付钱的部分就是待缴资本。发行股份时，股份数*票面价值不能超过剩余的法定股本（即可发行最高股份额）。法定股本可由股东变更。
中国《公司法》取消了最低注册资本、一次性缴足注册资本的要求：
（1）有限责任公司的注册资本为在公司登记机关登记的全体股东认缴的出资额。
（2）发起设立：是指由发起人认购公司应发行的全部股份而设立公司。股份有限公司采取发起设立方式设立的，注册资本为在公司登记机关登记的全体发起人认缴的出资额，且发起人认购的股份不得少于公司股份总数的百分之三十五。在发起人认购的股份缴足（fully paid-up）前，不得向他人募集股份。
（3）募集设立：是指由发起人认购公司应发行股份的一部分，其余股份向社会公开募集或者向特定对象募集而设立公司。股份有限公司采取募集方式设立的，注册资本为在公司登记机关登记的实收股本总额。
以上，在中国，对于有限责任公司和股份有限公司（发起设立），注册资本=认缴资本，只有缴足后，注册资本=实收资本；对于股份有限公司（募集方式），注册资本=实收资本。在资产负债表所有者权益一栏有“实收资本（股本）”。
*******************************
2、consolidation or subdivision of any shares 任何合股或拆股，拆股也可以说stock split
618 Sub-division or consolidation of shares
(1) A limited company having a share capital may—
(a) sub-divide its shares, or any of them, into shares of a smaller nominal amount than its existing shares, or （拆股，面额更小）
(b) consolidate and divide all or any of its share capital into shares of a larger nominal amount than its existing shares.（合股，面额更大）
*******************************
3、the reduction of the share capital 股本减少/减资
（Investopedia）Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and share repurchases. The reduction of capital is done by companies for numerous reasons including increasing shareholder value and producing a more efficient capital structure.
中国《公司法》规定：股东大会作出决议，必须经出席会议的股东所持表决权过半数通过。但是，股东大会走出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的三分之二以上通过。
*******************************
4、repayment of any amount standing to the credit of any share premium account or capital redemption reserve fund or payment of any shares by way of bonus from such account or fund
或偿付贷记在任何股份溢价账户或资本赎回准备金的任何金额或从该类账户或准备金支付任何红利股
credit 贷记。溢价发行股票，票面价值和溢价分别贷记在资产负债表所有权权益的股本和股份溢价账户。资产的借记和所有权权益账户的贷记均为增额，需要对财务报表有一定了解。
以下是股份溢价账户和资本赎回准备金的来源和用途、赎回和回购的区别、回购股票的目的：
From Companies Act 2006
610 Application of share premiums
(1) If a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to an account called “the share premium account”.
(2) Where, on issuing shares, a company has transferred a sum to the share premium account, it may use that sum to write off—
(a) the expenses of the issue of those shares;
(b) any commission paid on the issue of those shares.
(3) The company may use the share premium account to pay up new shares to be allotted to members as fully paid bonus shares.
以上，股份溢价账户的用途在于支付发行新股的费用和佣金以及发行红利股。
733 The capital redemption reserve
(2) Where under this Part shares of a limited company are redeemed or purchased wholly out of the company’s profits, the amount by which the company’s issued share capital is diminished in accordance with—
(a) section 688(b) (on the cancellation of shares redeemed), or
(b) section 706(b)(ii) (on the cancellation of shares purchased),
must be transferred to the capital redemption reserve.
<688 Redeemed shares treated as cancelled
Where shares in a limited company are redeemed—
(a) the shares are treated as cancelled, and
(b) the amount of the company’s issued share capital is diminished accordingly by the nominal value of the shares redeemed.>
(3) If—
(a) the shares are redeemed or purchased wholly or partly out of the proceeds of a fresh issue, and
(b) the aggregate amount of the proceeds is less than the aggregate nominal value of the shares redeemed or purchased,
the amount of the difference must be transferred to the capital redemption reserve.
(4) The amount by which a company’s share capital is diminished in accordance with section 729(4) (on the cancellation of shares held as treasury shares) must be transferred to the capital redemption reserve.
(5) The company may use the capital redemption reserve to pay up new shares to be allotted to members as fully paid bonus shares.
(6) Subject to that, the provisions of the Companies Acts relating to the reduction of a company’s share capital apply as if the capital redemption reserve were part of its paid up share capital.
以上，资本赎回准备金视为公司实收资本（股本）的一部分。注销赎回的股票或回购的股票或库存股后导致股本减少的金额，以及赎回或回购的股票收益低于其票面价值的差价（这是跌破票面价值的情况，票面价值贷记股本，该差价贷记资本赎回准备金，满足本段第一句要求），均贷记资本赎回准备金。资本赎回准备金的用途是发行红利股。
（Investopedia）What is the difference between redemption of shares and repurchase of shares?
Sometimes, shares of stock offered by a company are not regular, market-driven common shares. Instead, they may be preferred shares, which are considered fixed income securities and are issued with a par value. When that par value is paid back to the purchaser of the preferred share, this is considered a redemption. Redemption (赎回) can also occur when issued bonds are called (提前赎回) or matured and the principal, or par value, is paid back.
When a company issues shares of common stock for the public to buy and later decides to buy some of those shares back, that's considered a repurchase rather than a redemption.
A repurchase (回购) of shares, reduces the number of outstanding shares that a company has, and can increase the company's holdings so that it remains or regains majority shareholder status. It can also increase the stock's earnings per share, since it reduces the outstanding number of shares. A repurchase may even allow the company to profit off of the resale of its own shares at a later time.
中国《公司法》规定：公司不得收购本公司股份公司，不得接受本公司的股票作为质押权的标的。但是，有下列情形之一的可以收购本公司股份：
1、减少公司注册资本（当经股东大会决议，收购本公司股份后应当自收购之日起十日内注销）；
2、与持有本公司股份的其他公司合并（当经股东大会决议，收购本公司股份后，应当在六个月内转让或者注销）；
3、将股份奖励给本公司职工（应当经股东大会决议，不得超过本公司已发行股份总额的百分之五；用于收购的资金应当从公司的税后利润中支出；所收购的股份应当在一年内转让给职工）；
4、股东因对股东大会作出的公司合并、分立决议持异议，要求公司收购其股份的（应当经股东大会决议，应当在六个月内转让或者注销）。
以上，赎回股票通常指赎回可赎回优先股，优先股是具有固定收益的证券，平价发行。赎回还可用在债券上，债券是具有固定利息的证券，可提前赎回也可到期支付本金。而回购股票通常指回购普通股，在国外，回购股票后，可以作为库存股，日后做它用，而中国对于股票回购规定严格。
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关注微信公共号：
紫风法律金融翻译
推送法律金融英语深度解析
------------------------------------
