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論述公司債與公司股份的區別。

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正確答案:

(1)投資主體的法律地位不同

公司債券的投資人與公司之間是一種債權債務關系,因而投資人是公司的債權人,其與公司之間關系的處理準則適用于法律關于債權債務關系處理的一般原則;公司股份的持有者是公司的股東,是公司財產的終極所有者,與公司之間是一種因財產所有權轉化而形成的股權關系。并且,股東和公司分別是獨立的“人”,股東與公司之間的投資關系不是債權債務關系,因而也不適用法律關于債權債務關系處理的一般準則,而是適用公司法關于股東與公司關系的處理原則來解決雙方的權利義務關系的。

(2)投資主體的權利內容不同

公司債券持有人因其享有的是債權,故不享有公司事務的經營決策權,也不得干預公司內部事務的決定及執行。其對公司的權利就是按期收回本息,而公司對公司債券持有人則負有無論經營好壞必須按時償還本息的義務,否則,公司將承擔違約責任;股東依法享有資產受益、重大決策及選擇管理者等一系列股東權。其中的資產受益權實現的程度取決于公司經營業績的好壞,并隨之而變動。而且,股權是沒有到期日和償還期的,股東通常無權要求公司“還本付息”。在公司清算時,股東必須在債權人之后行使其對公司剩余資產的分配權。

(3)獲得權利的對價形式不同

公司債券的認購僅限于金錢給付;股權的獲得,其對價可以是現金,也可以是法律允許的實物、知識產權、土地使用權等財產權利。

(4)發行時間上的差異

公司債券只能在公司成立后、而不能在公司成立前發行;股票既可在公司設立過程中(即公司成立前)發行,也可在公司成立之后發行。

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