公司(si)引進新的(de)投(tou)(tou)資人(ren)，以(yi)公司(si)溢(yi)價方(fang)式(shi)增(zeng)資在(zai)公司(si)的(de)實(shi)務中(zhong)是較為(wei)常見(jian)的(de)。投(tou)(tou)資人(ren)為(wei)預防投(tou)(tou)資風險(xian)在(zai)投(tou)(tou)資同時(shi)一般(ban)會簽訂對賭條款，而對賭條款中(zhong)采用股(gu)(gu)(gu)權(quan)(quan)回購(gou)方(fang)式(shi)收回投(tou)(tou)資是最常見(jian)的(de)，一般(ban)約定(ding)(ding)(ding)如目標(biao)公司(si)未能達(da)到某一特定(ding)(ding)(ding)的(de)目標(biao)時(shi)，則(ze)目標(biao)公司(si)或原股(gu)(gu)(gu)東應按照雙方(fang)約定(ding)(ding)(ding)的(de)價格向投(tou)(tou)資人(ren)回購(gou)其持有(you)的(de)股(gu)(gu)(gu)權(quan)(quan)。這里我們撇開由其他股(gu)(gu)(gu)東以(yi)股(gu)(gu)(gu)權(quan)(quan)轉(zhuan)讓方(fang)式(shi)回購(gou)股(gu)(gu)(gu)權(quan)(quan)不(bu)談，僅針對由公司(si)作為(wei)交(jiao)易主體回購(gou)股(gu)(gu)(gu)權(quan)(quan)的(de)法(fa)律問題。

　　一、對賭(du)協議約定的公司回(hui)購(gou)股權是否(fou)有(you)效。

　　談到公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)股(gu)權(quan)的(de)對賭(du)(du)協議必然繞不(bu)開海富、瀚霖(lin)(lin)等幾個(ge)典(dian)型性案(an)例，最(zui)高院(yuan)在(zai)海富案(an)中確(que)(que)立了“與(yu)目標公(gong)(gong)司(si)(si)(si)對賭(du)(du)無(wu)(wu)效(xiao)，與(yu)股(gu)東對賭(du)(du)有效(xiao)”的(de)裁判(pan)規(gui)則，在(zai)瀚霖(lin)(lin)案(an)中確(que)(que)立了“目標公(gong)(gong)司(si)(si)(si)為(wei)股(gu)東回(hui)(hui)購(gou)提供(gong)擔保合法(fa)(fa)有效(xiao)”的(de)裁判(pan)規(gui)則。對于(yu)公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)股(gu)權(quan)的(de)效(xiao)力問題，確(que)(que)實可(ke)能存(cun)在(zai)著因侵害公(gong)(gong)司(si)(si)(si)及其債權(quan)人利益而無(wu)(wu)效(xiao)的(de)問題。對有限公(gong)(gong)司(si)(si)(si)來(lai)說，《公(gong)(gong)司(si)(si)(si)法(fa)(fa)》并(bing)無(wu)(wu)禁止(zhi)(zhi)有限公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)股(gu)權(quan)的(de)規(gui)定，且從(cong)《公(gong)(gong)司(si)(si)(si)法(fa)(fa)》第(di)71條有關股(gu)權(quan)轉(zhuan)讓的(de)規(gui)定看(kan)，公(gong)(gong)司(si)(si)(si)自身(shen)回(hui)(hui)購(gou)股(gu)權(quan)也(ye)不(bu)存(cun)在(zai)法(fa)(fa)律障(zhang)礙。對于(yu)股(gu)份(fen)(fen)(fen)有限公(gong)(gong)司(si)(si)(si)來(lai)說《公(gong)(gong)司(si)(si)(si)法(fa)(fa)》第(di)142條的(de)規(gui)定，《公(gong)(gong)司(si)(si)(si)法(fa)(fa)》原則上(shang)禁止(zhi)(zhi)股(gu)份(fen)(fen)(fen)有限公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)本公(gong)(gong)司(si)(si)(si)股(gu)份(fen)(fen)(fen)，但同時也(ye)規(gui)定了例外情形，即(ji)符合該(gai)類(lei)例外情形的(de)，《公(gong)(gong)司(si)(si)(si)法(fa)(fa)》允許股(gu)份(fen)(fen)(fen)有限公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)本公(gong)(gong)司(si)(si)(si)股(gu)份(fen)(fen)(fen)。可(ke)見，一(yi)概將公(gong)(gong)司(si)(si)(si)回(hui)(hui)購(gou)行為(wei)認(ren)定為(wei)無(wu)(wu)效(xiao)是(shi)不(bu)妥(tuo)當。事(shi)實上(shang)，雖然“與(yu)股(gu)東對賭(du)(du)有效(xiao)，與(yu)公(gong)(gong)司(si)(si)(si)對賭(du)(du)無(wu)(wu)效(xiao)”的(de)裁判(pan)規(gui)則是(shi)最(zui)高院(yuan)確(que)(que)定的(de)，但是(shi)，最(zui)高院(yuan)的(de)這一(yi)認(ren)識也(ye)存(cun)在(zai)發展(zhan)變(bian)化的(de)情形。

　　江蘇省高院在華工一案(an)中(zhong)(zhong)就并(bing)未遵循(xun)最(zui)高院上述原則，在該案(an)中(zhong)(zhong)江蘇省高院認(ren)定(ding)公(gong)(gong)司(si)回(hui)購(gou)(gou)(gou)對賭(du)協議條款(kuan)有(you)(you)效(xiao)。江蘇高院認(ren)定(ding)案(an)涉對賭(du)協議條款(kuan)有(you)(you)效(xiao)的(de)論證在于兩個方面，其(qi)一案(an)涉對賭(du)條款(kuan)是當(dang)事人意(yi)思自治的(de)結果，目(mu)標公(gong)(gong)司(si)及(ji)全(quan)部股(gu)東對股(gu)權回(hui)購(gou)(gou)(gou)應(ying)當(dang)履行的(de)法(fa)律程(cheng)序及(ji)法(fa)律后果是清(qing)楚的(de)。其(qi)二江蘇高院認(ren)為有(you)(you)限責任(ren)(ren)公(gong)(gong)司(si)回(hui)購(gou)(gou)(gou)本公(gong)(gong)司(si)股(gu)份(fen)不(bu)當(dang)然違反(fan)我(wo)國《公(gong)(gong)司(si)法(fa)》的(de)強制性規定(ding)、有(you)(you)限責任(ren)(ren)公(gong)(gong)司(si)在履行法(fa)定(ding)程(cheng)序后回(hui)購(gou)(gou)(gou)本公(gong)(gong)司(si)股(gu)份(fen)不(bu)會損害(hai)公(gong)(gong)司(si)股(gu)東及(ji)債權人利(li)益，也不(bu)會構成對公(gong)(gong)司(si)資本維持原則的(de)違反(fan)。

　　因(yin)此關于(yu)對賭協議(yi)(yi)約定(ding)的(de)公司回購股權是否有效的(de)問題(ti)筆者認(ren)為還需要(yao)個案分析綜合(he)考量，不能一概而(er)論直接認(ren)為協議(yi)(yi)無(wu)效。

　　二、公(gong)司回購股權的操作(zuo)路徑(jing)。

　　雖然有司法案例已經(jing)認(ren)可公司回購股(gu)(gu)(gu)權，但在(zai)現(xian)(xian)有工商登記實務辦理中，公司收購股(gu)(gu)(gu)東股(gu)(gu)(gu)權僅(jin)可通過公司定(ding)向減資(zi)的路徑(jing)進(jin)行變(bian)更登記，無法實現(xian)(xian)股(gu)(gu)(gu)東直接退出所(suo)引起的股(gu)(gu)(gu)東股(gu)(gu)(gu)權注銷登記。

　　《公司法司法解釋二》第五(wu)條規定：

　　人(ren)民(min)法院審(shen)理解(jie)(jie)散(san)公(gong)司訴訟(song)案件，應當注重(zhong)調(diao)解(jie)(jie)。當事人(ren)協(xie)商同(tong)意由公(gong)司或(huo)者(zhe)股(gu)東收購股(gu)份，或(huo)者(zhe)以減資等方式使(shi)公(gong)司存續，且(qie)不違反(fan)法律、行政法規強制性規定的，人(ren)民(min)法院應予(yu)支持。經人(ren)民(min)法院調(diao)解(jie)(jie)公(gong)司收購原告股(gu)份的，公(gong)司應當自調(diao)解(jie)(jie)書生效之(zhi)日起(qi)六個月(yue)內將股(gu)份轉讓(rang)或(huo)者(zhe)注銷。

　　《公司法(fa)司法(fa)解釋五(wu)》第(di)五(wu)條規定：

　　人民法(fa)(fa)院審理涉(she)及有限責任公(gong)司(si)股東重(zhong)大分(fen)歧案件時，應當注重(zhong)調(diao)解。當事人協商一致(zhi)以下(xia)列方式解決分(fen)歧，且(qie)不違反法(fa)(fa)律、行(xing)政法(fa)(fa)規的(de)強制性規定(ding)的(de)，人民法(fa)(fa)院應予支持：(一)公(gong)司(si)回購部分(fen)股東股份;(四)公(gong)司(si)減資;

　　由此可以看出公司與退出股東(dong)協議以定向減資的方式退出股東(dong)身份的，人民(min)法院認可其效力，是具有(you)法律(lv)可行(xing)性。

　　《公司注冊(ce)資(zi)本登記(ji)管理(li)規(gui)定》第十(shi)二(er)條規(gui)定：

　　有限(xian)責任公(gong)司(si)依據《公(gong)司(si)法(fa)》第七十四(si)條(tiao)的(de)(de)規定(ding)(ding)收(shou)購(gou)其股(gu)(gu)東(dong)的(de)(de)股(gu)(gu)權(quan)(quan)的(de)(de)，應當依法(fa)申(shen)請減少注冊(ce)資(zi)本的(de)(de)變更登(deng)記(ji)。據此，目前工(gong)商登(deng)記(ji)方面(mian)，只接受(shou)公(gong)司(si)按照《公(gong)司(si)法(fa)》第74條(tiao)規定(ding)(ding)收(shou)購(gou)股(gu)(gu)東(dong)股(gu)(gu)權(quan)(quan)引起的(de)(de)減資(zi)變更登(deng)記(ji)，除此之外的(de)(de)其他類型公(gong)司(si)收(shou)購(gou)股(gu)(gu)東(dong)股(gu)(gu)權(quan)(quan)(含協(xie)議收(shou)購(gou))所(suo)產(chan)生的(de)(de)減資(zi)，將不能在工(gong)商登(deng)記(ji)機關獲(huo)得減資(zi)變更登(deng)記(ji)。

　　三(san)、公司回購(gou)股(gu)權減資(zi)(zi)時資(zi)(zi)本公積如何處理。

　　投資(zi)(zi)(zi)(zi)(zi)人在進行(xing)投資(zi)(zi)(zi)(zi)(zi)時通常采用(yong)增資(zi)(zi)(zi)(zi)(zi)方式，在增資(zi)(zi)(zi)(zi)(zi)時為了維持公(gong)司(si)原有股權結構常常會在“增資(zi)(zi)(zi)(zi)(zi)協議(yi)”中約定溢價部(bu)分計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本公(gong)積(ji)。投資(zi)(zi)(zi)(zi)(zi)人在通過(guo)公(gong)司(si)回購股權的方式撤出(chu)投資(zi)(zi)(zi)(zi)(zi)時記入(ru)資(zi)(zi)(zi)(zi)(zi)本公(gong)積(ji)的部(bu)分是否可以直接返還給(gei)投資(zi)(zi)(zi)(zi)(zi)人，在實務操(cao)作中存在爭議(yi)。

　　公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)項(xiang)下規(gui)定(ding)有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)司(si)(si)必須(xu)要有(you)(you)注冊(ce)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben),而(er)在(zai)(zai)注冊(ce)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)之外,還(huan)存在(zai)(zai)著不(bu)同種類的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)。在(zai)(zai)討(tao)論(lun)計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)有(you)(you)關減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi)路徑前(qian),首(shou)先一(yi)個問題是(shi)(shi)(shi)(shi)為何可以(yi)(yi)將(jiang)增(zeng)(zeng)資(zi)(zi)(zi)(zi)(zi)溢價部分計(ji)入(ru)公(gong)(gong)(gong)(gong)(gong)司(si)(si)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)而(er)不(bu)是(shi)(shi)(shi)(shi)別的(de)(de)(de)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)項(xiang)下。資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)的(de)(de)(de)法(fa)(fa)(fa)(fa)律出(chu)處源于公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)第(di)(di)167條的(de)(de)(de)規(gui)定(ding),即“股(gu)(gu)(gu)份有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)司(si)(si)以(yi)(yi)超過(guo)股(gu)(gu)(gu)票票面金(jin)額的(de)(de)(de)發行(xing)價格發行(xing)股(gu)(gu)(gu)份所得(de)的(de)(de)(de)溢價款(kuan)以(yi)(yi)及國務(wu)(wu)院財政部門規(gui)定(ding)列入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)的(de)(de)(de)其(qi)他(ta)(ta)收入(ru),應當列為公(gong)(gong)(gong)(gong)(gong)司(si)(si)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)”。雖然該(gai)條規(gui)定(ding)的(de)(de)(de)是(shi)(shi)(shi)(shi)股(gu)(gu)(gu)份有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)司(si)(si),但實(shi)務(wu)(wu)中(zhong),有(you)(you)限(xian)(xian)(xian)責(ze)任(ren)公(gong)(gong)(gong)(gong)(gong)司(si)(si)同樣是(shi)(shi)(shi)(shi)適用的(de)(de)(de)。也就是(shi)(shi)(shi)(shi)說資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)的(de)(de)(de)來(lai)源是(shi)(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben),而(er)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)的(de)(de)(de)來(lai)源公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)規(gui)定(ding)的(de)(de)(de)比(bi)較(jiao)原則,即股(gu)(gu)(gu)票溢價款(kuan)和(he)國務(wu)(wu)院財政部門規(gui)定(ding)列入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)的(de)(de)(de)其(qi)他(ta)(ta)收入(ru)。那么計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)的(de)(de)(de)出(chu)資(zi)(zi)(zi)(zi)(zi)能(neng)直接(jie)進(jin)行(xing)減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi)嗎。根據(ju)公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)第(di)(di)177條以(yi)(yi)及其(qi)他(ta)(ta)相關規(gui)定(ding),公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)項(xiang)下的(de)(de)(de)減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi)全稱為減(jian)(jian)(jian)(jian)少(shao)注冊(ce)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben),即是(shi)(shi)(shi)(shi)針(zhen)對(dui)公(gong)(gong)(gong)(gong)(gong)司(si)(si)注冊(ce)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)的(de)(de)(de)減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi)規(gui)定(ding)。對(dui)于計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)的(de)(de)(de)出(chu)資(zi)(zi)(zi)(zi)(zi)能(neng)否直接(jie)進(jin)行(xing)減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi),公(gong)(gong)(gong)(gong)(gong)司(si)(si)法(fa)(fa)(fa)(fa)并(bing)未(wei)明確，但是(shi)(shi)(shi)(shi)在(zai)(zai)司(si)(si)法(fa)(fa)(fa)(fa)實(shi)務(wu)(wu)中(zhong),最高人(ren)民(min)法(fa)(fa)(fa)(fa)院在(zai)(zai)一(yi)起再(zai)(zai)審(shen)(shen)案(an)件中(zhong)對(dui)于這個問題是(shi)(shi)(shi)(shi)有(you)(you)回答的(de)(de)(de)。最高人(ren)民(min)法(fa)(fa)(fa)(fa)院在(zai)(zai)關于浙(zhe)(zhe)(zhe)(zhe)江新湖(hu)集團(tuan)股(gu)(gu)(gu)份有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)司(si)(si)與(yu)浙(zhe)(zhe)(zhe)(zhe)江玻璃股(gu)(gu)(gu)份有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)司(si)(si)、董利華(hua)、馮彩珍及一(yi)審(shen)(shen)第(di)(di)三人(ren)青海堿業有(you)(you)限(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)司(si)(si)公(gong)(gong)(gong)(gong)(gong)司(si)(si)增(zeng)(zeng)資(zi)(zi)(zi)(zi)(zi)糾紛申(shen)請(qing)再(zai)(zai)審(shen)(shen)民(min)事裁定(ding)書【再(zai)(zai)審(shen)(shen)案(an)號(hao)為:(2013)民(min)申(shen)字第(di)(di)326號(hao),原審(shen)(shen)案(an)號(hao)為:(2009)浙(zhe)(zhe)(zhe)(zhe)商初字第(di)(di)1號(hao)、(2010)民(min)二終字第(di)(di)101號(hao)、(2011)浙(zhe)(zhe)(zhe)(zhe)商終字第(di)(di)36號(hao)】闡(chan)述,計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)金(jin)的(de)(de)(de)出(chu)資(zi)(zi)(zi)(zi)(zi)已經成為公(gong)(gong)(gong)(gong)(gong)司(si)(si)資(zi)(zi)(zi)(zi)(zi)產,依據(ju)公(gong)(gong)(gong)(gong)(gong)法(fa)(fa)(fa)(fa)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)維持(chi)原則,股(gu)(gu)(gu)東不(bu)得(de)請(qing)求(qiu)返還(huan)。因此(ci),不(bu)同于注冊(ce)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben),在(zai)(zai)法(fa)(fa)(fa)(fa)律法(fa)(fa)(fa)(fa)規(gui)沒(mei)有(you)(you)明確規(gui)定(ding)的(de)(de)(de)情況下,計(ji)入(ru)資(zi)(zi)(zi)(zi)(zi)本(ben)(ben)公(gong)(gong)(gong)(gong)(gong)積(ji)(ji)(ji)(ji)的(de)(de)(de)出(chu)資(zi)(zi)(zi)(zi)(zi)是(shi)(shi)(shi)(shi)不(bu)能(neng)直接(jie)進(jin)行(xing)減(jian)(jian)(jian)(jian)資(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)。

　　那么是(shi)(shi)否意味著只要計入(ru)資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)就無法(fa)減出了。根據公(gong)(gong)(gong)司(si)(si)法(fa)第168條“公(gong)(gong)(gong)司(si)(si)的(de)(de)(de)公(gong)(gong)(gong)積(ji)金用于彌補公(gong)(gong)(gong)司(si)(si)的(de)(de)(de)虧損、擴大公(gong)(gong)(gong)司(si)(si)生產(chan)經營或者轉為(wei)增(zeng)加公(gong)(gong)(gong)司(si)(si)資(zi)(zi)本(ben)(ben)(ben)”。也(ye)就是(shi)(shi)說公(gong)(gong)(gong)積(ji)金包(bao)括盈余公(gong)(gong)(gong)積(ji)金和(he)資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)金都是(shi)(shi)可(ke)以(yi)轉增(zeng)注冊(ce)資(zi)(zi)本(ben)(ben)(ben),而轉增(zeng)注冊(ce)資(zi)(zi)本(ben)(ben)(ben)后歷(li)經公(gong)(gong)(gong)司(si)(si)法(fa)法(fa)定(ding)程序,是(shi)(shi)可(ke)以(yi)進行(xing)減資(zi)(zi)的(de)(de)(de)。因(yin)此(ci)(ci)計入(ru)資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)的(de)(de)(de)出資(zi)(zi)要進行(xing)減資(zi)(zi),需通(tong)過(guo)轉增(zeng)公(gong)(gong)(gong)司(si)(si)注冊(ce)資(zi)(zi)本(ben)(ben)(ben)的(de)(de)(de)路徑實(shi)(shi)現(xian)。實(shi)(shi)務(wu)(wu)當(dang)中(zhong),用資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)轉增(zeng)注冊(ce)資(zi)(zi)本(ben)(ben)(ben)的(de)(de)(de)情況也(ye)是(shi)(shi)可(ke)行(xing)的(de)(de)(de)。按以(yi)上(shang)路徑實(shi)(shi)務(wu)(wu)中(zhong)還有一(yi)個(ge)值得關注的(de)(de)(de)問題(ti),考慮到資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)畢竟是(shi)(shi)公(gong)(gong)(gong)司(si)(si)資(zi)(zi)本(ben)(ben)(ben),因(yin)此(ci)(ci)在資(zi)(zi)本(ben)(ben)(ben)公(gong)(gong)(gong)積(ji)轉增(zeng)公(gong)(gong)(gong)司(si)(si)注冊(ce)資(zi)(zi)本(ben)(ben)(ben)時是(shi)(shi)否必須按股(gu)東持(chi)股(gu)比(bi)例分別轉增(zeng)給(gei)各(ge)個(ge)股(gu)東,還是(shi)(shi)可(ke)以(yi)轉增(zeng)給(gei)某一(yi)位股(gu)東。同(tong)樣,法(fa)律(lv)法(fa)規對于此(ci)(ci)問題(ti)也(ye)是(shi)(shi)保持(chi)緘默的(de)(de)(de)。因(yin)為(wei)不(bu)同(tong)工商管理(li)部(bu)(bu)門(men)基于各(ge)自轄區(qu)內管理(li)的(de)(de)(de)不(bu)同(tong)需要可(ke)能(neng)存(cun)在不(bu)同(tong)的(de)(de)(de)操(cao)作(zuo)口徑,因(yin)此(ci)(ci)實(shi)(shi)務(wu)(wu)中(zhong)建議還是(shi)(shi)需結合公(gong)(gong)(gong)司(si)(si)所在地的(de)(de)(de)工商管理(li)部(bu)(bu)門(men)的(de)(de)(de)要求操(cao)作(zuo)。