譯文（字數 2754）：

法定資本的未來

本文主要從德國法律資本的效率規則入手，使我們更好的了解法律資本。在公司章程中，有關公司的法定資本作為公司債權人的集體報價對于債權人利益的保護是相當重要的。它解釋了為什么資本保護系統能夠成為一個高效的手段促進企業的活動。

    1.在國際背景下德國法中的法定資本要求

北約秘書長，英國議會員羅伯森在一次辯論中指出了下議院關于理事會指令的轉變，該轉變是英國公司法中的特殊要點即法律資本能夠比任何法律領域更快的清空下議院的能力?？v觀目前的公司法領域，我們很快可以注意到美國和英國的特殊法律關系。就法律沖突而言，這兩個國家鼓勵成立公司，而并不是控制企業形成。同時，企業被允許在不同的公司法律制度之間進行選擇。債權人的保護也并不是上述兩國公司法律制度的首要目標。

外文原文（字符數 12740）：

外文出處：Wolfgang Schön  歐洲商業組織法評論，第五章，429-448。

The Future of Legal Capital

    This article argues that in the efficiency of the German legal capital rules, it is helpful to distinguish carefully between three different aspects: the question of whether the law should impose a minimum legal capital requirement, the relevance of provisions in the articles of incorporation pertaining to the legal capital of the company as a collective offer to the company’s creditors, and the role of legal capital rules in limiting distributions prior to the company’s insolvency. The existence of a minimum legal capital requirement, while it may not be particularly burdensome to serious-minded entrepreneurs, does not do much to help creditors. 

    I. German law on legal capital requirements in the international context

    When Lord Robertson, until recently Secretary General of NATO, was a young member of the British Parliament, he once remarked during a debate in the House of Commons regarding the transformation of the Council Directive on Legal Capital Requirements1 into English company law that among the peculiar traits of company law was the ability to empty the House of Commons faster than any other area of the law. Surely, he would have spoken differently had he known then what has by now become an almost commonplace understanding in the international discourse on company law, namely, that in the area of company law, too, alliances are formed, strategies are tested, countries are occupied and markets are conquered.