译文（字数 2754）：

法定资本的未来

本文主要从德国法律资本的效率规则入手，使我们更好的了解法律资本。在公司章程中，有关公司的法定资本作为公司债权人的集体报价对于债权人利益的保护是相当重要的。它解释了为什么资本保护系统能够成为一个高效的手段促进企业的活动。

    1.在国际背景下德国法中的法定资本要求

北约秘书长，英国议会员罗伯森在一次辩论中指出了下议院关于理事会指令的转变，该转变是英国公司法中的特殊要点即法律资本能够比任何法律领域更快的清空下议院的能力。纵观目前的公司法领域，我们很快可以注意到美国和英国的特殊法律关系。就法律冲突而言，这两个国家鼓励成立公司，而并不是控制企业形成。同时，企业被允许在不同的公司法律制度之间进行选择。债权人的保护也并不是上述两国公司法律制度的首要目标。

外文原文（字符数 12740）：

外文出处：Wolfgang Schön  欧洲商业组织法评论，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.