司法实践中股权代持协议效力的认定问题研究——以《司法解释三》出台后最高法股权代持案例为视角  

Study on The Determination of the Validity of the Shareholding Entrustment Agreement in Judicial Practice——Cases about Shareholding in Supreme Court after Companies Act Judicial Interpretation Three Promulgated

作　　者：李冀[1] 

机构地区：[1]华东政法大学,上海200042

出　　处：《金融发展研究》2017年第12期46-53,共8页Journal Of Financial Development Research

摘　　要：商事交易的日益发展催生了股权代持的兴起,作为股权归属的安排手段,股权代持能够最大化体现商事自由和利益的最大化,因而在实践中得到了广泛的适用。公司法《司法解释三》的出台,更进一步地促进了代持的兴起。然而司解三否定实际出资人的股东权利,使得基于利益的安排代持协议出现了异化,这种异化极大地增加了司法裁判的难度,亦造成了司法判决的不确定性,代持协议的效力认定不仅需要考虑合同法第五十二条的规定,还需要考虑委托出资关系的合意及协议内容的实质判断,这导致许多代持安排未能实现其代持目的而引发巨大纠纷。基于此,在司解三和高层级案例研究基础上,笔者对代持基于其外部条件进行了类型化契约安排,同时初步引入股权信托以完善契约本身的局限性,力图实现股权代持关系当事人之间权利义务安排合法和可预期。The development of commercial transactions has spawned the rise of shareholding entrustment. As the means of equity ownership,the shareholding entrustment can maximize the realization of commercial freedom and the maximization of interests,so it has been widely applied in practice. The promulgation of Companies Act judicial interpretation three has further promoted the rise of such entrustment.However,Companies Act judicial interpretation three denies the actual investor's rights as shareholders,leading to alienationin entrustment agreement based on the arrangement of interests. The alienation has not only greatly increased the difficulty of judicial adjudication,but the uncertainty of judicial judgement. The determination of the validity of the agreement should not only consider the provisions of article fifty-second of Contract Law,but also need to consider the relationship between the trust and the substance of the agreement. Based on the law and cases, the author has arranged contract categorization of entrustment based on the external conditions, at the same time introduces the initial equity trust in order to improve the limitations of the contract itself,trying to realize the legal arrangements and predictablity of rights and obligations among all parties of an entrustment relationship.

关 键 词：股权代持 隐名股东 股权信托 委托出资 

分 类 号：F830.91[经济管理—金融学]