股权隐名投资人成为显名股东的路径探析  

Exploring the Path of Unnamed Investor Becoming Registered Shareholders

作　　者：郭富青 Guo Fuqing

机构地区：[1]西北政法大学民商法学院,陕西西安710063

出　　处：《法学杂志》2022年第5期91-105,共15页Law Science Magazine

摘　　要：股权隐名投资人成为显名股东,实质上是结束隐名投资造成的股权与投资权益分离的状态,重新恢复为统一完整的股权。对股权隐名投资关系的司法解释、学理解释进行综合考察,发现隐名投资人成为显名股东存在三条并行的路径:第一是隐名投资人诉请认定其拥有目标公司的股权;第二是隐名投资人经目标公司过半数股东承认其股东身份;第三是名义股东将代持股权转让给隐名投资人。第一条路径,隐名投资人寄托于司法干预支持其享有股权,只有借名出资的情形,法院才会以真实意思表示支持其显名的请求,否则,会形成错误裁判;第二条路径,割断了隐名投资的法律关系链条,让过半数的股东接受与公司没有直接法律关系的主体为股东,不仅抛开了委托投资合同的约定,而且无视名义股东注册登记和公示的存在,有违法理;第三条路径,名义股东将股权转让给隐名出资人,并经公司内部程序确认而显名,始终以意思自治为轴心,不但照应了先前的隐名委托投资合同,而且完全符合公司法受让取得股权的规定。In essence,making unnamed investor become registered shareholders ends the separation of equity and investment interests caused by the unnamed investment and restores to a unified and complete equity.Through a comprehensively investigation of judicial interpretation and academic explanation on the relationship between unnamed equity investment,we could find three parallel roads for the unnamed investor to become registered shareholder:the first is that the unnamed investor claims that he owns the equity of the target company;the second is that the identity of the unnamed investor is admitted by the more than half of stockholders of the target company;the third is that the nominal shareholder will transfer the entrusted equity to the anonymous investor.For the first path,the anonymous investors hope judicial intervention to support their equity.And only in the case of using another's name to invest,the court support them to turn into register shareholders by their true expression of will,otherwise,the wrong judgment will be formed.For the second path,it cuts off the chain of legal relations of anonymous investment,and makes more than half of shareholders accept the subject that has no direct legal relationship with the company as shareholders,which not only throw off the contract of entrusted investment,but also ignores the existence of registration and publicity of nominal shareholder,and violates legal principles.For the third path,the nominal shareholder transfers the equity to the anonymous investors,and anonymous investors are confirmed as registered shareholder by the internal procedures of the company.This path always centers on the autonomy of will,which not only conforms to the previous anonymous entrusted investment contract,but also fully compliance to the provisions of the company law on equity acquisition by transfer.

关 键 词：股权隐名投资人 委托投资合同 实际出资人 名义股东 显名股东 

分 类 号：D922.291.91[政治法律—经济法学]