隐名出资中的股权共享:利益协调与解释路径  

Equity Sharing in Implicit Investment:Interest Coordination and Interpretation Approaches

作　　者：王湘淳 WANG Xiangchun

机构地区：[1]中央财经大学法学院

出　　处：《经贸法律评论》2023年第2期109-126,共18页Business and Economic Law Review

基　　金：中国博士后科学基金资助项目“有限责任公司股权分离现象研究”(项目批准号:2021M693701)。

摘　　要：《〈公司法〉司法解释(三)》第24条规定名义股东拥有股东资格,第25条又规定名义股东处分股权可适用善意取得规则。这在保护实际出资人利益的同时,较好地维护了公司人合性,对于交易安全的保护程度也较为合理。但此利益协调方案加剧了股权归属争议,受到不少批判。股权包含社员权利与财产权利两类权利,第24条、第25条的规定可作两类权利分属于名义股东与实际出资人之解释。名义股东是公司法上的股东,拥有股权社员权利,可以向公司行使各项股东权利。实际出资人是财产法上的股份所有者,拥有股权财产权利。名义股东擅自处分股权自属于无权处分。相关规范分析与案例研究为这种解释路径提供了现实支撑。解释路径的理论依据则是股权两类权利的归属可以采用不同的判断标准。股权社员权利的归属应采用形式标准,股权财产权利的归属可采用实质标准。两种判断标准的结合造就了名义股东与实际出资人共享股权的局面。Article 24 of Provisions of the Supreme People’s Court on Several Issues concerning the Application of the Corporate Law provides that nominal shareholders have the qualifications of shareholders,and Article 25 provides that nominal shareholder’s disposal of equity can be handled in accordance with the rules of good faith acquisition.While protecting the interests of the actual investors,the personal cooperation of company is better maintained,the protection of the security of the transaction is also more reasonable, and the conflicts of interestbetween the parties involved is more properly resolved. But these legal provisions exacerbatedequity ownership disputes, and therefore received a lot of criticism. In fact, equity includes twosets of rights, which are the rights on shares and the rights attached to the shares. The provisions ofArticles 24 and 25 can be interpreted as two sets of rights that belong to the nominal shareholderand the actual investor. Nominal shareholder is the shareholder in the company law and has therights attached to the shares. He can participate in corporate governance and claim all shareholders’rights to the company. The actual investor is the owner of the stock in the property law and has therights attached to the shares. If the nominal shareholder disposes of the stock without beingauthorized by the actual investor, it is Unauthorized Disposition. The analysis of legal norms andempirical research provide a realistic support for this interpretation path. The theoretical basis ofthe explanation path is that the ownership of the two sets of rights can be judged by differentcriteria. The ownership of the rights on shares should adopt formal criteria, and the ownership ofthe rights attached to the shares should adopt substantive criteria. The combination of the twocriteria in the field of Dormant Contribution of Capital has created the situation in which nominalshareholders and actual investors share equity.

关 键 词：隐名出资 价值判断 实质标准 形式标准 

分 类 号：D922.287[政治法律—经济法学]