股权代持执行异议之诉的裁判规则探析  

A Discussion on the Rules of Judgment on the Action of Entrust Stock Execution Objection

作　　者：李明桓 李霈柯 Li Minghuan;Li Peike

机构地区：[1]国家法官学院司法案例研究院,北京100070 [2]中央民族大学法学院,北京100081

出　　处：《湖湘法学评论》2023年第4期96-108,共13页HUXIANG LAW REVIEW

摘　　要：实际出资人在未取得另案确权裁判时,提起执行异议之诉能否阻却显名股东的债权人对股权的强制执行,实践和理论观点不一,亟须统一裁判规则。经解释后的委托代理说符合股权代持中各方权利义务安排,应区分公司知情的股权代持和公司不知情的股权代持,在此基础上根据《九民纪要》第28条的精神认定股权的实质归属。当权利外观即工商登记与真实权利状态即股权实质归属不一致时,外观主义便有适用的空间。外观主义的本质是信赖利益保护,其适用并不局限于交易领域,对此应严格区分股权善意取得制度,当第三人为善意时,非交易第三人和执行第三人均可受到外观主义的保护。股权代持执行异议之诉问题,实质上是实际出资人与显名股东债权人之间的利益衡量的问题。为寻求既符合法律规范逻辑,又能解决实践问题的规则,应从股权代持协议的效力、股权的实质归属、第三人是否善意等方面依次进行审视来判断实际出资人能否排除强制执行。There are different practical and theoretical views on whether the actual investor can stop the compulsory execution of equity by the nominal shareholders and creditors when he has not obtained the judgment of the other case,and it is urgent to unify the judgment rules.The principal agent theory after interpretation is in line with the rights and obligations arrangement of the parties in the entrusted shareholding,and the entrusted shareholding informed by the company and the entrusted shareholding unaware by the company should be distinguished.On this basis,the substantial ownership of the equity should be determined according to Article 28 of the Jiu Min Ji.When the right,that is,the industrial and commercial registration,is inconsistent with the real status of the right,specifically,the substantial ownership of the equity,there is room for cosmeticism.The essence of cosmetoism is the protection of trust interests,and its application is not limited to the field of trading,which should be strictly distinguished from the bona fide acquisition of equity rights system.Both the non-transaction third party and the executive third party can be protected by cosmetoism,but the third party should be in good faith.In essence,the litigation issue of the objection to the implementation of entrusted shareholding is the interest measurement between the actual investor and the nominal shareholder creditor.In order to seek rules that conform to the logic of legal norms and solve practical problems,the effectiveness of entrusted shareholding agreement,the substantial ownership of equity,and whether the third party is in good faith should be examined successively to judge whether the actual investor can exclude compulsory execution.

关 键 词：股权代持 执行异议之诉 强制执行 外观主义 信赖利益 

分 类 号：D915.2[政治法律—诉讼法学]