股权隐名投资合同的性质认定及效力边界  

Nature Determination and Validity Boundary of Dormant Equity Investment Contracts

作　　者：郭富青 何林峰 GUO Fuqing;HE Linfeng(Graduate School,Northwest University of Political Science and Law,Xi’an Shaanxi 710063,China)

机构地区：[1]西北政法大学研究生院,陕西西安710063

出　　处：《北京航空航天大学学报（社会科学版）》2024年第2期87-96,共10页Journal of Beijing University of Aeronautics and Astronautics：Social Sciences edition Edition

基　　金：国家社会科学基金重大项目(21ZDA052)。

摘　　要：股权隐名投资由实际出资人—名义股东—目标公司三方主体,以及两个连环合同关系构成。由于实际出资人在订立合同前并不持有股权,与目标公司不存在法律关系,故实际出资人与名义股东签订股权隐名投资合同只能产生债权,公司法只承认名义股东的地位及享有股权。在判定规避法律强制性规定的股权隐名投资合同效力时,应坚持“一般无效,例外有效”的基本立场。股权隐名投资合同无效或解除仅导致实际出资人与名义股东间的权利义务终止,不影响名义股东与目标公司间的法律关系,名义股东继续享有股权,但是其独享股权权益构成不当得利,故应返还不当得利,并就股权增值部分公平分配。Dormant equity investment consists of three main parties,namely,the actual investor,the nominal share-holder and the target company,and two serial contract relationships.Since the actual investor does not hold the equity before signing the contract and has no legal relationship with the target company,the signing of the dormant equity in-vestment contract between the actual investor and the nominal shareholder can only produce creditor’s rights,and the company law only recognizes the status and equity of the nominal shareholder.When judging the validity of the dor-mant equity investment contract that evades mandatory provisions of law,we should stick to the basic position of“general condition invalid,exception valid”.The invalidity or rescission of the dormant equity investment contract only leads to the termination of the rights and obligations between the actual investor and the nominal shareholder,but does not affect the legal relationship between the nominal shareholder and the target company.The nominal share-holder continues to enjoy the equity,but its exclusive equity rights constitute unjust enrichment,so the unjust enrich-ment should be returned,and the equity appreciation should be fairly distributed.

关 键 词：股权隐名投资合同 实际出资人 名义股东 目标公司 性质认定 法律效力 

分 类 号：D922.291.91[政治法律—经济法学]