代持股权不得强制执行原则的规范构造  

Normative Construction to the Principle of Non-enforceability of Nominal Shareholding

作　　者：刘东辉 LIU Donghui(Civil,Commercial and Economic Law School,China University of Political Science and Law,Beijing 100088,China)

机构地区：[1]中国政法大学民商经济法学院,北京100088

出　　处：《商业经济与管理》2024年第8期95-105,共11页Journal of Business Economics

基　　金：国家社会科学基金青年项目“数据要素市场化配置中场内注册与交易制度研究”(23CFX030)。

摘　　要：代持股权能否强制执行的核心争议是代持关系的定性。委托说与公司法相悖,导致能否强制执行股权存在评价矛盾。股权代持符合受托人为受益人的利益而持有财产权的要件,应解释为意定信托。根据信托法解释论,实际出资人在显名前不是股东或普通债权人,而是受益人,信托说能够融贯解释股权代持的内外部关系。比较法和利益衡量表明,实际出资人权利的优先性符合受益权的独特构造和效率标准。信赖法理和借贷经验也表明,名义股东的债权人通常不会因信赖权利外观而授信,不具备信赖推定的规范与事实基础。法院应适用《信托法》第17条明确代持股权不得强制执行的原则。该原则有两项例外:名义股东的债权人证明其因信赖权利外观而授信或受让债权;股权代持违反法律或公共利益。The core controversy over whether equity held on behalf of others can be enforced lies in the characterization of the nominee shareholding relationship.The Entrustment Theory contradicts corporate law,leading to conflicting evaluations on whether equity can be enforced.Nominee shareholding meets the criteria where the trustee holds property rights for the benefit of the beneficiary and should be interpreted as an express trust.Based on the interpretive theory of trust law,the actual investor is not a shareholder or an ordinary creditor before the nominee is declared,but a beneficiary.The Trust Theory can coherently explain the internal and external relationships of nominee shareholding.The comparative law and interest measurement indicate that the priority of the actual investor s rights aligns with the unique structure of beneficial rights and efficiency standards.Reliance principles and lending experience also show that creditors of the nominal shareholder typically do not grant credit based on the appearance of equity ownership,lacking normative and factual grounds for a presumption of reliance.Courts should clarify the principle that nominee shareholding cannot be enforced based on Article 17 of the Trust Law.There are two exceptions to this principle:if the creditor of the nominal shareholder provides evidence that they granted credit or acquired the debt based on the appearance of equity ownership,or if the nominee shareholding violates laws or public interest.

关 键 词：股权代持 意定信托 受益权 不得强制执行 授信 

分 类 号：D923.99[政治法律—民商法学]