股权变动模式的非统一化:实践检视与学理阐释  

The Non-uniformity of Equity Change Model:Practical Review and Theoretical Explanation

作　　者：周游[1] Zhou You

机构地区：[1]中央财经大学法学院,北京100081

出　　处：《法学杂志》2025年第1期107-123,共17页Law Science Magazine

基　　金：国家社会科学基金项目“公司治理模式多元化选择的规则革新研究”(项目编号:22BFX188)的阶段性成果。

摘　　要：对于股权变动模式问题,意思主义和形式主义在表面上存在立场上的冲突,而实质上都旨在寻求股权变动模式统一化的进路。然而,无论是从司法实践还是基础理论出发,模式统一化并不是解决股权变动问题的妥当策略。司法实践中聚焦于股权变动生效时点的案例并不占多数,法院更倾向于综合形式要件和实质要件认定股东资格享有的持续状态,而非开始时点。所谓股权变动只不过是一个笼统的称谓,在不同的案例中,其所指向的客体可能是不一致的。坚持股权利益的可分离性,有利于把握股权财产利益让渡与人身利益确认的不同发生时间。当事人可以根据实际需要自行约定股权变动的时点。而在没有约定的情况下,完整的股权变动是一个从行为法到组织法再到行为法的复杂过程,从而形成三层法律关系。第一层法律关系是原股东与继受者之间的财产利益变动,第二层法律关系是公司对继受者股东资格的认可,第三层法律关系是公司登记对相对人的对抗效力。三层法律关系的生效时点不一致,生效要件亦存在区别,从而无法实现模式统一化。On the issue of equity change model,meaningism and formalism have a conflict of positions on the surface,but in essence,they both aim to seek a unified approach to the equity change model.However,whether from the perspective of judicial practice or basic theory,model unification is not an appropriate strategy to solve the problem of equity change.In judicial practice,there are not a majority of cases that focus on the effective time of equity changes,and courts prefer to determine the continuous status of shareholder qualifications based on a combination of formal and substantive elements,rather than the initial point.The so-called equity change is just a general term,and the object to which it refers may be inconsistent in different cases.Insisting on the separability of equity interests is conducive to grasping the different occurrences of the transfer of equity property interests and the confirmation of personal interests.The parties may agree on the timing of the equity change according to their actual needs.In the absence of an agreement,a complete equity change is a complex process from the law of conduct to the law of organization and then to the law of conduct,thus forming a three-tier legal relationship.The first level of legal relationship is the change of property interests between the original shareholder and the successor;the second level of legal relationship is the company's recognition of the qualifications of the successor's shareholder;the third level of legal relationship is the adversarial effect of company registration against the counterparty.The effective time of the three levels of legal relationships is not the same,and the requirements for effectiveness are also different,which making it impossible to achieve the unification of the model.

关 键 词：股权变动 意思主义 形式主义 公司认可 股权利益分离 

分 类 号：D92[政治法律—法学]