民法典背景下股权让与担保案件裁判路径的反思与再造

《九民纪要》第71条确立了“名为股权让与，实为债权担保”的裁判路径，对股权让与担保案件审理具有风向标的作用，尚有若干问题有待澄清:股权转让合同的效力、股权转让公示的法律效果以及债权人的法律地位。最高法院司法政策确立的裁判路径在克服股权让与担保中“担保手段超越经济目的”缺陷的同时，引发了理论上的争议、技术上的困惑以及体系上的龃龉，实际上并不可取。新颁布的《民法典》对既有担保规范和制度进行调适，为股权让与担保裁判路径的重构提供实质性的保障。《民法典》所确立的担保体系下，应该承认股权转让合同以及股权转让的法律效力，明确债权人的股东地位，尊重当事人运用股、债这两种融资工具所创设的交易模式来处理相关纠纷。针对股权让与担保的固有缺陷，法院应根据不同的情况，区分股权的享有和行使，对债权人行使股东权利予以限制，以平衡当事人的利益，激活股权让与担保的融资潜力。

Reflection and Reconstruction on the Adjudication Route of the Cases of Equity Transfer Guarantee under the Background of Civil Code

Article 71 of the Minutes of the National Court of Civil and Commercial Trial Work establishes the judgment path of “equity transfer, guarantee of creditor’s rights in fact”, which plays a guiding role in the trial of equity transfer guarantee cases. However, there are still several issues to be clarified: the validity of the equity transfer contract, the legal effect of the public announcement of the equity transfer and the legal status of the creditor. The judicial policy of the Supreme People’s Court overcomes the attribute of “the guarantee means is beyond the economic aim”, but also causes the disputes in theory, in technology and in system. Therefore, the new Civil Code adjusts the existing guarantee norms and systems, which provides substantial guarantee for the reconstruction of the judgment path of share transfer guarantee. Under the guarantee system established in the Civil Code, the legal effect of the stock right transfer contract and the stock right transfer shall be recognized, the shareholder status of the creditor shall be defined, and the parties concerned shall be respected to settle practical disputes by utilizing the stock right and debt as the two financing instruments. Against the inherent defects of the guarantee of the assignment of equity, the court shall distinguish the enjoyment and exercise of equity, and restrict the exercise of shareholder’s right by the creditor to balance the interests of the parties and activate the financing potential of the assignment of equity.