论股权代持的法律性质和效力

在《公司法》即将迎来第六次修改之际,明确股权代持的法律性质和效力有助于在鼓励投资兴业与维护交易安全之间实现动态平衡与同频共振。鉴于信托法承认信托财产的独立性和信托义务的严格性,除非隐名股东与名义股东另有特别约定,应运用信托关系去解释和梳理股权代持关系。要基于“法无禁止即可为”的现代法治理念,充分尊重和有效保护股权代持的效力。股权代持关系的效力包括对内和对外两个维度。就对内关系而言,要大力弘扬契约精神和信托文化,要全面夯实隐名股东的知情权、收益权、股权行使策略调整权、股权处分撤销权、名义股东解任权、治理参与权和显名权等一系列权利。就外部关系而言,外观主义是化解隐名股东与善意第三人之间权利冲突的基本原则。善意取得制度适用于股权代持情形,有助于维护交易安全,改善股权流动性。在强制执行程序中,隐名股东也应礼让名义股东的善意债权人。但若名义股东的债权人明知或应知名义股东与隐名股东之间的股权代持关系,则不适用外观主义原则。为尊重当事人意思自治,对股权代持的效力应采取“原则有效、例外无效”的价值取向。为严格限定无效股权代持协议的范围,建议导入“三步法”思维,精准识别效力性规范。裁判者援引“公序良俗”确认股权代持无效时更应慎之又慎。

On the Legal Nature and Effect of Holding Stock Rights on Behalf of Others

When the Companies Act is about to be revised for the sixth time,clarifying the legal nature and effect of the holding of shares on behalf of others will help to realize the dynamic balance and the same frequency resonance between the encouragement of investment and the maintenance of transaction security.In view of the Trust Laws recognition of the independence of the trust property and the strictness of the trust obligation,unless there is a special agreement between the dormant shareholders and the nominal shareholders,the trust relationship should be used to explain and sort out the equity holding relationship.We should fully respect and effectively protect the effectiveness of equity holding on behalf of others based on the modern concept of rule of law that “it can be done without prohibition”.The effectiveness of the relationship includes two dimensions:internal and external.In terms of internal relations,we should vigorously promote the spirit of contract and trust culture,and comprehensively consolidate a series of rights of dormant shareholders,such as the right to know,the right to profit,the right to adjust the equity exercise strategy,the right to cancel the equity disposal,the right to remove the nominal shareholders,the right to participate in governance and the right to manifest.As far as external relations are concerned,externalism is the basic principle to resolve the conflict of rights between dormant shareholders and bona fide third party.The system of bona fide acquisition is applicable to the situation of holding shares on behalf of others,which helps to maintain the security of transactions and improve the liquidity of shares.In the process of enforcement,dormant shareholders should also yield to the bona fide creditors rights of nominal shareholders.If the creditor of the nominal shareholder knows or should know the relationship between the nominal shareholder and the dormant shareholder,the principle of externalism is not applicable.In order to respect the autonomy of the parties,we should adopt the value orientation of “the principle is effective,the exception is invalid” for the validity of the stock rights.In order to strictly limit the scope of invalid equity holding agreement,it is suggested to introduce “three-step” thinking and accurately identify the validity norms.The referee should be more cautious when invoking “public order and good custom” to confirm the invalidity of holding shares on behalf of Others.