股權代持協議的性質與法律效力

Research on Legal Issues of Equity Entrustment

"我國《公司法》和司法解釋對股權代持規范并不完整。股權代持協議可以根據隱名股東的""隱名""情況分為不同的情形，分別具有隱名代理、信托等法律性質。規避法律法規的股權代持協議應是違反法律、行政法規的效力性強制性規定的無效合同;違背公序良俗的股權代持協議應無效。股權代持協議有效的法律后果應是:名義股東為公司股東，對公司享有股東權利并承擔股東義務;隱名股東對名義股東可以主張公司股權所對應的財產權益。股權代持協議無效的法律后果應是:名義股東繼續持有股權，但就股本金和獲益適當補償隱名股東。在上市公司或特殊金融公司中股權代持損害證券市場公開原則和金融市場秩序和安全時，股權應由監管部門或其下屬機構或某種特定基金暫時持有，再拍賣給適格主體;股權代持協議雙方均不能獲得股權。我國《公司法》修訂應完善隱名代理式股權代持制度和構建信托式股權代持制度。"

"The company Law and judicial interpretation on the equity entrustment are not complete. The equity entrustment agreement can be divided into different situations according to the ""dormant"" situation of the dormant shareholders. The equity entrustment agreement in different situations has the legal nature of dormant agency and trust respectively. The equity entrustment agreement circumvented by laws and regulations should be invalid if it violates the mandatory provisions of the validity of laws and administrative regulations. The equity entrustment agreement that is against public order and good customs should also be invalid. The effective legal consequences of the equity entrustment agreement should be that the nominal shareholders are the shareholders of the company. Dormant shareholders may claim the corresponding property rights and interests of the company’s equity. The legal consequences of invalidation of the equity entrustment agreement should be: usually, nominal shareholders continue to hold the equity and pay appropriate compensation to the dormant shareholders. If the equity entrustment in a listed company or a special financial company damages the openness principle of the securities market and the order and safety of the financial market, the equity shall be temporarily held by the regulatory department or its affiliated institutions or a specific fund, and then auctioned to the eligible subjects. In the future revision of the company law, we should improve the system of implicit agency equity entrustment and construct the system of trust equity entrustment."