股权代持协议的性质与法律效力

Research on Legal Issues of Equity Entrustment

我国《公司法》和司法解释对股权代持规范并不完整。股权代持协议可以根据隐名股东的"隐名"情况分为不同的情形,分别具有隐名代理、信托等法律性质。规避法律法规的股权代持协议应是违反法律、行政法规的效力性强制性规定的无效合同;违背公序良俗的股权代持协议应无效。股权代持协议有效的法律后果应是:名义股东为公司股东,对公司享有股东权利并承担股东义务;隐名股东对名义股东可以主张公司股权所对应的财产权益。股权代持协议无效的法律后果应是:名义股东继续持有股权,但就股本金和获益适当补偿隐名股东。在上市公司或特殊金融公司中股权代持损害证券市场公开原则和金融市场秩序和安全时,股权应由监管部门或其下属机构或某种特定基金暂时持有,再拍卖给适格主体;股权代持协议双方均不能获得股权。我国《公司法》修订应完善隐名代理式股权代持制度和构建信托式股权代持制度。

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.