德国法上股权善意取得制度之评析

Analysis of bona fide Acquisition of Shares in German Law

德国于2008年修改《有限责任公司法》之时,在全世界范围内首创股权善意取得制度,以保护股权交易安全,降低股权交易成本。该制度构成的核心,在于改造原有的股东名册制度,使之作为股权之权利外观基础。尽管该制度的立法目的与法律政策值得肯定,但因股东名册改造规则并不完善,因此其并不能有效地实现股权之权利外观功能。受此影响,股权善意取得在构成要件与法律效果上,也就不免存在不足甚至漏洞。所有这些问题均使得德国法上这一颇为复杂的新制度,并未实现立法者的预期目标,从而备受批评。我国最高人民法院于2011年颁布了《最高人民法院关于适用<中华人民共和国公司法>若干问题的规定(三)》,其中规定以公司登记中的股东登记为基础,认可了股权的善意取得但此种股东登记能否充当股权之"权利外观基础"等核心问题,在我国仍缺乏深入讨论。因此,评析德国法的这一经验与教训,对我国法也深具启示意义。

In order to ensure the safety and lower the cost of equity transaction, the 2008 amendment to the German Law Pertaining to Companies with Limited Liability provides for the first system of bona fide acquisition of shares in the world. The main objective of this a- mendment is to reform the existing shareholders＇ register system so as to turn it into the basis of the right appearance of shares. Although this system is based on a sound legislative purpose and legal policy, it fails to effectively realize the right appearance function of shares due to the incompleteness of the reform on the shareholders＇ register system. Consequently, inadequacies, even loopholes, are inevitable in the design of the constitutive requirements and legal effect of the system of bona fide acquisition of shares. Because of the above reasons, this rather complicated new system in German law has been much criticized for its failure to achieving the institutional objectives envisaged by legislators. In China, the Supreme People＇ s Court issued in 2011 the Provisions on Several Issues concerning the Application of the Company Law （III）, which recognizes bona fide acquisition of shares on the basis of the shareholders registration system. However, no in-depth discussion has been carried out on such core issues as whether the current registration of shareholders can serve as the ＂basis of right appearance＂ for shares. An analysis of German experiences and lessons in this respect will be of great reference value to China.