股权代持协议风险与实际出资人利益保护

Game and Balance:Equity Generation Agreement Risk and Actual Capital Protection

《公司法司法解释三》对股权代持协议的效力在法律层面给予了明确的肯定。股权代持协议往往是基于特定的安排,为了实现实际出资人的投资目的而形成的协议,"以合法形式掩盖非法目的"是最容易导致协议无效的情形。股权代持协议所保护的利益远远大于其所带来的风险,这是博弈的结果,更深层次的原因还在于实际出资人的主体不适格。股权代持协议的合法性并不意味着能够将其与"实际出资人作为公司资金实际提供者而享有股东权利"划等号。股权代持协议的合法性得到确定,但是实际出资人的股东权益难以落实,正是由于这两者之间存在不可避免的矛盾,实际出资人如何显名成为非常重要的命题。

In the judicial interpretation of company law, the validity of the equity generation agreement is clearly affirmed in the legalaspects.Equity generation hold agreements are often based on the specific arrangement, the investment of investors in order to achieve the real purpose and form of agreement, ＂in the form of legal cover illegal purpose＂ is the most easy to cause the agreement shall be invalid.The interests of the equity generation agreement are far greater than the risks that they bring. This is the result of the game. More profound reasons also lie in the fact that the subject of the actual investor is not fit.The legitimacy of the equity generation agreement does not mean that it can be equated with ＂the actual investor as the actual provider of the company＇s capital＂.Equity generation of legitimacy of the agreement are established, but it is difficult to implement the actual the shareholders＇ rights and interests of investors, it is the inevitable contradiction between, so the actual investor famous how to be a very important proposition.