明股实债交易模式中股东资格认定标准的适用

The Application of the Standard of Shareholder Qualification in“Formal Equity-Essential Debt”

明股实债是我国现行监管体制催生出的一种特殊的融资形式,由于缺乏法律的明确规定,所以司法实践中不同法院之间作出了一些不同的裁判认定,这给投资方带来了不确定的法律风险。通过讨论明股实债模式下股东资格认定标准的适用,可以为司法实践中如何认定双方的实质关系提供一个新的思路,以厘清明股实债模式中双方的权利义务关系,减少投资方不确定的法律风险。

“Formal Equity-Essential Debt”is a special form of financing arising from China's current regulatory system.Due to the lack of clear legal provisions,different courts have made different judgments in judicial practice,which brings uncertain legal risks to investors.By discussing the application of the standard of shareholder qualification in“Formal Equity-Essential Debt”,a new way of thinking can be provided to identify the substantive relationship between the two parties in judicial practice,so as to clarify the rights and obligations of both parties in“Formal Equity-Essential Debt”and reduce the uncertain legal risks of investors.