论股权分期付款转让合同的解除限制——以最高人民法院指导案例67号为例

On the Rescission Restriction of the Transfer Contract of Share Installment Payment:Taking the Supreme Law Guiding Case No.67 as an Example

最高人民法院第67号指导案例的裁判说理混用了《合同法》第94条和第167条(现民法典合同编第563条和第634条)的解除条件。股权分期付款转让合同中出让人行使解除权,应首先承认股权分期转让合同作为无名合同要参照适用买卖合同,再考量其是否满足分期付款买卖的物先交付性和分期付款性,其合同适用范围应不局限于最高人民法院所限定的以消费为目的。股权兼具财产性和身份性,较之有体物买卖,股权的价值始终存在于目标公司之中,不存在标的物毁损灭失的风险,但存在股权价值市场波动的折损风险,故其解除权不应一律排除适用,须判断该股权转让是否符合分期付款买卖的本质特征,尤其是物先交付性。因其交付过程呈现阶段性,故需区分各个交付阶段,对出让人让渡控制权和行使合同解除权进行限制,平衡股权出让人、受让人、目标公司三者的利益。

The Supreme People’s Court mixs the right to terminate the contract of Article 94 and Article 167 of the Contract Law in Guiding Case No.67(the current articles 563 and 634 of Civil Code Contracts).If the seller exercises the right of cancellation in a stock transfer contract with payment by installment,it should first recognize the stock transfer contracts with payment by installment should refer to the sales contractas an unnamed contract and then consider whether it meets the essential traits of the installment purchase and sale contracts,like delivery goods first and pay with installment.The application should not be limited to the purpose of consumption by the Supreme Court.Stock right is both property and identity.Compared with physical trading,the value of stock still exists in the target company.There are no risks of losing the subject matter,but there is a risk of the value of a stock would fluctuate with the market,so the termination right should not be ruled all out.It must be judged whether the stock transfer conforms to the essential characteristics of installment sales,especially the goods delivery first.Due to the stock staged delivery process,it is necessary to restrict the seller’s transfer of control rights and the exercise of the right of termination,by distinguish each delivery stage for balancing the interests of the seller,the assignee,and the target company.