隐名股东排除强制执行法律规则研究

Studies on the Legal Rules for the Excluding Enforcement by Hid den Shareholders

对隐名股东能否排除强制执行的问题,单纯采取“事实标准”或“外观标准”进行一刀切地处理并不妥适,司法裁判所引据的“信赖利益”“政策导向”等亦应当作辩证分析。判断隐名股东能否排除强制执行应以股权归属作为逻辑起点展开。从股权变动角度考察,股份有限公司采债权形式主义变动模式,隐名股东未基于“交付”持有股份,不享有股东权利,不能排除强制执行。有限责任公司以公司认可作为股权变动依据,投资型隐名股东未获公司认可,不享有股东权利,不能排除强制执行;经过显名程序或实际行权的隐名股东已获公司认可,享有股东权利,原则上可以排除强制执行,但在引入信赖利益保护和政策价值导向因素考量时,应设置例外规则,以在申请执行人和案外人之间实现衡平保护。

On the issue of whether the enforcement can be excluded by hidden shareholders,it is inappropriate to simply adopt the“factual standard”or“appearance standard”as a one-size-fitsall approach.The“reliance interests”,“assumption of risk”and“policy orientation”cited by the judicial decision should also be analyzed dialectically.To determine whether the enforcement can be excluded by hidden shareholders,the ownership of the equity should be used as the logical starting point.From the perspective of equity changes,joint stock limited company adopts the creditor's rights formalism.Hidden shareholders do not hold shares based on“delivery”,so they do not enjoy the rights of shareholders and cannot exclude the enforcement.Limited liability company takes the company recognition as the basis for equity changes,and the investment-type hidden shareholders are not recognized by the company,so they do not enjoy the rights of shareholders and cannot exclude the enforcement.In principle,after the entitlement procedure or the actual exercise of the right,the hidden shareholders have been recognized by the company,so they enjoy the rights of shareholders and can exclude the enforcement.However,considering the reliance interests and the value-oriented policy,the rule of exceptions should be set up to achieve the balance between the execution applicants and the outsiders.