公司意思标准下有限责任公司股权代持的体系重构

Reconstruction of the Nominee Shareholder in Limited Liability Companies Under the Standard of Corporate Intention

股权代持对股权归属的约定牵扯到公司股东认定的问题,并因此带来公司治理与权利公示上的混乱。有限责任公司股权代持应区分为合同法与公司法两个层面的问题,实际出资人和名义股东之间依据代持协议的债权债务关系处理,股权归属应当回归《公司法》关于股东身份的认定标准上。股东认定应采用公司意思标准,考察公司是否接纳实际出资人作为股东参与公司,公司意思可以通过明示或者默示方式作出。完全隐名与不完全隐名的区分应以是否获得公司认可为标准。同时,为保障其他股东对公司人合性的控制,应引入优先购买权制度作为事后救济,优先购买权的行使产生撤销股权变动的效力。商事外观主义原则应当通过登记对抗效力实现,名义股东的一般债权人原则上不受外观主义保护。

The agreement on the ownership of equity through nominee shareholders involves the issue of identifying the company’s shareholders and thus brings confusion to corporate governance and rights disclosure.Nominee shareholding in a limited liability company should be addressed from two aspects:contract law and company law.The creditor-debtor relationship between the actual investor and the nominal shareholder is governed by the nominee agreement.As for the ownership of equity,it should align with the standards for identifying shareholders in the company law.The identification of shareholders should be based on the corporate intention standard,examining whether the company accepts the actual investor as a shareholder.The distinction between complete and incomplete anonymity should hinge on the company’s recognition.Moreover,to safeguard other shareholders’control over the company’s integrity,a preemptive right system should be introduced as a remedy after the fact.The exercise of the preemptive right effects the cancellation of equity changes.The principle of commercial appearance doctrine should be realized through the effect of registration confrontation,and in principle,general creditors of nominal shareholders are not protected by the appearance doctrine.