隐名投资相关法律问题探析

发布时间：2018-01-02 06:40

本文关键词：隐名投资相关法律问题探析　出处：《华东政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：目前在我国学术界对隐名投资问题虽有不少学者加以研究,但主要关注点在隐名投资人股东资格的认定上。而实务中,涉及隐名投资纠纷的当事人大多是因为投资款问题而诉至法院。对于此类案件,法院不能局限于对股东资格的考察,还需要对具体的投资关系进行认定。此时,不仅仅涉及隐名投资关系本身的认定问题,还包括其他法律关系,而这些法律关系往往以隐名投资作外衣。因此,解决涉及隐名投资相关问题的关键在于厘清投资款的性质,只有对投资款作出正确处理,才能彻底解决纷争。本文立足于有限责任公司中存在的隐名投资现象,在对各法院裁判案件进行分类梳理的基础上,探索我国在审理涉及隐名投资案件的过程中对投资款性质的认定标准与处理思路。全文共分为三个部分:导言、正文和结语。其中,正文为四章。在导言部分,笔者阐述了以投资款性质的认定为视角撰写本文的缘起,通过相关案例判决书的搜集、分析,对目前审判实务中涉及隐名投资问题的思考,引出本文的研究方法和价值,同时指出其创新及不足之处。第一章通过对北大法宝司法案例信息库中搜集的涉及隐名投资纠纷进行统计归纳,从而提出目前我国涉及隐名投资问题相关纠纷的司法现状。同时,在对案例判决分析的基础上,按所投资金是否有隐名投资之实为标准,将涉及隐名投资问题的纠纷划分为隐名投资类纠纷和非隐名投资类纠纷,并选取三则典型案例,对上述两种类型纠纷进行类型化分析。第二章是对隐名投资现象进行一般法律分析。首先,通过对“隐名投资”和“隐名股东”基本概念的解析得出本文的研究范围,并通过将“隐名股东”与“空股股东”、“干股股东”、“冒名股东”等概念进行辨析,更加准确地理解隐名投资的含义,从而得出隐名投资的特征。其次,结合中国公司法实践的现状,分析隐名投资的形成原因,并对其存在的合理性予以分析。最后,分别考察两大法系国家关于隐名投资纠纷的处理方式,并简要列举我国最高人民法院和一些地方高级人民法院关于隐名投资问题的指导意见。第三章是根据理论争议和各地法院司法裁判,指出隐名投资在实务中存在的问题。因为实务中存在的部分问题在现行法律规定中无法得到明确,使得对投资款项性质的认定界限模糊,从全国法院近期审理案件的情况来看大致存在如下问题:一是投资与借贷的辨析问题。投资与借贷是两个完全不同的法律问题,但是在实践中大量存在着名为投资,实为借贷和名为借贷,实为投资的情形。法院在审理具体案件中,尚无明确的标准来科学甄别真假投资与借贷。二是隐名投资人股东身份的认定问题。涉及隐名投资问题很多,在排除完民间借贷的可能性后,大多数纠纷都要以判断隐名投资人的股东身份为基础。由于隐名股东资格问题的本身比较复杂而且没有明确的法律标准,我国学术界对于隐名投资人股东身份的认定问题大致存在三种学说:实质说、形式说和折中说(包括内外区别说、隐名代理说)。而人民法院在审理隐名投资人股东身份认定纠纷时的处理方式也存在差异:一种是以纠纷涉及公司内外部关系为区分标准,针对内部争议,应当以当事人真实意思为准;当争议涉及公司以外第三人时,以商法上的公示主义和外观主义为原则处理。另一种是以公司和其他股东的知晓程度为区分标准,确定是否需获得公司其他股东过半数的同意。三是其他类型投资性质的认定问题。根据目前相关法律法规及司法解释,法院在审理与隐名投资相关的纠纷时采取的态度大多是,在不能证明实际出资人与名义股东之间有类似于代持股的隐名投资意思表示,公司也没有在能够证明实际出资人地位的相关材料上予以记载时,应当认定该投资人与名义股东之间是借贷关系。然而,部分法院存在不同的处理情形:有的法院既不确认投资人的股东资格,同时也否认借贷关系的存在;有的法院在否认投资人股东身份后,没有明确讼争投资款的性质,直接判令返还投资款。前者做法仅仅将隐名投资行为区分为股权投资和民间借贷两种情形,忽视或否认其他类型投资的存在,即投资者基于真实投资合意的投资情况的存在;后者做法虽承认了此种投资行为的客观存在,但始终未明确此种出资方式的法律性质。如何认定基于真实投资合意的投资行为,目前尚属于司法实践的空缺之处。四是投资款的返还问题。具体包括几个难点问题:一是隐名投资人返还投资款的请求能否得到支持的问题。当隐名投资人与名义股东因公司的经营理念、投资决策、利润分配、债务承担等问题产生分歧而无法协商解决时,隐名投资人往往会要求返还投资款。此时,法院是否会支持该项诉请,倘若支持,那么对公司、其他股东和公司以外第三人将会产生何种影响。二是关于投资款由谁返还问题。现实中存在两种隐名情形,一种是投资人和名义股东之间达成协议,另一种是投资人与项目公司之间达成协议。针对上述两种情形引发的投资款纠纷,具体的处理方式是不同的。三是投资回报如何返还问题。投资法律关系最突出的特征是投资人出资后无论是否参与公司的经营管理,都必须在享有利益的同时承担风险。实践中投资双方有的事先约定了利益回报的方式,有的没有约定。此时一旦发生纠纷,投资能否得到回报以及利益回报的方式则具有不确定性和多样性。第四章是针对第三章指出的司法实践中存在的问题,提出相应的解决对策,试图构建我国涉及隐名投资案件的裁判标准。具体包括:第一,投资与借贷的认定标准。在审判实践中,投资人与项目公司以投资形式掩盖相互间借贷关系或者以借贷之名,行投资之实的情况时有发生。如何认定双方间实为借贷关系抑或投资关系,关键在于审查协议中投资人的权利义务的约定。借贷关系最本质的特征在于所借款项按期确保归还,出借人无论以何种名义出借钱款,其最终目的是到期由借款人还本付息或给予一定的其他利益;而股权投资法律关系亦有其固有的特征,即投资人出资后无论是否参与公司的经营管理,都必须在享有利益的同时承担风险。因此,法院应着重审查协议中投资人的权利义务是否仅享受一定的利益而不承担风险与责任,以及有无明确的到期还款等具备借贷关系特征的约定等“保底性”条款,据此来判定投资人与公司之间的真实法律关系。第二,隐名投资人股东身份的认定标准。通过对相关法律法规及最高人民法院的意见分析可知,我国立法对隐名投资人股东身份认定的基本态度,即以外观主义为主,以意思主义为辅,优先保护善意第三人的权利。因此,对于隐名投资人股东身份的认定问题,本文根据不同情形,分别作出以下认定:其一,在处理有公司外部善意第三人介入的公司外部法律关系时,要遵循外观主义原则,优先保护善意第三人的权利,因此,以工商登记公司材料中股东身份的记载情况来确定股东资格。其二,在处理投资人与公司之间的内部法律关系时,投资人可以依据协议等实质性证据对抗名义股东。其三,倘若公司已经知道隐名投资人的存在,并对其以股东身份行使股东权利的行为予以认可,此时在不违反法律强制性和禁止性规定的情形下,可以认定隐名投资人的股东身份。其四,倘若由于某种原因,“公司”没有取得独立的法人资格,此时也就谈不上隐名投资人股东身份的认定问题。第三,明确其他类型投资的性质。实践中存在投资者既非向公司出借资金,亦非欲成为公司股东,而仅仅是基于真实投资合意,向公司或股东投入一定资金以期获取固定的投资回报,而签订投资协议的情形。由于目前理论界与实务界尚未对此种投资行为作出明确界定,本文在此姑且将此种出资方式称之为单纯投资,即投资者为了获得固定的投资回报,与公司股东或公司签订具有保底条款的协议,与此同时,投资者也要根据公司的实际经营状况承担一定的投资风险。需强调的是,当投资人与名义股东签订隐名投资协议,由于种种原因,投资人无法取得公司股东资格时,投资人一定要认识到在公司股东名册或登记簿上登记的股东就是公司股东,反之则不是,自己与名义股东之间存在的是委托合同关系。第四,明确投资款的返还标准。本文认为,在正常的投资风险承担中,当投资的资产和权益的所有权转移到公司时,即纳入公司的注册资本时,隐名投资人不得要求返还出资。但是,当投资款始终游离于公司注册资本之外时,公司继续占有该项投资款已无任何法律依据,应根据投资协议的约定,向投资者返还投资款和投资回报。同时,也应考虑公司的实际经营状况,当公司陷入财务困境,面临破产时,隐名出资人不得单独要求公司返还其投资款和投资回报,应与所有公司债权人进入破产程序,按各自比例获得清偿。在结语部分中,通过对前文内容的总结,提出法院在审理涉及隐名投资相关纠纷时的审理思路:在对投资款性质分析的基础上,首先科学甄别投资与借贷;其次判断投资人是否具备股东身份;最后根据不同情形确定投资款的返还方式。
[Abstract]:At present the problem of dormant investment in academic circles in China. Although there are many scholars to study, but mainly focus on the confirmation of qualification of dormant investment. But in practice, the parties involved in the dormant investment disputes mostly because of investment funds and taken to court. In such cases, the court is not limited to the examination of the qualification of shareholders, it is necessary to identify the specific investment relationship. At this time, that not only relates to the dormant investment relationship itself, but also other legal relationship, the legal relationship of dormant investment tend to make a coat. Therefore, to solve the key issues related to dormant investment is to clarify the investment funds, only to make the right of investment funds in order to solve the disputes. Based on the dormant investment phenomenon existed in the limited liability company, on the basis of the paper classifies the judge the case On the exploration of the identification standard of investment properties and treatment process of our country involved in dormant investment cases in the trial. The full text is divided into three parts: introduction, text and conclusion. The text is divided into four chapters. In the introduction part, the author expounds the nature of the investment funds to identify the origin of this writing perspective the verdict of the case through the collection, analysis, reflection on issues relating to the dormant investment in the practice of trial at present, research methods and value out of this paper, and pointed out the innovation and shortcomings. The first chapter of dormant investment disputes collected Chinalawinfo judicial case information database for statistical summary, and put forward the current status of China's judicial disputes related to dormant investment. At the same time, based on the case analysis, according to the investment in gold is actually the dormant investment standard, will be involved in dormant investment The dispute is divided into dormant investment disputes and non dormant investment disputes, and selects three typical cases, analyses the types of these two types of disputes. The second chapter is the legal analysis of dormant investment phenomenon. First, the scope of this study through the analysis of "dormant investment" and "dormant shareholders" the basic concept, and through the "dormant" and "empty shareholders", "shareholders", "the concept of false shareholders", a more accurate understanding of the meaning of dormant investment, thus obtains the characteristics of dormant investment. Secondly, combined with the status quo of Chinese practice of the company law, the causes of dormant investment the analysis of rationality, and its existence. Finally, respectively on two countries dealing with dormant investment disputes, and a brief list of China's Supreme People's court and some places Guiding opinions of the higher people's Court on dormant investment problems. The third chapter is based on the theoretical controversy and around the court jurisdiction, pointed out the existence of dormant investment in practice. As part of the problem in the practice exists in the existing legal provisions can not be clearly identified, the nature of the investment funds of the fuzzy boundaries, from the recent court hearing the circumstances of the case generally has the following problems: one is the problem of investment and borrowing. The investment and lending are two different legal issues, but there are a lot of famous investment in practice, it is called borrowing and lending, investing in the case. The court in specific cases, there is no clear standard scientific screening of investment and borrowing. Two is the cognizance of dormant investment identity. Many involved in dormant investment problem, in the end the exclusion of private lending Can, most disputes are to determine the identity of the shareholders of dormant investors. Because of the legal standard of dormant shareholder's qualification is very complex and not clear, the academic circles of our country for cognizance of dormant investment status there are three schools: substance that forms and eclecticism (including inside and outside the region not to mention, anonymous agent said.) the people's court in the trial of dormant investment disputes identification approach is different: one is the dispute involving the internal and external relationships to distinguish standard for internal disputes, should be based on the true meaning of the parties shall prevail; when a dispute involving third people outside the company, to the commercial law the principle of publicity and appearance. Another is to know the extent of the company and other shareholders as the criterion, determine whether to obtain the company and the other shareholders in half The number of the agreement. Three is the problem of identification of other types of investment properties. According to the relevant laws and regulations and judicial interpretation, the court in the trial of disputes and take the attitude of dormant investment related mostly, in the actual investment can not prove that there is similar to the generation of ownership of dormant investment means between people and the nominal shareholder, nor in the company to prove the actual investor status of the relevant materials shall be recorded, should be between investors and that the nominal shareholder of the lending relationship. However, there are different part of the court handling the case: some court neither confirm qualified shareholders, also denied the existence of a lending relationship; some investors in court denied his identity, nature there is no clear question of the investment funds, directly ordered the return of investment funds. The former approach will only dormantinvestment divided into equity investment and private lending two Case, ignore or deny the existence of other types of investment, investors investment real investment based on the existence of the agreement; the latter approach has acknowledged the existence of such investment behavior, but not always clear the legal nature of the investment. How to determine the investment behavior of real investment agreement based on the vacant place at present still belongs to the judicial practice four. Is the return of investment funds. Problems including several difficult problems: one is the dormant investor request the return of investment funds can be supported. When the dormant investor and the nominal shareholders because of the company's operating philosophy, investment decision-making, profit distribution, the debt problem disagreement and can not be resolved through consultation, dormant investors tend to request the return of investment funds. At this time, whether the court will support the petition, if the support, then the company, other shareholders and the company to third people What would be the impact. The two is about investment funds who return. There are two kinds of dormant situation in reality, one is an agreement between the investor and the nominal shareholder, the other is an agreement between the investor and the item company. In view of the above two kinds of circumstances caused by the investment disputes, specific treatment is different. The three is how to return the investment returns. The most prominent feature of investment legal relationship is investor after regardless of whether or not to participate in the management of the company, must take risks while enjoying benefits. Both sides made some advance about benefit investment practice, some do not agree at this time. Once a dispute, the investment can get in return and the interest return way is uncertain and diversity. The fourth chapter is the third chapter points out that the judicial practice exists in the problem, put forward the corresponding settlement Countermeasures, attempts to build our country to dormant investment case judgment standard. Including: first, the investment and lending standards. In judicial practice, the investors and the item company in the form of investment to cover between loans or by borrowing the name of investment of the real situation have occurred between the two sides is how to identify. Lending or investment relations, the key lies in investors review protocol rights and obligations of the agreement. The most essential feature is the lending relationship by the borrower to ensure that lenders lend money to return, no matter in what name, its ultimate purpose is by the borrower debt or offer other benefits due to certain characteristics of equity investment; legal relationship also there are inherent, investors invested regardless of whether or not to participate in the management of the company, must be in the enjoyment of interest and risk. Therefore, the court should focus on Investors review whether the rights and obligations of the agreement only enjoy certain benefits without the risk and responsibility, and there is no clear payment due have agreed loan characteristics of "guaranteed" clause, which can be used to determine the true legal relationship between the investor and the company. Second, standard of dormant investment through identity. The relevant laws and regulations and the Supreme People's court opinion analysis, China's legislation on the basic attitude of dormant investment identity, in appearance, the meaning of the doctrine as a supplement, give priority to the protection of bona fide third party rights. Therefore, the cognizance of dormant investment status, according to different circumstances, make the following found: first, in the external legal relationship outside the bona fide third party intervention treatment, should follow the principle of priority to the protection of the appearance. The third person of goodwill right, therefore, to the industrial and commercial registration records the identity of the shareholders in the company materials to determine the qualification of shareholders. Second, in between the investor and the company's internal legal relations, investors can according to the agreement and other substantive evidence against the nominal shareholder. Thirdly, if the company has that dormant investors exist, and to be recognized the identity of the shareholders to exercise the shareholder's rights behavior, at this time does not violate the law and mandatory provisions under the circumstances, can identify the identity of the shareholders. The dormant investor, if for some reason, the company has no independent legal qualification cognizance at this time is not the identity of the dormant investment third, clearly the nature of other types of investment. Investors not lend money to the company in practice, nor to become shareholders of the company, which is only based on The real investment agreement, investment funds to the company or the shareholders in order to obtain a fixed return on investment, and signed an investment agreement. Due to the current theory and practice of the investment behavior has not been clearly defined, in this way the investment may be called pure investment, investors in order to obtain a fixed investment return. The company has signed with the shareholders of the company or the terms of the minimum guarantee agreement, at the same time, investors should according to the actual operating conditions of the company bear the investment risk. It should be emphasized that when investors signed a dormant investment agreement with the nominal shareholders, due to various reasons, investors can not obtain theshareholder qualification, investors must be aware of the shareholders of the company the register or register on the register of shareholders are shareholders of the company, rather than vice versa, its existence and nominal shareholders is a contract . fourth, clear standards of investment money return. This paper argues that in normal investment risk, when investment assets and equity transfer of ownership to the company, that is included in the registered capital of the company, shall not be required to return the dormant investor capital. However, when the outside investment funds are always separated from the registered capital of the company. The company continues to occupy the investment funds had no legal basis, should be in accordance with the investment agreement, the return of investment funds and investment returns to the investors. At the same time, should also consider the company's actual operating conditions, when the company was in financial trouble, facing bankruptcy, the dormantinvestor alone may not require the company to return the investment funds and investment returns that should enter the bankruptcy procedure and all the creditors get paid according to their respective proportion. In conclusion, based on the above summary, put forward in the trial court involved in dormant investment phase On the basis of analyzing the nature of investment, we first distinguish scientifically the investment and loan, secondly, judge whether investors have the identity of shareholders, and finally confirm the way of return of investment according to different situations.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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