论公司中隐名投资的法律规制

发布时间：2018-08-14 08:50

【摘要】：从康孟达契约到隐名合伙，再到今天的隐名股东，隐名投资一路走来，引发的法律争议与纠纷不断。对于隐名投资，一直存在或废或立两种不同的立场。不过，肯定也好，否定也罢，无可争辩并不容回避的事实是，隐名投资已经在我国外商投资企业、有限责任公司、股份有限公司、合伙等各类企业组织中均不同程度地广泛存在。近年来，随着我国改革开放与市场经济发展，因隐名投资而引发的各类纠纷亦日益增长，其中以外商投资企业与有限责任公司领域尤为多发。实践中，隐名投资纠纷主要表现为隐名投资合同纠纷、出资瑕疵纠纷、股权确认纠纷、股权转让纠纷、投资权益归属纠纷等。目前，我国公司法、合同法缺乏关于隐名投资的明确规定，仅《关于审理外商投资企业纠纷案件若干问题的规定（一）》（法释[2010]9号）和《关于适用中华人民共和国公司法若干问题的规定（三）》（法释[2011]3号）两个司法解释涉及隐名投资问题，前者适用于解决外商投资企业中的隐名投资纠纷，后者则主要适用于解决公司中的隐名投资纠纷。上述两个司法解释的颁布与施行，为司法实务界解决隐名投资纠纷提供了统一的裁判标准，发挥了积极的作用。但是因为两个司法解释并非专门针对隐名投资问题，故而对隐名投资的法律规制缺乏整体性架构与体系化设计，其中关于隐名投资的具体规定难免失之疏漏、简略或考虑不周，甚至存在相互矛盾与冲突的地方。也就是说，从司法实务的角度而言，对隐名投资的法律规制问题进行深入系统化的研究，仍存在客观实际上的需要。从理论上看，隐名投资，特别是有限责任公司领域的隐名投资，不仅与有限责任公司的“人合性”特征相抵触，也与现代商法权利外观主义以及公司登记公示公信原则相冲突，甚至危及公司独立人格、股东有限责任、法人治理结构等公司基本法律制度。如何利用现有法律理论及法律制度，消弭隐名投资对于公司基本法律制度的不利冲击，实现制度协调与理论对接，具有重要的理论价值。对隐名投资进行研究涉及的法律问题主要有：隐名投资的法律性质，隐名投资合同的主要内容与法律效力，隐名投资股东资格的认定，隐名投资人、名义股东与公司、其他股东的法律关系，隐名投资人与名义股东的权责分配机制，隐名投资人在公司法、合同法以及信托法上的权益及相关保障机制，隐名投资出资瑕疵责任的承担，公司人格否认情形下隐名投资人的法律责任，公司债权人等第三人利益的保护，隐名投资人要求显名成为公司股东的身份转化，等等。在以上所有问题中，其中对于隐名投资合同的研究是基础，对于隐名投资法律性质的认识是桥梁与纽带，对于隐名投资股东资格认定的研究则是核心。这是因为，从隐名投资的整个过程来看，隐名投资主要可以分为两个层面的法律关系：第一个层面是隐名投资人与名义股东之间通过订立隐名投资合同所形成的合同法律关系，主要适用合同法调整；第二个层面是隐名投资人通过名义股东向公司出资所形成的投资法律关系，主要适用公司法调整。其中，第二层公司法上的投资法律关系是建立在第一层合同法律关系之上的，故对第一层合同法律关系的性质以及效力的不同处理，会影响到第二层法律关系中相关主体权利义务的分配以及相应法律责任的承担，但与此同时，第二层法律关系又是相对独立的，有其自身的法律特性与规范要求。本文选取有限责任公司中的协议型隐名投资作为研究对象，以关于隐名投资存废的争议为探讨的逻辑起点，分析了隐名投资法律关系性质并阐析了隐名投资合同内容与效力，进而探讨股东资格的认定标准以及不同类型隐名投资情形下股东资格的具体认定，最后以隐名投资出资瑕疵责任制度与刺破隐名投资人双重面纱制度构建以及隐名投资股权信托制度设计为重点，提出系统化构建我国隐名投资法律规制体系的建议。全文共分六章，主要内容如下：第1章“导论”。首先，本章从隐名投资引发的法律争议入手，在对隐名投资合同效力、股东资格认定、公司债权人与其他善意第三人利益保护等核心性争议进行分析的基础上，梳理了我国法律法规关于隐名投资的现有规定，指出了我国现有法律规定对于隐名投资规制的不足，进而阐释了本论文研究的理论与实践意义。其次，在综合梳理国内外有关隐名投资研究文献资料的基础上，对隐名投资研究现状进行了扼要评价，指出已有研究成果主要存在视野不够广阔、整体系统性欠缺、某些专题研究不够精细化、具体规则设计的合理性与可操作性欠佳等不足之处。再次，对本文的研究范畴进行界定，选取有限责任公司中的协议型隐名投资作为研究重点。最后，明确了研究的基本路径，本文选定价值分析法、规范分析法、实证分析法、比较研究法为主要研究方法，确立了从实践问题分析到理论制度探讨再到法律规制完善的基本研究范式。第2章“存废论：隐名投资规制之立论基础”。本章在对隐名投资的历史缘起、主要成因进行全面考察的基础上，通过对隐名投资利弊的客观辩证分析，以及通过对“完全隐名投资与不完全隐名投资”、“协议型隐名投资与非协议型隐名投资”两种主要的隐名投资分类进行类型化研究，认为隐名投资这一社会经济现象有其产生的历史必然性与客观存在的现实需求性，对其存废不能搞要么存要么废的简单一刀切，而应具体问题具体分析，不同情况不同处理。指出，对于那些恶意规避法律，严重损害国家利益、公共利益或者第三人合法利益的隐名投资，要依法予以禁止或取缔，与此同时，还应依法追究相关行为人的民事责任、行政责任乃至刑事责任；对于那些并不损害国家利益、公共利益与第三人合法利益的善意规避类隐名投资或非规避类隐名投资，则要通过法律的完善以及制度创新对其加以引导与规范。本章在最后提出，遵循契约自由之原则以及投资自由、商法自治之精神，通过制度创新以及法律的完善尽快立法确认隐名投资制度，从而将我国社会现实经济生活中的各类隐名投资行为纳入法律规制的轨道，扬隐名投资之利，去隐名投资之弊，有效利用隐名投资这一灵活自由的投融资方式促进我国社会经济的更好发展。第3章“契约论：隐名投资合同之构造”。隐名投资合同在隐名投资法律关系中处于基础性地位，隐名投资合同的法律性质与法律效力，不仅影响到隐名投资人与名义股东的权利与义务，，而且涉及到公司、其他股东以及公司债权人等第三人的利益，因此本章在对隐名投资合同的概念进行界定的基础上，重点对隐名投资合同的法律性质、合同内容与法律效力进行了分析与探讨。认为，在我国《合同法》未对隐名投资合同作出明确规定之前，应参照现有典型合同的相关法律规范，并根据隐名投资合同当事人关于投资收益归属、投资风险承担以及股东权利享有与行使的具体约定来对隐名投资合同的法律性质作出类比解释。对于隐名投资合同内容的探讨，重点分析了出资、股权、投资收益与风险、违约责任等主要内容。继而，从合同主体、合同内容、合同形式三个方面探讨了隐名投资合同效力认定的要件，提出了隐名投资合同效力认定的“有效认定优先”与“法益权衡”两项基本原则，并运用这两项基本原则对规避投资身份限制、规避审批手续、规避股东人数限制、规避股权转让限制、不正当获取税费优惠待遇等五类隐名投资合同的效力进行了具体分析。第4章“资格论：隐名投资之股东认定”。股东资格是投资人取得和行使股东权利、实现其投资收益、承担股东义务以及相应责任的基础与前提。在公司法上，股东与公司之间、股东与股东之间以及股东与公司各组织机构之间法律关系的确定，也都源于股东资格的认定。本章从对股东资格的含义探讨入手，全面分析了股东资格“能力”、“条件”、“身份”三个方面的含义，进而阐述了股东资格认定对于投资者本人、公司、公司其他股东、公司债权人以及股权受让人等利害关系人的实际意义。在对股东资格认定的“实质说”、“形式说”与“区别说”三大学说的主要观点进行介绍与评述的基础之上，明确指出股东资格认定的核心要素是公司与投资者之间的“合意”。在对股东资格认定的各类证据进行具体分析以及借鉴相关国家股东资格认定标准的基础上，确立了“股东名册”一元化认定股东资格的“形式例外说”标准，并对该标准的具体内涵及其运用与完善进行了阐明。指出，隐名投资情形下的股东资格认定，应坚持以意思自治的“合意”原则、公示公信的外观主义原则、区别认定的原则为指导，在此基础上，本章进而对协议型隐名投资情形下的行权式隐名投资、非行权式隐名投资以及非协议型隐名投资情形下的冒名投资与虚名投资的股东资格认定做出了具体分析。认为，基于公司与投资者之间的“合意”这一核心要素，依据股东名册一元化认定股东资格的“形式例外说”标准，对于协议型的非行权式隐名投资和间接行权式隐名投资，应认定名义股东具有股东资格；对于协议型的直接行权式隐名投资，应认定隐名投资人对内的实质股东资格与名义股东对外的形式股东资格；对于非协议型的冒名投资与虚名投资，应直接认定隐名投资人具有股东资格。第5章“完善论：隐名投资之法律规制”。首先，本章对我国关于隐名投资的现行法律规定进行了全面梳理，在肯定现有法律规制成效的基础上指出了我国现行法律对于隐名投资规制的漏洞与不足。针对现有法律规制中存在的问题，提出了完善隐名投资法律规制的基本思路与总体原则。指出，隐名投资法律规制的完善，应立足于我国现有法律体系与公司中隐名投资的实际情况，坚持前瞻意识和体系化设计，全面谋划，整体架构，努力完善我国公司法、合同法、信托法以及民法通则等法律法规的相关法律制度并加以综合运用，系统化构建隐名投资的法律规制体系。在此基础上，本章重点对隐名投资出资义务、出资瑕疵责任、刺破隐名投资人双重面纱三项具体制度的构建进行阐明。最后，本章运用信托原理与信托法律规定，对隐名投资股权信托制度进行具体设计，通过对隐名投资人与名义股东的权利义务设计以及股权信托合同公证、股权信托登记等制度的构建与完善，发挥股权信托对公司中的隐名投资进行有效法律规制的应有制度价值。第6章“结论”。本章对本文形成的主要观点以及构建的主要制度进行简单总结，并指出了关于隐名投资法律规制需要继续研究的专题以及研究的方向。
[Abstract]:From the Comenda contract to the dormant partnership, to today's dormant shareholders, the dormant investment has come all the way, causing legal disputes and disputes. In recent years, with the reform and opening up and the development of market economy in China, all kinds of disputes caused by dormant investment are also growing, especially in the fields of foreign investment enterprises and limited liability companies.
In practice, anonymous investment disputes are mainly manifested as anonymous investment contract disputes, investment flaws disputes, equity confirmation disputes, equity transfer disputes, investment rights and interests attribution disputes and so on. The two judicial interpretations are concerned with the problem of dormant investment. The former applies to the settlement of dormant investment disputes in foreign-funded enterprises, while the latter mainly applies to the settlement of dormant investment disputes in companies. The promulgation and implementation of the interpretation have provided a unified standard of judgment and played a positive role in solving the disputes over dormant investment in judicial practice. However, because the two judicial interpretations are not specifically aimed at the problem of dormant investment, there is a lack of a holistic framework and systematic design for the legal regulation of dormant investment. In other words, from the perspective of judicial practice, there is still an objective and practical need to conduct a thorough and systematic study on the legal regulation of dormant investment.
Theoretically speaking, dormant investment, especially in the field of limited liability companies, not only contradicts the "human nature" of limited liability companies, but also conflicts with the externalism of modern commercial law rights and the principle of public trust in company registration, and even endangers the independent personality of companies, limited liability of shareholders, corporate governance structure and other companies. Basic legal system. How to use the existing legal theory and legal system to eliminate the unfavorable impact of dormant investment on the basic legal system of the company, and to achieve system coordination and theoretical docking, has important theoretical value.
The legal issues involved in the study of dormant investment include: the legal nature of dormant investment, the main content and legal effect of dormant investment contract, the qualification of dormant investment shareholders, the legal relationship between dormant investors, nominal shareholders and companies, other shareholders, the distribution mechanism between dormant investors and nominal shareholders, and dormant investment. The rights and interests of the investor in the company law, the contract law and the trust law as well as the related safeguard mechanism, the liability for the defect of the dormant investment, the legal liability of the dormant investor in the case of disregard of the company's personality, the protection of the interests of the creditors of the company and other third parties, the transformation of the dormant investor's status as a shareholder of the company, and so on. Among the problems, the research on dormant investment contract is the foundation, the understanding of the legal nature of dormant investment is the bridge and link, and the research on the qualification of dormant investment shareholders is the core. The second level is that the investment legal relationship between the dormant investor and the nominal shareholder is mainly regulated by the contract law. The second level is that the investment legal relationship between the dormant investor and the nominal shareholder is mainly regulated by the company law. Legal relationship is based on the first level of contract legal relationship, so different treatment of the nature and validity of the first level of contract legal relationship will affect the distribution of the rights and obligations of the relevant subjects in the second level of legal relationship and the corresponding legal responsibility, but at the same time, the second level of legal relationship is relatively independent, has its own. Its legal characteristics and requirements.
This paper chooses the agreement-type dormant investment in the limited liability company as the research object, takes the controversy about the existence or abolition of dormant investment as the logical starting point, analyzes the nature of the legal relationship of dormant investment, expounds the content and effectiveness of the dormant investment contract, and then discusses the criteria for determining shareholder qualification and different types of dormant investment. Finally, the paper puts forward some suggestions on the systematic construction of the legal regulation system of dormant investment in China, focusing on the construction of the system of liability for defects in dormant investment, the double veil system of piercing dormant investors and the design of dormant investment equity trust system.
The full text is divided into six chapters. The main contents are as follows:
First of all, this chapter starts with the legal disputes caused by dormant investment, analyzes the core disputes such as the validity of dormant investment contract, the qualification of shareholders, the protection of the interests of creditors and other bona fide third parties, sorts out the existing provisions of laws and regulations on dormant investment in China, and points out the present situation in China. Secondly, on the basis of a comprehensive review of domestic and foreign literature on dormant investment, this paper makes a brief evaluation of the current research situation of dormant investment, pointing out that the existing research results have not broad vision and the overall system. Thirdly, this paper defines the research scope of this paper and chooses the protocol-based dormant investment in the limited liability company as the research focus. Finally, it clarifies the basic path of the study. This paper selects the pricing value analysis method, rules and regulations. Paradigm analysis, empirical analysis and comparative study are the main research methods, which establish the basic research paradigm from the analysis of practical problems to the discussion of theoretical system to the perfection of legal regulations.
Chapter 2 "The Theory of Preservation and Abolition: the Foundation for the Regulation of Hidden Investment". This chapter, based on a comprehensive investigation of the historical origin and main causes of Hidden Investment, analyzes the advantages and disadvantages of Hidden Investment objectively, and through "Complete Hidden Investment and Incomplete Hidden Investment", "Agreement Hidden Investment and Non-agreement Hidden Investment". The two main classifications of anonymous investment are typically studied. It is believed that anonymous investment, a social and economic phenomenon, has its historical inevitability and objective reality demand. It is not a simple knife-edged way to save or abandon anonymous investment, but should be analyzed concretely and dealt with in different situations. For those dormant investments that maliciously evade the law and seriously damage the interests of the state, the public interest or the legitimate interests of the third party, they should be prohibited or banned according to law. At the same time, the civil liability, administrative liability and even criminal liability of the relevant actors should be investigated according to law; for those who do not harm the interests of the state, the public interest should be combined with the third party. In the last part of this chapter, the principle of freedom of contract as well as the spirit of freedom of investment and autonomy of commercial law should be followed, and the dormant investment should be confirmed by legislation as soon as possible through institutional innovation and legal perfection. The system will bring all kinds of anonymous investment behavior into the orbit of legal regulation in our social and economic life, carry forward the benefits of anonymous investment, eliminate the disadvantages of anonymous investment, and effectively utilize the flexible and free investment and financing mode of anonymous investment to promote the better development of our social economy.
Chapter 3 "Contract Theory: Structure of Hidden Investment Contracts". Hidden Investment Contracts are fundamental in the legal relationship of Hidden Investment. The legal nature and legal effect of Hidden Investment Contracts not only affect the rights and obligations of Hidden Investors and Nominal Shareholders, but also involve companies, other shareholders and creditors. On the basis of defining the concept of dormant investment contract, this chapter focuses on the analysis and discussion of the legal nature, content and legal effect of dormant investment contract. It also makes an analogical interpretation of the legal nature of the dormant investment contract according to the specific agreement of the parties to the dormant investment contract on the attribution of investment income, investment risk bearing and the enjoyment and exercise of shareholders'rights. Secondly, the paper discusses the essentials of the validity determination of the dormant investment contract from three aspects: the subject of the contract, the content of the contract and the form of the contract, and puts forward two basic principles of the validity determination of the dormant investment contract: the validity determination priority and the balance of legal interests, and applies these two basic principles to circumvent the restriction of investment status and evade the examination and approval. Five types of anonymous investment contracts, including formalities, avoidance of shareholder restrictions, avoidance of equity transfer restrictions, improper access to tax preferential treatment, are analyzed in detail.
Chapter 4 "Qualification theory: shareholder identification of dormant investment". Shareholder qualification is the basis and premise for investors to obtain and exercise shareholder rights, realize their investment returns, undertake shareholder obligations and corresponding responsibilities. Starting from the discussion of the meaning of shareholder qualification, this chapter comprehensively analyzes the three meanings of shareholder qualification: ability, condition and identity, and then expounds the benefits of shareholder qualification for investors, companies, other shareholders, creditors and transferees of shares. On the basis of introducing and commenting on the main points of the three theories of shareholder qualification, which are "essence theory", "form theory" and "distinction theory", it is clearly pointed out that the core element of shareholder qualification is the "agreement" between the company and the investors. On the basis of concrete analysis and referring to the relevant national standards of shareholder qualification determination, this paper establishes the standard of "formal exception theory" for the unified identification of shareholder qualification by "shareholder register", and expounds the concrete connotation of the standard and its application and perfection. Guided by the principle of "consensual" governance, the principle of externalist publicity and public trust, and the principle of distinguishing and identifying, this chapter further identifies the shareholders'qualifications of exercising power-type dormant investment, non-exercising power-type dormant investment and non-agreement-type dormant investment. Based on the core element of "agreement" between the company and the investors, and the criterion of "formal exceptions" for identifying shareholders'qualifications according to the unification of the shareholders' roster, the nominal shareholders should be identified as shareholders'qualifications for the agreement-based non-exercise dormant investment and the indirect exercise dormant investment. In exercising power type dormant investment, the real shareholder qualification of the dormant investor in China and the formal shareholder qualification of the nominal shareholder in foreign countries should be recognized; in non-agreement type dormant investment and nominal investment, the dormant investor should be directly identified as having shareholder qualification.
The fifth chapter is "perfection Theory: legal regulation of dormant investment".
【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：D922.291.91

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