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隐名股东的权利能得到法律的保护吗?

Author:赵玉来 | 2021.06.02


隐名股东也叫实际投资人,是指依据书面或口头协议委托他人代其持有股权者。隐名股东在我国的公司中较为普遍,同时,名义出资人、实际出资人、第三人等众多利益主体之间也潜藏着各种各样的纠纷,从而导致不同的法律风险。由股权转让引起的纠纷是最容易引发诉讼的情形,在实践中也较为常见。那么隐名股东的权利能得到法律保护吗?答案是能。乌鲁木齐市鲤鱼山饭店有限责任公司与马清请求变更公司登记纠纷二审案(新疆维吾尔自治区乌鲁木齐市中级人民法院民事判决书(2017)新01民终3475号)就是涉及隐名股东的一个典型案件。


隐名股东已获得立法的承认,其权利被侵犯可获得司法救济

从现代经济学的视角来看,公司是重要的市场主体,也是一系列合同的联结体。合同自治是私法的主要特征之一,对公司而言也是适用的。从这个意义上说,公司法是一种“赋权”法律,它允许管理者和投资者能够按照他们自己的意愿来建构公司治理体系,而不需要监管者去作大量的实质性审查(参见[美]弗兰克·伊斯特布鲁克、丹尼尔·费希尔:《公司法的经济结构》,张建伟、罗培新译,北京大学出版社2005年版,第2页。)。因此,公司内部的涉及私权如何分配的问题可以由当事人依照意思自治的原则来处理,司法实践中,法院也应当尊重公司的意思自治。2005年《公司法》修改之后,公司自治原则得到了充分体现。

隐名股东在我国《公司法》的实践中一直存在,但从立法来看,直到2005年《公司法》修改后,隐名股东的问题才在立法中得以体现。《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的规定(三)》(下称“《公司法解释三》”)生效后,才明确了隐名股东的存在,并对其权利予以承认。围绕着隐名股东的资格,一直存在着“实质说”和“形式说”的论争(参见蒋大兴:《公司法的展开与评判——方法·判例·制度》,法律出版社2001年版,第462页。)。由于商法的外观主义特性,如果严格采取“实质说”,对隐名股东的各种权利均直接承认,就会否定工商登记的意义,对市场秩序形成冲击。

就《公司法解释三》的内容来看,该司法解释对“实质说”和“形式说”进行了平衡。一方面,明确认可了隐名股东的权利,在其第24条第1款、第2款以及第25条第2款中允许隐名股东向名义股东主张《公司法》的权利;另一方面,该解释还强调工商登记的公示原则,非经变更登记隐名股东的权利不能对抗第三人。


隐名股东虽非经登记,但满足一定条件仍可转让股权

对于有限责任公司而言,其与股份有限公司的主要区别就是更强调人合性,强调股东之间的相互信任,因此,在审判实践中,对于这两种类型的公司,法院的裁判会予以区分。

隐名股东虽非经登记机关登记,但《公司法》并未明确规定隐名股东不能转让股权,因此,法院一般认为满足一定条件隐名股东仍可依法转让股权。在乌鲁木齐市鲤鱼山饭店有限责任公司与马清请求变更公司登记纠纷案中,马清作为受让人,对其所受让的一部分股权持有人系鲤鱼山饭店隐名股东的事实是明知的,其与股权转让人签订的协议也不违反法律、法规的禁止性规定,应当认定合法有效。这种股权转让行为没有法律的禁止性规定和前置性规定,所以,上述股权转让行为无需履行其他前置法律程序。二审法院充分考虑了隐名股东转让的条件,支持了股权转让行为,支持了马清请求鲤鱼山饭店向乌鲁木齐市工商局办理股权变更登记手续并记载于股东名册的请求。隐名股东虽然没有进行登记,但其股东资格是可以确认的,满足一定条件仍可依法转让股权。

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