【摘要】：從康孟達契約到隱名合伙，再到今天的隱名股東，隱名投資一路走來，引發(fā)的法律爭議與糾紛不斷。對于隱名投資，一直存在或廢或立兩種不同的立場。不過，肯定也好，否定也罷，無可爭辯并不容回避的事實是，隱名投資已經(jīng)在我國外商投資企業(yè)、有限責(zé)任公司、股份有限公司、合伙等各類企業(yè)組織中均不同程度地廣泛存在。近年來，隨著我國改革開放與市場經(jīng)濟發(fā)展，因隱名投資而引發(fā)的各類糾紛亦日益增長，其中以外商投資企業(yè)與有限責(zé)任公司領(lǐng)域尤為多發(fā)。 實踐中，隱名投資糾紛主要表現(xiàn)為隱名投資合同糾紛、出資瑕疵糾紛、股權(quán)確認糾紛、股權(quán)轉(zhuǎn)讓糾紛、投資權(quán)益歸屬糾紛等。目前，我國公司法、合同法缺乏關(guān)于隱名投資的明確規(guī)定，僅《關(guān)于審理外商投資企業(yè)糾紛案件若干問題的規(guī)定（一）》（法釋[2010]9號）和《關(guān)于適用中華人民共和國公司法若干問題的規(guī)定（三）》（法釋[2011]3號）兩個司法解釋涉及隱名投資問題，前者適用于解決外商投資企業(yè)中的隱名投資糾紛，后者則主要適用于解決公司中的隱名投資糾紛。上述兩個司法解釋的頒布與施行，為司法實務(wù)界解決隱名投資糾紛提供了統(tǒng)一的裁判標準，發(fā)揮了積極的作用。但是因為兩個司法解釋并非專門針對隱名投資問題，故而對隱名投資的法律規(guī)制缺乏整體性架構(gòu)與體系化設(shè)計，其中關(guān)于隱名投資的具體規(guī)定難免失之疏漏、簡略或考慮不周，甚至存在相互矛盾與沖突的地方。也就是說，從司法實務(wù)的角度而言，對隱名投資的法律規(guī)制問題進行深入系統(tǒng)化的研究，仍存在客觀實際上的需要。 從理論上看，隱名投資，特別是有限責(zé)任公司領(lǐng)域的隱名投資，不僅與有限責(zé)任公司的“人合性”特征相抵觸，也與現(xiàn)代商法權(quán)利外觀主義以及公司登記公示公信原則相沖突，甚至危及公司獨立人格、股東有限責(zé)任、法人治理結(jié)構(gòu)等公司基本法律制度。如何利用現(xiàn)有法律理論及法律制度，消弭隱名投資對于公司基本法律制度的不利沖擊，實現(xiàn)制度協(xié)調(diào)與理論對接，具有重要的理論價值。 對隱名投資進行研究涉及的法律問題主要有：隱名投資的法律性質(zhì)，隱名投資合同的主要內(nèi)容與法律效力，隱名投資股東資格的認定，隱名投資人、名義股東與公司、其他股東的法律關(guān)系，隱名投資人與名義股東的權(quán)責(zé)分配機制，隱名投資人在公司法、合同法以及信托法上的權(quán)益及相關(guān)保障機制，隱名投資出資瑕疵責(zé)任的承擔(dān)，公司人格否認情形下隱名投資人的法律責(zé)任，公司債權(quán)人等第三人利益的保護，隱名投資人要求顯名成為公司股東的身份轉(zhuǎn)化，等等。在以上所有問題中，其中對于隱名投資合同的研究是基礎(chǔ)，對于隱名投資法律性質(zhì)的認識是橋梁與紐帶，對于隱名投資股東資格認定的研究則是核心。這是因為，從隱名投資的整個過程來看，隱名投資主要可以分為兩個層面的法律關(guān)系：第一個層面是隱名投資人與名義股東之間通過訂立隱名投資合同所形成的合同法律關(guān)系，主要適用合同法調(diào)整；第二個層面是隱名投資人通過名義股東向公司出資所形成的投資法律關(guān)系，主要適用公司法調(diào)整。其中，第二層公司法上的投資法律關(guān)系是建立在第一層合同法律關(guān)系之上的，故對第一層合同法律關(guān)系的性質(zhì)以及效力的不同處理，會影響到第二層法律關(guān)系中相關(guān)主體權(quán)利義務(wù)的分配以及相應(yīng)法律責(zé)任的承擔(dān)，但與此同時，第二層法律關(guān)系又是相對獨立的，有其自身的法律特性與規(guī)范要求。 本文選取有限責(zé)任公司中的協(xié)議型隱名投資作為研究對象，以關(guān)于隱名投資存廢的爭議為探討的邏輯起點，分析了隱名投資法律關(guān)系性質(zhì)并闡析了隱名投資合同內(nèi)容與效力，進而探討股東資格的認定標準以及不同類型隱名投資情形下股東資格的具體認定，最后以隱名投資出資瑕疵責(zé)任制度與刺破隱名投資人雙重面紗制度構(gòu)建以及隱名投資股權(quán)信托制度設(shè)計為重點，提出系統(tǒng)化構(gòu)建我國隱名投資法律規(guī)制體系的建議。 全文共分六章，主要內(nèi)容如下： 第1章“導(dǎo)論”。首先，本章從隱名投資引發(fā)的法律爭議入手，在對隱名投資合同效力、股東資格認定、公司債權(quán)人與其他善意第三人利益保護等核心性爭議進行分析的基礎(chǔ)上，梳理了我國法律法規(guī)關(guān)于隱名投資的現(xiàn)有規(guī)定，指出了我國現(xiàn)有法律規(guī)定對于隱名投資規(guī)制的不足，進而闡釋了本論文研究的理論與實踐意義。其次，在綜合梳理國內(nèi)外有關(guān)隱名投資研究文獻資料的基礎(chǔ)上，對隱名投資研究現(xiàn)狀進行了扼要評價，指出已有研究成果主要存在視野不夠廣闊、整體系統(tǒng)性欠缺、某些專題研究不夠精細化、具體規(guī)則設(shè)計的合理性與可操作性欠佳等不足之處。再次，對本文的研究范疇進行界定，選取有限責(zé)任公司中的協(xié)議型隱名投資作為研究重點。最后，明確了研究的基本路徑，本文選定價值分析法、規(guī)范分析法、實證分析法、比較研究法為主要研究方法，確立了從實踐問題分析到理論制度探討再到法律規(guī)制完善的基本研究范式。 第2章“存廢論：隱名投資規(guī)制之立論基礎(chǔ)”。本章在對隱名投資的歷史緣起、主要成因進行全面考察的基礎(chǔ)上，通過對隱名投資利弊的客觀辯證分析，以及通過對“完全隱名投資與不完全隱名投資”、“協(xié)議型隱名投資與非協(xié)議型隱名投資”兩種主要的隱名投資分類進行類型化研究，認為隱名投資這一社會經(jīng)濟現(xiàn)象有其產(chǎn)生的歷史必然性與客觀存在的現(xiàn)實需求性，對其存廢不能搞要么存要么廢的簡單一刀切，而應(yīng)具體問題具體分析，不同情況不同處理。指出，對于那些惡意規(guī)避法律，嚴重損害國家利益、公共利益或者第三人合法利益的隱名投資，要依法予以禁止或取締，與此同時，還應(yīng)依法追究相關(guān)行為人的民事責(zé)任、行政責(zé)任乃至刑事責(zé)任；對于那些并不損害國家利益、公共利益與第三人合法利益的善意規(guī)避類隱名投資或非規(guī)避類隱名投資，則要通過法律的完善以及制度創(chuàng)新對其加以引導(dǎo)與規(guī)范。本章在最后提出，遵循契約自由之原則以及投資自由、商法自治之精神，通過制度創(chuàng)新以及法律的完善盡快立法確認隱名投資制度，從而將我國社會現(xiàn)實經(jīng)濟生活中的各類隱名投資行為納入法律規(guī)制的軌道，揚隱名投資之利，去隱名投資之弊，有效利用隱名投資這一靈活自由的投融資方式促進我國社會經(jīng)濟的更好發(fā)展。 第3章“契約論：隱名投資合同之構(gòu)造”。隱名投資合同在隱名投資法律關(guān)系中處于基礎(chǔ)性地位，隱名投資合同的法律性質(zhì)與法律效力，不僅影響到隱名投資人與名義股東的權(quán)利與義務(wù)，，而且涉及到公司、其他股東以及公司債權(quán)人等第三人的利益，因此本章在對隱名投資合同的概念進行界定的基礎(chǔ)上，重點對隱名投資合同的法律性質(zhì)、合同內(nèi)容與法律效力進行了分析與探討。認為，在我國《合同法》未對隱名投資合同作出明確規(guī)定之前，應(yīng)參照現(xiàn)有典型合同的相關(guān)法律規(guī)范，并根據(jù)隱名投資合同當(dāng)事人關(guān)于投資收益歸屬、投資風(fēng)險承擔(dān)以及股東權(quán)利享有與行使的具體約定來對隱名投資合同的法律性質(zhì)作出類比解釋。對于隱名投資合同內(nèi)容的探討，重點分析了出資、股權(quán)、投資收益與風(fēng)險、違約責(zé)任等主要內(nèi)容。繼而，從合同主體、合同內(nèi)容、合同形式三個方面探討了隱名投資合同效力認定的要件，提出了隱名投資合同效力認定的“有效認定優(yōu)先”與“法益權(quán)衡”兩項基本原則，并運用這兩項基本原則對規(guī)避投資身份限制、規(guī)避審批手續(xù)、規(guī)避股東人數(shù)限制、規(guī)避股權(quán)轉(zhuǎn)讓限制、不正當(dāng)獲取稅費優(yōu)惠待遇等五類隱名投資合同的效力進行了具體分析。 第4章“資格論：隱名投資之股東認定”。股東資格是投資人取得和行使股東權(quán)利、實現(xiàn)其投資收益、承擔(dān)股東義務(wù)以及相應(yīng)責(zé)任的基礎(chǔ)與前提。在公司法上，股東與公司之間、股東與股東之間以及股東與公司各組織機構(gòu)之間法律關(guān)系的確定，也都源于股東資格的認定。本章從對股東資格的含義探討入手，全面分析了股東資格“能力”、“條件”、“身份”三個方面的含義，進而闡述了股東資格認定對于投資者本人、公司、公司其他股東、公司債權(quán)人以及股權(quán)受讓人等利害關(guān)系人的實際意義。在對股東資格認定的“實質(zhì)說”、“形式說”與“區(qū)別說”三大學(xué)說的主要觀點進行介紹與評述的基礎(chǔ)之上，明確指出股東資格認定的核心要素是公司與投資者之間的“合意”。在對股東資格認定的各類證據(jù)進行具體分析以及借鑒相關(guān)國家股東資格認定標準的基礎(chǔ)上，確立了“股東名冊”一元化認定股東資格的“形式例外說”標準，并對該標準的具體內(nèi)涵及其運用與完善進行了闡明。指出，隱名投資情形下的股東資格認定，應(yīng)堅持以意思自治的“合意”原則、公示公信的外觀主義原則、區(qū)別認定的原則為指導(dǎo)，在此基礎(chǔ)上，本章進而對協(xié)議型隱名投資情形下的行權(quán)式隱名投資、非行權(quán)式隱名投資以及非協(xié)議型隱名投資情形下的冒名投資與虛名投資的股東資格認定做出了具體分析。認為，基于公司與投資者之間的“合意”這一核心要素，依據(jù)股東名冊一元化認定股東資格的“形式例外說”標準，對于協(xié)議型的非行權(quán)式隱名投資和間接行權(quán)式隱名投資，應(yīng)認定名義股東具有股東資格；對于協(xié)議型的直接行權(quán)式隱名投資，應(yīng)認定隱名投資人對內(nèi)的實質(zhì)股東資格與名義股東對外的形式股東資格；對于非協(xié)議型的冒名投資與虛名投資，應(yīng)直接認定隱名投資人具有股東資格。 第5章“完善論：隱名投資之法律規(guī)制”。首先，本章對我國關(guān)于隱名投資的現(xiàn)行法律規(guī)定進行了全面梳理，在肯定現(xiàn)有法律規(guī)制成效的基礎(chǔ)上指出了我國現(xiàn)行法律對于隱名投資規(guī)制的漏洞與不足。針對現(xiàn)有法律規(guī)制中存在的問題，提出了完善隱名投資法律規(guī)制的基本思路與總體原則。指出，隱名投資法律規(guī)制的完善，應(yīng)立足于我國現(xiàn)有法律體系與公司中隱名投資的實際情況，堅持前瞻意識和體系化設(shè)計，全面謀劃，整體架構(gòu)，努力完善我國公司法、合同法、信托法以及民法通則等法律法規(guī)的相關(guān)法律制度并加以綜合運用，系統(tǒng)化構(gòu)建隱名投資的法律規(guī)制體系。在此基礎(chǔ)上，本章重點對隱名投資出資義務(wù)、出資瑕疵責(zé)任、刺破隱名投資人雙重面紗三項具體制度的構(gòu)建進行闡明。最后，本章運用信托原理與信托法律規(guī)定，對隱名投資股權(quán)信托制度進行具體設(shè)計，通過對隱名投資人與名義股東的權(quán)利義務(wù)設(shè)計以及股權(quán)信托合同公證、股權(quán)信托登記等制度的構(gòu)建與完善，發(fā)揮股權(quán)信托對公司中的隱名投資進行有效法律規(guī)制的應(yīng)有制度價值。 第6章“結(jié)論”。本章對本文形成的主要觀點以及構(gòu)建的主要制度進行簡單總結(jié)，并指出了關(guān)于隱名投資法律規(guī)制需要繼續(xù)研究的專題以及研究的方向。
[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".
【學(xué)位授予單位】：對外經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：D922.291.91

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