【线上云德】疫情期间律师说（八十七）┃公司股权之常见法律问题解析（二）

公司法人，作为市场活动的参与者，也是作为社会生产和流通的直接承担者，在现今的市场经济中已然扮演着越来越重要的社会角色。但是随着公司的不断发展，公司内部矛盾开始逐渐凸显。公司股东的进入与退出亦成为常态，而这些变化必然造成公司利益在分配上的种种冲突。为了准确把握股权关系，对化解矛盾、解决纷争，保持公司的稳定运行具有重要的作用。基于公司股权问题影响大、专业性强的特点，上一次我们给大家分享了股权概述、股权取得、股权设计、股权行驶四个方面进行讲解，今天我们从股权代持、隐名股东、股权与投融资三个方面带你走进公司股权常见法律问题，以期对公司股东及投资者有所帮助。

As a participant in market activities, as well as a direct undertaker ofsocial production and circulation, corporate legal person has been playing anincreasingly important social role in today's market economy. However, with thecontinuous development of the company, the internal contradictions of thecompany have gradually become prominent. The shareholders' entry and exit havealso become the norm, and these changes will inevitably lead to variousconflicts in the distribution of corporate interests. In order to accuratelygrasp the ownership relationship, it plays an important role in resolvingconflicts, resolving disputes and maintaining the stable operation of thecompany. Based on the company's equity problem influence big, strongprofessional characteristics, the last time we have to share equity overview,design of equity, equity, equity on four aspects to explain, today we fromequity generation, dormant shareholders, equity and investment and financingfrom three aspects, take you into the company common legal issues, in order toprovide help to the company shareholders and investors.

一、股权代持

股权代持是现实需要的产物，但其隐藏的风险也不可小觑。股权代持又称委托持股、隐名出资，是指实际出资人与他人约定，以该他人名义代实际出资人履行股东权利义务的一种股权或股份处置方式。

根据《公司法》第32条第3款规定“公司应当将股东的姓名或者名称向公司登记机关登记；登记事项发生变更的，应当办理变更登记。未经登记或者变更登记的，不得对抗第三人。”由此可以看出，我国公司法未绝对否定股权代持的合法性，只是不能对抗善意第三人；而在处理股东内部法律关系时，则在一定条件下承认股权代持的合法性。

在股权代持协议内容不违反法律强制性规定的情况下，此协议的法律效力需分情况对待：

1）公司内部其他股东知道或应当知道该代持协议的，实际出资人在事实上也参与了公司的经营管理、资产收益的，其实际上已经以股东身份行使了股东权利，可以确认实际出资人的股东资格；

2）公司内部其他股东不知情时，该协议对公司不产生法律效力，实际出资人不得直接向公司主张股东权利，只能先提起确权之诉，确认其股东身份。

二、隐名股东

隐名股东，是指出于特定的原因，借用他人名义设立公司或者以他人名义出资，在公司的章程、股东名册和工商登记中记载为他人的实际出资人。隐名股东并不显现于公司股东登记名册之中，因此，隐名股东在公司对外经营活动中不具有股东的法律地位。当公司与第三人发生争议时，不能以隐名股东与显名股东之间的协议对抗善意第三人，隐名股东不享有股东的权益，同时也不对外承担公司的经营风险。

隐名股东是通过股权代持协议的约定行使股东权利。具体操作方法为：与代持一方签订权利义务约定完备的股权代持协议；由代持方成为公司的显名股东；同时隐名股东以自己的名义与其他公司股东签订出资协议，要求其他股东知晓股权代持这一事实，以确认隐名股东的实际股东资格，保护其股东权益。隐名股东直接获取投资收益比较困难，可以通过代持协议，从代持股权的显名股东处间接取得股权投资收益，但存在巨大风险。

Equity proxy is the product of the actual needs, butits hidden risks should not be underestimated. Equity entrustment, also knownas entrusted shareholding and anonymous capital contribution, refers to anequity or share disposal method in which the actual investor agrees with othersto perform the rights and obligations of shareholders on behalf of the actualinvestor in the name of the other investor.

According to article 32, paragraph 3, of the companylaw, "a company shall register the names of its shareholders with thecompany registration authority; If the registered items are changed, thealteration registration shall be carried out. If it is not registered orchanges its registration, it shall not act against a third party." It canbe seen from this that the company law of our country does not absolutely denythe legitimacy of equity proxy, but cannot resist the third party in goodfaith; However, when dealing with the internal legal relationship amongshareholders, the legitimacy of equity proxy is recognized under certainconditions.

As long as the content of the equity entrustmentagreement does not violate the mandatory provisions of law, the legal effect ofthis agreement shall be treated as follows:

1.If other shareholders within the company know orshould know about the entrustment agreement, and the actual investor has actuallyparticipated in the operation and management of the company and the income fromassets, it has actually exercised the shareholder rights as a shareholder, andthe shareholder qualification of the actual investor can be confirmed;

2.Without the knowledge of other shareholders withinthe company, the agreement shall not have legal effect on the company. Theactual investor shall not directly claim the rights of shareholders to thecompany, but only file a lawsuit to confirm the identity of shareholders.

An anonymous shareholder refers to a person who, for a specific reason,establishes a company in the name of another person or makes capital contributionsin the name of another person, and is recorded in the articles of association,the list of shareholders and the industrial and commercial registration as theactual investor of the other person. The hidden shareholders do not appear inthe company's register of shareholders, so the hidden shareholders do not havethe legal status of shareholders in the company's external business activities.In case of disputes between the company and a third party, the agreementbetween the anonymous shareholder and the explicitly named shareholder shallnot be used against a bona fide third party. The anonymous shareholder shallnot enjoy the rights and interests of the shareholder and shall not bear theoperating risks of the company.

Anonymous shareholders exercise the rights of shareholders through theagreement of equity entrustment. The specific operation method is as follows:sign the equity entrustment agreement with the entrustment party with completerights and obligations; The agent becomes the apparent shareholder of thecompany; At the same time, the anonymous shareholders in their own name andother shareholders of the company to sign the investment agreement, requiringother shareholders to know the fact that the equity proxy, in order to confirmthe actual shareholder qualifications of the anonymous shareholders, to protecttheir shareholders' rights and interests. It is difficult for the anonymousshareholders to directly obtain the investment income. They can obtain theequity investment income indirectly from the obvious shareholders of theentrusted equity through the agency holding agreement, but there are hugerisks.

三、股权与投融资

股权投融资是公司进入资本市场的重要途径。股权投资是指企业（或者个人）以货币资金、无形资产和其他实物资产直接投资于其他单位，或者投资于非上市股权或者上市公司非公开交易股权，通过上市或者并购及其他方式退出，从而获得高额收益的一种投资方式。所谓退出是指股权投资机构或个人在其所投资的创业企业发展相对成熟后，将其持有的权益资本在市场上出售以收回投资并实现投资收益的过程，退出也是股权投资的终极目标。常见的退出方式主要有IPO（首次公开发行股票，即“上市”）、并购、新三板挂牌、股权转让、回购、借壳上市、清算等。股权收购是指购买目标公司股权（或股份）、成为目标公司股东或达到某种投资目的的一种投资方式。另外，股权收购也是公司兼并、扩大经营规模、调整产业结构的常见方式。

Equity investment and financing is an important way for acompany to enter the capital market. Equity investment refers to an investmentmode in which enterprises (or individuals) directly invest in other units withmonetary capital, intangible assets and other physical assets, or invest inunlisted equity or non-publicly traded equity of listed companies, and exitthrough listing, merger and acquisition and other means, thus obtaining highreturns. The so-called exit refers to the process in which equity investmentinstitutions or individuals sell their equity capital in the market to recovertheir investment and realize the investment income after the relatively maturedevelopment of the start-up enterprises they invest in. Exit is also theultimate goal of equity investment. Common exit methods mainly include IPO(initial public offering of stocks, namely "listing"), merger andacquisition, listing on the new third board, equity transfer, buyback, backdoorlisting, liquidation, etc. Equity acquisition refers to the purchase of thetarget company's equity (or shares), become a shareholder of the target companyor achieve a certain investment purpose of an investment method. In addition,equity acquisition is also a common way of company merger, expansion ofbusiness scale and adjustment of industrial structure.