【作者】 马莲；

【导师】 马新彦；

【作者基本信息】 吉林大学 ， 民商法学， 2014， 博士

【摘要】 在我国民商法学界，迄今为止尚没有较系统地讨论股权变动相关法律问题的论文。本文在我国现有公司法、证券法等法律框架下，结合法律实务，梳理了与股权变动有关的主要法律问题,尝试搭建一个有关股权变动的基本框架。本文从讨论股权变动的基本理论入手，首先界定了本文的股权及股权变动的概念范围，然后分析了股权变动的法理基础。股权应是涵盖我国《公司法》下的有限责任公司的股权和股份有限责任公司的股份的一个广义概念。对股权变动的考察，应是关注股权的取得、变更和消灭的整个过程，并应包含股权整体权利的转让和股权部分权益的转让两种情形。在此基础上，分析了资本自由理论、私法自治理论以及效率公平理论，认为这三种理论构成股权变动的法理基础。引起股权变动的原因是法律事实。法律事实可分为法律行为和非法律行为，法律行为是引起股权变动最主要的原因，因此也最为复杂。本文中选取了几种比较有代表性的原因予以讨论。法律行为中包括股权捐赠、退股、股权转让、公司合并、分立、增资、减资、股权质押及质权的实现、股票质押式回购交易、融资融券等。其中，股权转让是最主要的原因。由于转让标的和转让方式的不同，股权转让实际包含很多种具体的转让形式或交易方式。例如，有限公司的股权转让、非公众公司的股权转让、公众公司的股权转让、上市公司的股权转让、优先股的转让以及股权收益权的转让与回购等等。这些原因中，有限公司的股权转让、上市公司的股权转让等属于传统的、常态的股权变动原因，股权捐赠、优先股的转让、股权收益权的转让与回购、股票质押式回购交易以及融资融券中的证券担保等属于新兴的、非常态的股权变动原因。非法律行为中讨论了继承或受遗赠、婚姻关系解除。由于原因的不同，股权的具体变动也有所不同。有些是股权的整体权利义务的变动，而有的则只是股权的收益权等部分权益发生了变动。在讨论了股权变动原因的基础上，对股权变动的模式和变动的效力进行了分析。本文基于股权“准物权”的属性，对其变动模式的考察借鉴了物权变动的相关理论和立法模式。同时对我国现有规定进行了梳理和总结，认为我国现行法原则采用股东名册登记的立法模式，个别有例外。股权变动以登记于股东名册之时为变动时点。例外情形包括两种：其一是法定的例外。某些法律对股权变动有特殊要求。例如，外商投资企业的股权变动以审批机构批准为生效要件，其变动的时点应当以批准为股权变动生效的时点。其二是约定的例外，如股权变动的当事人可以约定股权变动于公司登记机关有效登记时发生效力。依具体的股权变动情形，股权变动的登记人会有所不同。登记人可能是公司、公司注册机关或证券登记结算公司等其他机构。然后着重分析了三种特殊情形下股权变动效力的认定。本文最后讨论了我国现行法对股权变动的限制。限制可以分为法定的限制和约定的限制。从部门法角度出发，分别考察了我国《公司法》、《证券法》以及其他法律法规对股权变动的法定限制。另外，我国法律还允许当事人之间通过约定对股权变动予以限制。这些限制，如果通过公司章程作出，则效力及于公司、所有股东及其他应遵守公司章程的有关各方；如果通过股东协议作出，则仅对协议缔约各方有效。上述限制有效的前提是限制不应违背法律的强制性规定，并符合“合理性标准”。不同的法律限制，对股权变动效力的影响不同。本文认为依据法律限制对股权变动效力的不同影响，将法律限制分为三类：第一类法律限制是股权变动的生效要件；第二类法律限制是股权变动的前置程序；第三类法律限制则不直接影响股权变动的效力。股权变动的相关方应当注意遵守法律限制，若违背相关限制，过错方或违约方应当承担相应的法律责任。法律责任可能包括民事责任、行政责任或刑事责任，还包括交易所等与股权变动相关的机构的内部处罚。本文的创新之处主要在于研究的角度和视野。一是将与股权变动的相关主要法律问题系统性地予以讨论。主张对于股权变动，应当摒除将有限公司和股份公司割裂开来讨论的传统方式，将有限公司与股份公司的股权变动问题一并予以讨论；二是提出应从股权的取得、变更和消灭的整个过程来考察股权变动，并且不仅考察股权整体权利的变动，还要考察股权部分权益的变动；三是从传统、常态和新型、非常态两个角度对股权变动进行研究和讨论，据此对比两种形态的异同，为完善我国相关法律规范提供思路。对于股权变动的研究，应当在传统研究的基础上，着眼于实务不断发展的需求，随时关注新兴的股权变动形态，以完善理论研究和现有法律制度。本文认为，我国目前的股权变动，是以股权的整体变动为常态，以股权的部分权利变动为非常态；以登记生效为原则，以审批生效等为例外；以股东名册登记为原则，以其他登记为例外。更多还原

【Abstract】 So far there is no special dissertation to systematically discuss issues on changeof equity in China. This author, under the present structure of laws and regulationsrelated to company law and securities law in our country, based on legal practice, tryto review and discuss the major issues related to change of equity and build up abasic legal structure of change of equity.This research begins with the basic theory on change of equity. It clarifies thedefinition of equity and change of equity used in this article and analyzes the relatedjurisprudence basis. Equity should be used with a more comprehensive meaningwhich could cover shareholders rights of the Limited Liability Company and sharesof the Joint Stock Limited Liability Company under the Company Law of the PRC.We should observe the whole process from equity’s acquisition, alteration andelimination. Change of equity could refer to two forms of transfer: whole equitytransfer or partial rights transfer.It is the normative facts that set the change of equity in motion. Therefore, thediscussion on the main cause of the change of equity should be concentrated uponthe typical normative facts, the most significant aspect of which is the legal act,including donation, withdraw, transfer, merger, split-up, capital increase anddecrease, equity pledge and its implement, stock repurchase and margin trading, themost fundamental one of which is transfer. Due to the difference of the rightstransferred and transfer methods, there are various specific forms of transfer. Asgood cases in point, there are the transfers of equity related to Limited LiabilityCompany, non-public and public company, which could be categorized asconventional and normal cause of transfer, the transfers of preferred stock, stockrepurchase and margin trade, which could be depicted as new and abnormal cause oftransfer. Additionally, there are factual causes including bequeath, inheritance andthe dissolution of marriage, which lead to distinguished types of change of equityaccordingly. Some involve holistic change of rights and duties, while the othermerely affects partial rights and interests. Premised upon the discussion on the cause of change of equity, it could besafely to proceed this research with the mode of change and the effect of change.Founding the legal attribute of equity upon quasi-property right, the followingdiscussion focuses upon the comparative study of change of quasi-property rights.Simultaneously, this research also includes the inductive analysis of our domesticlegislative status, the principle of which is defined as the mode of register ofshareholder. Change of equity begins from the change of register, with slightexceptions such as ones explicitly defined by statutes or stipulated by contracts.The research ends upon the issue of current domestic legislative limitation onchange of equity in China, from the sector perspective of Chinese law such asCompany Law, Securities Law and other statutes. Moreover, contractual limitation ispermitted by Chinese law as well as. Once written in Articles of Association, theclause of limitation could affect corporation, shareholders and other relational parties,while promised in the agreements among shareholders, the clause of limitation onlyinfluences those signed. These clauses of limitation, which could be classified as therequirement of validity, prepositive procedure and those irrelevant to change ofequity, should not violate the mandatory requirement of law, and comply with thestandard of reasonableness. Otherwise, party in fault or those who breach contractswould incur legal liabilities and internal punishment.It is the perspective and depth of view that suffice the salient innovative andoriginal contribution. Firstly, the systematic research on change of equity covers allimportant aspects of relative legal matters. Secondly, the assertion of study thechange of equity from the sector perspective of the acquisition, change andelimination of equity rather than the holistic one is sounding and persuasive. Thirdly,this research processes the change of equity upon the enlightening division ofconventional and new modes of transfer. The study on change of equity shouldpositively correspond to the practical needs that evolve rapidly from time to time, inorder to maintain updated and utility.更多还原