作　者：冉克平 施宇宸
关键词：股权让与担保；类型构造；规范效果；担保权利；股东权利
摘　要：

股权让与担保的法律构造素有“担保权构造说”与“所有权构造说”之分，二者均在股债界分视角下阐释权利性质。一元构造面临功能化过度、合同内部利益与公司利益失衡的质疑。股权让与担保的法律构造应充分尊重商事交易的结构性与复杂性，采取场景化思维，类型化为隔绝公司治理型、监督公司治理型以及控制公司治理型。自权利性质观之，对应的是彻底功能化的担保权利、兼具组织法色彩的担保权利、具备担保功能的股东权利三阶序列。在类型构造的识别上，应构建以“公司意思”与“合意内容”为要素的动态判断体系。在隔绝公司治理型交易中，采取全面功能化路径，适用股权质押规则；在监督公司治理型交易中，采取适度功能化路径，债权人承担以“禁止权利滥用”为中心的消极义务，以损害赔偿为中心的责任体系。在控制公司治理型交易中，应限制担保功能化程度，债权人承担以“信义义务”为中心的积极义务，以股东出资为中心的责任体系。

 

Typological Construction and Regulatory Effects Of Equity Transfer for Security

Ran Keping, Shi Yuchen（Wuhan University）

Abstract The legal structure of equity transfer for security has long been divided into "security right construction theory" and "ownership construction theory", both interpreting the nature of rights from an equity-debt differentiation perspective. A unitary construction faces criticism for excessive functionalization and an imbalance between internal contractual interests and corporate interests. The legal construction of equity transfer for security should, fully respecting the structural and complex nature of commercial transactions, adopt a context-specific approach to classify it into three categories: corporate governance-isolated, corporate governance-supervised and corporate governance-controlled models. Regarding the nature of rights, these correspond to a three-tier sequence of fully functionalized security right, security right with organizational law attributes and shareholder rights with security functions. To identify these structural types, a dynamic evaluation framework should be constructed with "corporate will" and "consensual content" as essential elements. In corporate governance-isolated transactions, a comprehensive functionalization approach is adopted along with the application of equity pledge rules. In the corporate governance-supervised transactions, a moderate functionalization approach is adopted, where the creditor bears negative obligations centered on the prohibition of abuse of rights and a liability system focused on damages. In corporate governance-controlled transactions, the degree of security functionalization should be limited, with creditors assuming positive obligations centered on fiduciary duties and the liability centered on shareholder capital contributions.

Key words equity transfer for security; typological construction; regulatory effects; security interest; shareholder's rights

 

■作者简介 冉克平，武汉大学法学院教授，湖北 武汉 430072；施宇宸，武汉大学法学院博士研究生。

[PDF]（下载数：）