夫妻单方处分共有股权的效力研究

On the Effectiveness of Unilateral Disposal of Jointly-Owned Equity by Spouses

摘要: 近年来，夫因妻单方处分共有股权而引发的纠纷频繁出现，尤其是在显名登记方擅自处分共有股权的情况下，司法实践中出现了很多截然不同的判决结果。本文也主要围绕这一问题展开研究，探讨了股权是否应视为夫妻共同财产及单方处分的法律效力认定。文章开篇从司法实践中的争议着手，通过检索裁判文书网，发现裁判者在处理此类案件时存在分歧：一部分裁判者认为股权整体应视为夫妻共同财产，显名登记方对股权的单方处分属于无权处分；而另一部分裁判者则认为仅仅股权的财产收益属于夫妻共同财产，因此处分行为有效。支持股权共有的观点认为，夫妻股权共有的客体应包括财产权益和身份权益，但这种观点可能有危害公司人合性的危害。支持股权财产利益的观点则认为，夫妻共有的仅限于股权带来的财产收益，这有利于维护公司治理和交易安全，但动摇了婚姻法法定共同财产制的根基。基于此本文提出了股权权属共有的可能性，即在夫妻内部共享股权的财产权益，但未显名登记的一方需通过公司认可才能取得股东资格，而在公司内部仅限显名登记方可以向公司主张股东权利，以此达到隐名方不介入公司治理的目的。因此夫妻单方处分共有股权属于无权处分，但若交易相对人符合善意取得的条件则依旧可以取得股权。虽然处分行为属于无权处分，但并不影响股权转让合同的有效性。

Abstract: In recent years, disputes arising from a spouse’s unilateral disposal of jointly-owned equity have occurred frequently. Particularly in cases where the registered shareholder disposes of the jointly-owned equity without authorization, there have been many drastically different rulings in judicial practice. This paper mainly focuses on this issue, exploring whether equity should be regarded as marital joint property and how to determine the legal effect of its unilateral disposal. Starting with the controversies in judicial practice, the paper notes that some adjudicators hold that equity as a whole should be deemed marital joint property, and thus the unilateral disposal by the registered shareholder constitutes an act of disposal without right, which is aimed at safeguarding the rights and interests of marital joint property. In contrast, other adjudicators argue that only the property income generated from equity falls into the category of marital joint property, and therefore the disposal act is valid. Based on the above divergence, this paper proposes the possibility of joint ownership of equity rights. Specifically, spouses share the property interests derived from equity internally, but the non-registered spouse can only obtain shareholder qualification upon the company’s recognition. Within the company, only the registered shareholder is entitled to claim shareholder rights against the company, so as to ensure that the non-registered spouse does not intervene in corporate governance. Therefore, a spouse’s unilateral disposal of jointly-owned equity constitutes an act of disposal without right. Nevertheless, the transferee may still acquire the equity if they meet the requirements for bona fide acquisition. Although the disposal act is one without right, it does not affect the validity of the equity transfer contract.