股权让与担保的认定及实现

Recognition and Realization of Equity Transfer Guarantee

摘要: 股权让与担保是通过虚假股权转让实现真实担保目的的非典型担保制度，是商事主体发挥股权融资功能、获得融资资金的常见增信措施，但是在实务中一直争议很大，近年来逐渐纳入法律规制中。本文依据主要债务的有无、有无设定股权买卖价格及其金额是否合理并已付清、债权方是否为公司运营管理的直接参与者等要素来判断股权转让的性质，并通过股权让与担保与股权转让、股权代持以及与明股实债的辨析对其作出更准确的界定。关于股权让与担保的效力，本文认为，受让方按合同约定并不享有股东权利，也无法参与公司的运营管理，因此其内部行为无效；而股权转让担保的外部效力，在破产和执行情况下应当考虑平衡担保人、担保权人以及所有相关各方的利益。最后关于股权让与担保的实现，法律认可了清算型债权清偿模式的合法性，流质型股权让与担保只有在进行了产权的变更登记之后，担保权人才可申请采用拍卖、变卖等方式行使优先受偿权。

Abstract: Equity transfer guarantee is an atypical guarantee system that realizes the real guarantee purpose through false equity transfer. It is a common credit enhancement measure for commercial entities to play the function of equity financing and obtain financing funds. However, it has been very controversial in practice and has been gradually incorporated into legal regulations in recent years. This paper judges the nature of equity transfer based on the existence of major debts, whether the equity buying and selling price is set and whether the amount is reasonable and paid, and whether the creditor is a direct participant in the company’s operation and management. It makes a more accurate definition through the analysis of equity transfer guarantee and equity transfer, equity holding, and real debt with listed shares. Regarding the effectiveness of equity transfer guarantee, this paper holds that the transferee does not enjoy shareholder rights according to the contract, nor can it participate in the operation and management of the company, so its internal behavior is invalid; while the external effect of equity transfer guarantee should consider balancing the interests of the guarantor, the guarantor and all relevant parties in the case of bankruptcy and execution. Finally, with regard to the realization of equity transfer guarantee, the law recognizes the legitimacy of the liquidation-type creditor’s rights settlement model. Only after the change of property rights is registered can the security right apply for auction, sale, etc., to exercise the priority of repayment.