案外人异议之诉中隐名股东阻却强制执行股权的研究

A Study on the Dormant Shareholders Obstructing the Enforcement of Equities in a Dissent Action of Execution

摘要: 实践中，不同法院对隐名股东提起的案外人异议之诉处理意见各有不同，暴露出现行制度和理论的罅隙。不同法院对商事外观主义的不同理解，导致裁判结果出现矛盾。此类案件有必要抛弃外观主义，回归案外人异议之诉的本质，即考察被强制执行的财产是否属于债务人可供执行的责任财产。此外有必要区分投资型隐名股东与行权型隐名股东。投资型隐名股东不享有直接的股权财产性权益，无法排除名义股东债权人股权的强制执行。而行权型隐名股东通常有权排除对其股权的强制执行。但基于利益衡量的考量，必须制定特定的例外条款，以优先保障股权交易的对方以及担保人行使强制执行的权利。

Abstract: In practice, the dissent of outsiders brought by different courts against the dormant shareholders is tit-for-tat, exposing the gap between the existing system and the theory. Different courts’ different understandings of commercial externalism led to contradictory decisions. It is necessary to discard externalism in such cases and return to the essence of the action of the outsider, that is, to examine whether the enforceable property belongs to the obligable property of the debtor. Besides, it is necessary to distinguish between the dormant shareholder of the investment type and the dormant shareholder of the right type. The dormant shareholder of the investment type does not enjoy direct equity property rights and interests and cannot exclude the enforcement of equity rights of nominal shareholder creditors. And the right-to-go dormant shareholders usually have the right to exclude the enforcement of their equity. However, based on measures of interest, specific exceptions must be made to prioritize the enforcement rights of the counterparty and the guarantor of the equity transaction.