分类号密级
U D C 编号10486
硕士学位论文
股权让与担保中
担保权人对外处分股权的效力研究
研究生姓名：刘军
学号：2018201060101
指导教师姓名、职称：冯果教授
专业名称：经济法学
研究方向：企业公司法
二〇二一年五月
Study on the Effectiveness of external
disposition of equity by the guarantor of
the equity transferring guarantee
By
Liu Jun
May,2021
股权让与担保中担保权人对外处分股权的效力研究
摘要
随着市场交易主体通过不断设计交易框架并创新交易内容，作为非典型担保
方式的股权让与担保在我国资本融资市场逐渐备受关注，由此也引发了诸多股权
让与担保的争议纠纷。由于担保权人对外处分股权的行为在司法实践中时有发
生，而司法裁判在认定其效力时常涉及对担保权人是否享有股东资格和可否行使
股东权利的探讨，各级法院参照适用不同的一般让与担保的理论依据作为裁判路
径的法理基础，由此引发了担保权构成理论下无权处分路径和所有权构成理论下
有权处分路径的直接冲突。然而，我国学界并未能对这一现象予以充分关注和及
时回应，理论研究的不足引致司法裁判的混乱，进而造成司法实践不能回应市场
交易主体的合理期望，亦无益于股权让与担保的发展及完善。
本文首先从股权让与担保的概念和效力界定入手，厘清股权让与担保的概念
及基本特征，以此为基础，将股权让与担保与股权转让、股权质押及明股实债等
进行制度辨析，并进而认为应对股权让与担保的效力采原则上承认其有效，例外
时可视为无效的有效论观点。其次，通过考察股权让与担保纠纷的裁判案例样本
的总体趋势，进一步提炼司法裁判对担保权人对外处分股权效力的裁判路径可分
为无权处分路径和有权处分路径。以区分解释论为研究视角，对两种裁判路径中
股东资格认定和股东权利行使的裁判思路进行再次梳理。再次，对司法裁判中以
担保权构成理论为法理基础的无权处分路径和以所有权构成理论为法理基础的
有权处分路径进行法律逻辑检思，发现两理论移植于股权让与担保时存在明显的
理论不适。由此，在对有学者提出的担保所有权的理论主张予以批判性研究的基
础上，本文以法理重构的方式提出了所有权担保理论的法理主张，并在实现法律
逻辑证成的基础上将其作为我国司法实践统一认定担保权人对外处分股权效力
为有权处分的裁判路径的法理基础。最后，为建构所有权担保理论下有权处分路
径的效力认定规则，从规则必要与制度可能的成文化论出发，本文认为应从股东
资格认定规则的调适、股东权利行使规则的明确以及有权处分路径事后规则的互
补这三方面进行建构。
关键词：股权让与担保；对外处分股权；所有权担保理论；有权处分路径
I
武汉大学硕士学位论文
Abstract
With the continuous design of trading framework and the innovation of
transaction content,the equity transferring guarantee,as an atypical guarantee,has
gradually attracted much attention in the capital financing market of our country.This
also caused a lot of disputes of equity transferring guarantee.Because the act of the
guarantor's external disposition of equity occurs from time to time in judicial practice,
and the judicial decision often involves the discussion on whether the guarantor has
the shareholder qualification and whether it can exercise the shareholder's rights.
Courts at all levels refer to the different theoretical basis of general transferring
guarantee as the legal basis of the judgment path,which leads to the direct conflict
between the unauthorized disposition path under the theory of security right
constitution and the right disposition path under the theory of ownership constitution.
However,the academic circles of our country have not paid full attention to this
phenomenon and responded in time.The deficiency of theoretical research leads to
the confusion of judicial decisions,which leads to the failure of judicial practice to
respond to the reasonable expectations of the main body of market transactions.It is
also not conducive to the development and improvement of equity transferring
guarantee.
This paper starts with the definition of the concept and effectiveness of equity
transferring guarantee,and clarifies the concept and basic characteristics of equity
transferring guarantee.On this basis,the system of equity transferring guarantee and
equity transfer,equity pledge and real debt.And then it is considered that the validity
of equity transferring guarantee should be recognized in principle,and the exception
can be regarded as invalid.Secondly,by investigating the general trend of the
judgment case sample of the equity transfer and the guarantee dispute,the judgment
path of the judicial decision to the effect of the right can be divided into the
unauthorized disposition path and the authorized disposition path.From the
perspective of differentiated interpretation theory,this paper combs the judgment
ideas of shareholder qualification and shareholder right exercise in the two judgment
paths.Thirdly,the legal logic of the unauthorized disposition path based on the theory
of security right constitution and the right disposition path based on the theory of
ownership constitution is examined.It is found that there is obvious theoretical
discomfort when the two theories are transplanted to equity transferring guarantee.
Therefore,on the basis of critically studying the theoretical claims of secured
股权让与担保中担保权人对外处分股权的效力研究
ownership put forward by some scholars,this paper puts forward the legal claims of
ownership guarantee theory in the way of legal reconstruction.On the basis of
realizing the legal logic,it is regarded as the legal basis of the judicial practice of our
country.Finally,in order to construct the rules of validity determination of the path of
right disposition under the theory of ownership guarantee,this paper argues that it
should be constructed from three aspects:the adjustment of the rules of shareholders'
qualification determination,the clarity of the rules of the exercise of shareholders'
rights and the complementarity of the rules of the right disposition path afterwards.
Keywords:equity transferring guarantee;external disposition of equity;
ownership guarantee theory;right to dispose of paths
III