摘要
从法律性质看,出质股权是股权,而非物权。从资产负债表来看,出质股权指向会计恒等式中的股东权益。从持股比例的度量功能看,质权人原则上依持股的类别和比例行使股权质权。股东出资额并非股权质押的最高担保责任限额。公司登记机关将出质股权数额登记为出质股东出资额存在诸多历史成因。股权质押登记格式文本的设计失灵主要源于《公司法》制度设计盲区。鉴于现行股权质押登记模版中的"出质股权的数额"易滋歧义,建议《公司法》明确规定股权质押的核心登记信息:出质股东姓名(名称);目标公司名称;出质股权对应的股权类别和持股比例;公司注册资本总额;出质股东认缴的出资额及其在注册资本总额中的比例;出质股东和其他股东各自实缴的出资额。为充分尊重和有效保护债权人对出质股权的知情权和选择权,建议公司登记簿和企信网实现24小时全天候、360度全方位、实时共享、互联互通和无缝对接,构建全国统一的股权质押登记信息公示平台。即使在《公司法》修改之前,被记载为"出质股权的数额"的股东出资额也仅应被解释为计算出质股权在公司股权结构中所占股权比例的重要参数之一。出质股权的最佳度量衡是股权类别和持股比例,舍此无他。
The legal nature of the pledged equity is equity, not other property rights. The pledged equity is defined by the shareholders’ equity in the balance sheet. From the perspective of the measurement function of the shareholder’s shareholding ratio, the pledgee exercises the pledged equity based on the shareholding ratio in principle. The shareholder’s capital contribution is also not the maximum guarantee liability limit for equity pledge. There are many historical reasons for the corporate registration authority to register the pledged equity amount as the pledged shareholder’s capital contribution. The design failure of the equity pledge registration standard forms mainly originates from the silence of corporate law. As the “amount of pledged equity” in the current equity pledge registration regime is ambiguous, it is recommended that the Corporate Law clearly stipulate the core registration information of equity pledge: the name of the pledged shareholder;the name of the target company;the category and shareholding ratio of pledged equity;corporate total registered capital;the capital contribution subscribed by the pledging shareholder and its proportion in the total registered capital;the capital contribution actually paid by the pledging shareholder and other shareholders. In order to fully respect and effectively protect the creditors’ right to know and choose the rights of pledged equity, it is recommended that corporate registration information should be made available on the national corporate credibility information platform. Even before the amendment of the Corporate Law, the amount of shareholder capital contributions recorded as “amount of pledged equity”should be interpreted as one of the necessary parameters to determine the proportion of pledged equity in corporate equity structure. The best metrics for quantifying pledged equity is the type of pledged equity and the proportion of shareholding.
出处
《上海政法学院学报（法治论丛）》
2021年第6期103-114,共12页
Journal of Shanghai University of Political Science & Law(The Rule of Law Forum)
基金
2020年度国家市场监督管理总局重点课题“法治化营商环境中的市场主体法律问题研究”的阶段性研究成果,项目编号:2020K20086。
关键词
股东权益
出质股权
股东出资额
股权比例
质押登记
Shareholders’Equity
Pledged Equity
Shareholders’s Capital Contribution
Shareholding Ratio
Pledge Registration
