China: "假股权,真债权"的司法实践与实操注意事项

Last Updated: 14 December 2017
Article by Allbright Law Office

一、"假股权,真债权 "

近年来"假股权,真债权"的话题越来越热,实践中的规模也越来越大,其中基建和房地产是"假股权,真债权"类资产主要投资方向。所谓"假股权,真债权"指的是A公司(通常为金融机构)购买并持有B公司的股权并不是以经营为目的的长期持有,通常B公司或其股东C会与A公司签订溢价回购协议,约定在到期日以固定价格回购,因此A享有的并非股权而是债权。

"假股权,真债权"能够存在与发展一个重要原因是:公司为了满足监管层面的要求,为了满足银监会提出的"四三二原则"(所谓"四三二原则"指的是"四证"覧《国有土地使用证》、《建设用地规划许可证》、《建设工程规划许可证》和《建设工程开工许可证》齐全、项目资本金比例达到30%、开发商或其控股股东具备二级资质。)中的30%控制资金比例要求,因此企业会通过发行股票的形式来筹集资金覧为了能够按计划或短时间内达到30%控制资金的标准,企业可能通过与投资方签订利息补偿协议以获得投资,此类行为即为"假股权,真债权"。该原则在最近一次重申于2010年12月8日发布的《关于信托公司房地产信托业务风险提示的通知(银监办发343号)》当中。

二、"股权" "债权"的定义

股权

股权又称股东权。我国《公司法》第4条规定公司股东依法享有资产收益、参与重大决策和选择管理者等权利。股权是基于股东对公司投入资产或者劳动获得的股东身份享有的权利,并且在公司盈利时享受分配利润及参与公司经营的权利。以有限责任公司为例,根据我国《公司法》第 74条对有限责任公司的规定:有下列情形之一的,对股东会该项决议投反对票的股东可以请求公司按照合理的价格收购其股权:(一)公司连续五年不向股东分配利润,而公司该五年连续盈利,并且符合本法规定的分配利润条件的;该法条指出在公司连续五年盈利的情况下公司应当向股东至少分配一次利润,即股东享受的利润分配依据公司经营状况而定,股东因其股权享有的收入是不固定的。

债权

债权的是一种对负债的权利,根据《中华人民共和国财政部令第 76财政部关于修改《企业会计准则 基本准则》的决定》第二十四条符合本准则第二十三条规定的负债定义的义务,在同时满足以下条件时,确认为负债:

(一)与该义务有关的经济利益很可能流出企业;

(二)未来流出的经济利益的金额能够可靠地计量。

从该条中可以解读出负债是到期日必须还本付息的一种概念,针对负债的权利则同样是固定的或者有固定的计算方法。通常在"假股权,真债权"的案例中"被投资公司"的母公司或股东为了吸引"投资公司"对其进行所谓"股权投资"会为其提供担保或签署溢价回购协议,从而使得"投资公司"获得固定或可计算的利息。这种固定或有固定计算方法的利息对"被投资公司"的母公司或股东来说符合负债的概念,相对应的,负债的权利人也就享有债权而非股权。

股权与债权的权利人享受由权利产生的收益形式不同是判断"假股权,真债权"的一大标准覧当收益体现为浮动的利润形式,则为股权;如有固定的利息或者计算利息的固定方法则为债权。

三、"假股权,真债权 "在我国的司法实践

我国现行法律法规更倾向于将"假股权,真债权"认定为"实债"性质。从现有案例的层面来看,可以总结出两个裁判原则:认定 "假股权,真债权 "需要举证债权性质 ;"假股权,真债权 "合同对内对外效力不同。

1. 认定"假股权,真债权 "需要证明债权性质

从现有案例的层面来看,认定"假股权,真债权"时,"当事人需要有明确的证据证明债权性质的,否则仍然认定为股权关系",这一条标准总结于最高人民法院 (2013)民二终字第 33号联大集团有限公司与安徽省高速公路控股集团有限公司股权转让纠纷上诉案中。该案当中正因为当事人无法对投资的债权关系举证,因此最高人民法院依旧认定其为股权关系。

在"假股权,真债权"下的债权一般实质为《股权回购协议》等带有以利息或差价为补偿的合同之债,此类债权债务最直接有效的证明方法是将该协议或合同作为证据提交,以最简单的"借款"为例,根据《中华人民共和国合同法》第196条的规定可以得出要证明借款事实存在必须证明:

第一,借款人曾与出借人签订借款合同,双方间存在借贷法律关系;

第二,出借人将借款交付借款人;

第三,该借款已到期。

上述证明存在借款事实的方式较为直接,转换到"假股权,真债权"背景下,若要证明"假股权,真债权"下的《股权回购协议》是债权债务关系则应尽可能证明:

第一,投资人曾与被投资人订立《股权回购协议》,该协议约定被投资方必须到期返还投资额并给予投资方一定的资金占用费;

第二,投资人将该笔资金交付被投资人;

第三,《股权回购协议》期限已到。

2. "假股权,真债权 "合同对内对外效力不同

该裁判原则见于新华信托股份有限公司(以下简称"原告")与湖州港城置业有限公司(以下简称"被告")破产债权确认纠纷((2016)浙0502民初1671号)一案中。该案中,法院依据《湖州凯旋国际社区股权投资集合资金信托计划合作协议》认可原告与被告之间的股权关系实为债权关系,但是法院认为该关系仅存在于原告与被告之间。而对外,依据《中华人民共和国公司法》第 32条第3 "公司应当将股东的姓名或者名称及其出资额向公司登记机关登记,登记事项发生变更的,应当办理变更登记,未经登记或者变更登记的,不得对抗第三人 ",原告与被告之间的股权关系仍然存在并未发生变更登记,因此作为普通股持有人无法享有优先权并对抗其他债务人的破产债权。

总结我国在立法性文件未做规定的情况下,部门规章与司法案例都倾向于着眼于"假股权,真债权"的实质,但对于判断实质的标准却十分严格,并且区分对内与对外的效力。

四、"假股权,真债权 "退出方式的效力

"假股权,真债权"的退出方式即投资人从中收回资金并获得利息的债权实现方式。其中债权实现方式通常是由被投资公司或其股东与投资公司签署《股权回购协议》并且附带质押、担保等信用增级方式。如果要使得"假股权,真债权"中投资方的债权得到实现,首先就要拷问附回购协议或回购条款的股权转让合同是否有效?协议或合同有效则债权得以实现,但若无效,无效的情形是什么?

针对附回购协议或回购条款的股权转让合同是否有效的问题,最高人民法院在梦幻侏罗纪探险时代(北京)投资管理有限责任公司(以下简称"原告")与大庆市三环钻井工程有限公司及大庆万年房地产开发有限公司、大庆市大正建筑安装有限公司(以下简称"被告")股权转让合同纠纷一案((2014)民二终字第59号)的判决中给出了答复,"签订的《股权转让合同》是双方当事人的真实意思表示,且不违反法律行政法规的强制性规定,应为有效合同。"在该案的《股权转让合同》当中约定了由原告向被告之一大庆市三环钻井工程有限公司支付 1.771亿元股权回购款,最高人民法院认可了包含股权回购条款的股权转让合同的合法性,为"假股权,真债权"的退出敞开了大门。

然而并非所有债权实现方式都是有效的,如果退出方式损害了公司和债权人的利益则会被认定为无效。在苏州工业园区海富投资有限公司(以下简称"原告")与甘肃世恒有色资源再利用有限公司、香港迪亚有限公司、陆波(以下简称"被告")增资纠纷案((2012)民提字第11号)当中,发行方就其增资扩股行为与投资人约定了业绩补偿条款构成"假股权,真债权",但该条款因约定原告有权就世恒公司2008年实际净利润完不成3000万元时要求世恒公司及迪亚公司以一定方式予以补偿,损害了公司和债权人利益,违反了《中华人民共和国中外合资经营企业法》第 8条关于企业利润根据合营各方注册资本的比例进行分配的规定以及《中华人民共和国公司法》第 20"公司股东应当遵守法律、行政法规和公司章程,依法行使股东权利,不得滥用股东权利损害公司或者其他股东的利益 ;不得滥用公司法人独立地位和股东有限责任损害公司债权人的利益 "的规定,同时,根据《中华人民共和国合同法》第 52"有下列情形之一的,合同无效: ()恶意串通,损害国家、集体或者第三人利益 ",一审法院认定补偿条件的约定无效。基于同样的事实,因为违反了《最高人民法院〈关于审理联营合同纠纷案件若干问题的解答〉》第 4条第二项关于 "企业法人、事业法人作为联营一方向联营体投资,但不参加共同经营,也不承担联营的风险责任,不论盈亏均按期收回本息,或者按期收取固定利润的,是明为联营,实为借贷,违反了有关金融法规,应当确认合同无效 "之规定,因此最高人民法院在再审过程中同样认定该约定无效。

五、实务建议

在实际操作中投资者与被投资者可以注意以下三个方面:

首先,明确股权、债权是不同的权利形式、知晓两者的不同(权利、义务、税收1方面等)。选择适合自己的投资模式。

其次,在设计退出路径时,要特别注意确保形式与实质之间的协调、明确相关合同的无效情形,由此保证权利得以有效实现。在订立退出协议时需保障双方当事人的真实意思表示,且协议内容不得违反法律法规的强制性规定、不损害他人合法利益(注意拟挂牌企业特殊性)。

再者,注意满足转股的内部与外部规定,遵守公司章程并及时办理工商变更登记手续;

最后,投资者可合理设计其他风险分担模型,比如:资产证券化、引入第三人投资、保理交易,以此降低"假股权,真债权"无法对抗第三人所带来的风险。

免责声明

本文内容仅为提供信息之目的由作者制作,不应视为广告、招揽或法律意见。阅读、传播本文内容不以建立律师-委托人关系为目的,订阅本文也不构成律师-委托人关系。本文所包含的信息仅是作为一般性信息提供,作者及锦天城律师事务所均不对本文做日常性维护、修改或更新,故可能未反映最新的法律发展。读者在就自身案件获得相关法域内执业律师的法律意见之前, 不要为任何目的依赖本文信息。作者及锦天城律师事务所均明确不承担因基于对本文任何形式的使用(包括作为或不作为)而产生的一切责任、损失或损害。

Footnote

1 国家税务总局在2013年发布了《关于企业混合性投资业务企业所得税处理问题的公告(国家税务总局公告2013年第41号)》在该公告当中规定对符合条件的"兼具权益和债权双重特性的投资业务"依照其实质性质收税,与《中华人民共和国企业所得税实施条例》第83条、《中华人民共和国个人所得税法》第2条、第3条的一般性情况做出了区分,体现了"实质大于形式"的原则。

Originally published by Lexology, November 17 2017 .

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If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions