Research On The Effectiveness Of Equity Holding Agreement

With the continuous development of China’s socialist market economy,equity holding has been widely existed in the company’s operations.Legal shareholding can attract investment,promote the company’s development,and stimulate market vitality.Illegal equity holdings may damage personal interests,disrupt the company’s operations,and disrupt economic order.At present,there are very few direct regulations on shareholding in China’s laws.Only the Supreme People’s Court’s Judicial Interpretation of Company Law has directly recognized the effectiveness of the shareholding agreement,and it has become the effectiveness of the shareholding agreement in judicial practice in recent years.The direct basis for the determination.However,under the current strong supervision of China’s financial market,the highest judicial authority has changed the way of determining the effectiveness of the equity holding agreement,and began to use the Article 45 of the Contract Law to determine the invalidity of the contract.The ultimate basis.This change not only means that the judicial recognition results of the relevant equity holding disputes will be significantly different from the past,but also reflects the current lack of legislation and judicial instability in the regulation of equity holdings in China’s laws and regulations.Therefore,the effectiveness of the equity holding agreement is theoretically studied,which is of great significance for the improvement of relevant laws and regulations and the judicial practice of unifying related issues.The first part starts from the current hot case and draws the hot spot on the current equity holding issue,that is,the change of thinking of the highest judicial organ on the effectiveness of the equity holding agreement,and initially questions the rationality and legitimacy of the change.The second part starts from the basic theory of equity holding,explains the concept of equity holding agreement,reveals the nature of contract with trust as the core,and explains the reasons for the formation of equity holding,which are discussed in detail from legal and illegal perspectives;This paper discusses the legal basis of equity holding,returns to the theory of contract freedom and the principle of autonomy of will in private law;analyzes the actual impact brought by equity holding,and conducts a comprehensive analysis from the positive and negative dimensions.The third part is a comprehensive analysis of the legal basis for the validity of the current equity holding agreement.The theory and practice of extraterritorial equity holdings are relatively early.The Anglo-American legal system countries and some civil law countries have positively recognized the issue of equity holding.And more well-designed institutional laws have been designed to guide judicial practice.At present,in China,at the level of laws and regulations,the relevant norms on the issue of equity holding are mainly in the "Contract Law" and "Judicial Interpretation of Company Law",in which the former demarcates the prohibited area from the legal level in the face of the effect of the equity holding agreement.The latter directly recognized the effectiveness of the equity holding agreement from the judicial interpretation level.It is also clear that departmental regulations and administrative mandatory norms should not be the basis for determining the effectiveness of the equity holding agreement.The fourth part combines the two popular cases of the Supreme Law to conduct an empirical study on the validity of the equity holding agreement.This paper analyzes the changes of the current judgments of the highest judicial organs on the issue of equity holding,reveals the policy background behind the judicial judgment,and raises the doubts that the judicial decision is unstable,the applicable law is not standardized,and the principle of judicial deviation is restrained.The fifth part combines the theoretical research and empirical analysis of the previous article to improve the relevant laws and regulations on equity holding and standardize relevant judicial decisions.On the one hand,it should form a unified system of identification based on the "Contract Law" and the "Company Law" as a framework.On the other hand,it is necessary to strictly apply relevant laws and regulations,and restrict the application of regulations and administrative mandatory regulations.In addition,it is necessary to limit the application of the social public interest clause in the determination of the effectiveness of the equity holding agreement,and improve the information disclosure system of the listed company to avoid the waste of food,but to maintain the market economic order in a more reasonable way.