【作者】 陈可；

【导师】 肖和保；

【作者基本信息】 湖南大学 ， 法律硕士（非法学）（专业学位）， 2015， 硕士

【摘要】 股权转让是股东行使股权经常而普遍的方式,但是破产清算中股权自由转让的问题,我国新的破产法却缺乏详细规定。中旅集团和华政公司股权转让合同纠纷中,作为华夏证券的发起人股东,中旅集团与华政公司在禁售期内签订华夏证券股权转让合同后不久华夏证券却走上破产清算程序。就股权转让,损失承担问题,双方展开了长达六年的诉讼。案件的争议焦点主要有以下三个方面:禁售期内股权转让合同的效力,破产清算程序下股权转让合同能否实际履行,以及股权减值的风险由谁承担的问题。重点分析在禁售期内签订的禁售期后股权转让合同是否违反法律强制性规定;股权转让合同签订后股权转让前企业进入清算程序,合同履行是否遭遇实质性的障碍;股权转让手续如何实际操作,破产管理人能否协助股东转让股权以及股权转让过程中;股权减值的风险到底算情事变更还是商业风险的问题。并得出如下结论:禁售期的股权转让协议,只要没有违反法律法规的效力性规定,就应当被认定为有效;企业进入破产清算程序,公司在法律上存在,股权就可以转让,破产管理人应当协助股东转让股权;股权转让中遭遇减值风险是典型的商业风险而不是情事变更。但是由于立法的缺失使得案情复杂,历时长久并且出现了五个结果不同的判决,这极大的影响了司法的权威性和稳定性。因此,需要通过完善立法来确定管理人的权利,细化破产管理人的职责,通过司法解释来出台具体的实施细则,以期对破产清算程序下股权转让问题的解决有所帮助。更多还原

【Abstract】 Stock transfer is the most popular way for shareholders to implore his stock rights. But the new bankruptcy law isn’t related to shares transfer and the concrete operation procedures on bankruptcy liquidation.The retrial case of shares transfer dispute between China travel service group and Chinese securities asset management co. LTD is a typical case. As the sponsor of the Chinese securities shareholder, China travel service group and Chinese securities asset Management Company signed share transfer contract during the lock-up period. Later, Chinese securities went into bankruptcy. They spent six years in the proceedings for solving effect on the equity transfer contract under bankruptcy liquidation; equity transfer formalities and responsibility of equity impairment risk these three questions and got five different verdicts. Analyze on the dispute and effect on the equity transfer contract under bankruptcy liquidation, equity transfer formalities and responsibility of equity impairment risk in detail. Then draw the following conclusion: the equity transfer agreement in lock-up period shall be deemed to be valid as long as no violation of Mandatory Rules on Effectiveness; business failures, if the company exists in legal,then the shareholding can be transferred, bankruptcy administrator shall assist the transfer of equity shareholders; depreciation of equity transfer is a typical business risks not changed circumstances.This kind of situation also greatly affected the judicial authority and stability. Thus in the end, the thesis put forward the author’s opinion: to refine the bankruptcy administrator rights and responsibilities through perfecting legislation and to introduce implementing rules by judicial interpretation for helping people to find solutions in this field.更多还原