Legal Risks and Rules Reconstruction of Unauthorized Equity Transfer in Equity Holding Behavior—From the Perspective of Actual Investors’ Rights Protection

As a typical model of diversified investment, equity holding helps actual investors circumvent investment restrictions and optimize asset allocation. However, it also faces obvious legal risks, such as the unauthorized transfer of equity by nominal shareholders. China's newly enacted Company Law for the first time responds to the issue of equity holding in the form of legislation, and other specific rules can be seen in the Judicial Interpretation of the Application of Company Law (III) and the Civil Code. However, through the analysis of legal norms and judicial judgments, it can be found that the settlement of equity transfer disputes may face the legal dilemma of the imbalance between the generalization of Rechtsschein Theorie of commercial law and substantive fairness. Based on this, this paper puts forward the optimal path of risk reduction, which takes the establishment of the share objection registration system, the reconstruction of judgment rules, and the improvement of prevention and accountability measures as the core.