Abstract: Despite the fact that the defensible validity of shareholding registration in limited company has been established under paragraph 3 of Article 32 in Corporation Law, there still exist many theoretical disputes and certain misunderstandings in the trial practice on“who”, based on“what kind of appearance facts”, against“whom”.By studying the general principle of defensible validity of commercial registration and making normative analysis of the basic provisions of defensible validity of shareholding registration, it becomes quite necessary to clarify the differences between several couples of categories such as the defensible validity and credibility of commercial registration, the commercial registration and credit information disclosure and the dormant investment and registration confrontation.The applicable premise of the registration confrontation is the discrepancy between the real right and the exoteric right.With the help of typology analysis, the scope of corresponding“third party”and the applicable situations of shareholding registration confrontation on the occasion of shareholding dispose, dormant investment, protection of corporate creditors and the enforcement of registered shareholders' debts, will be precisely determined and thus formed the theoretical system of defensible validity of commercial registration.

Key words: Commercial Registration, Information Disclosure, Defensible Validity, Shareholding, Bona Fides Third Party

摘要： 《公司法》第32条第3款确立了有限公司股权登记的对抗力，审判实践对于“谁”、基于“何种外观事实”、得以对抗“谁”等问题还有诸多误区，理论上也多有分歧。基于商事登记对抗力一般原理与股权登记对抗力的规范分析，商事登记的对抗力与公信力、商事登记与信用信息公示、隐名投资与登记对抗等多对范畴之别得以认清。登记对抗的适用前提，就在于真实权利与公示权利出现不符。借助于类型化分析，股权处分、隐名出资、公司债权人保护、登记股东的债务强制执行等多种场合下股权登记对抗的适用情形，以及相应“第三人”的厘定，商事登记的对抗力理论体系得以建构。

关键词: 商事登记, 信息公示, 对抗力, 股权, 善意第三人