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A Study on the Appearance of Business in which Equity Holds for Others——From the perspective of the economics of law as an entry point

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DOI: 10.23977/FEIM2020.040


Qiwen Guan

Corresponding Author

Qiwen Guan


In practice, the problem of holding shares on behalf of others has been continually disputed in academia. Its existence makes the market transaction cost higher and affects the company and social and economic benefits. This article will explore how to weigh the interests and legal design of equity instead of others from the perspective of law and economics, through effective arrangements for the rights and obligations of hidden shareholders and non-hidden shareholders, to avoid unstable expected utility and risk costs, carry out effective market exchanges, improve the efficiency of economic operations, and maximize personal and social benefits.


Economics of law, Equity held on behalf of others, Appearanceism, Hidden shareholders

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