在围绕“信息披露”为核心的证券监管制度设计中,虽然《公司法》、《证券法》和中国证监会的行政规章已经对实际控制人的身份披露有所要求,但在中国证券市场跳跃过西方国家几百年所经历的历史而一下子发展到如今规模的市场背景下,我国证券市场监管制度设计的合理性以及市场主体对于监管规则的尊重都还明显不足,市场主体基于各种各样合理或者不合理的原因而采取股份代持的方式逃避对于“实际控制人”的披露。我国证券市场股份代持的存在不仅损害了信息披露规则自身的权威性和执行力,而且也在事实上损害了证券市场的诚信环境。由此,本文试图从股份代持的类型、原因分析为出发点,结合现有的监管实践对股份代持的法律规制提出几点粗浅的建议。 In the design of securities regulatory system centering around “information disclosure”, although the Company Law, the Securities Law and the administrative regulations of CSRC have required the disclosure of actual controller’s identity, Market jumping over the history of Western countries hundreds of years and suddenly developed to the current market size of the context of China’s securities market regulatory system design rationality and market regulators respect the regulatory rules are still significantly less than the market based on the main All kinds of reasonable or unreasonable reasons to take the shareholding approach to avoid “de facto controller ” disclosure. The existence of stock substitution in the securities market in our country not only undermines the authority and execution of the rules of information disclosure, but also in fact undermines the integrity of the securities market. Therefore, this article tries to put forward some superficial advice on the legal regulation of shareholding with the analysis of the types and causes of the stock substitution.