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日本作为亚洲证券市场发达国家,早期对股票的集中交易采用的是证券“非移动化”下的账户划拨制度。之后在2004年修订的《公司债、股份等账户划拨法》中,明确规定了上市公司不发行股票,电子登记股份的转让采用账户划拨方式,推定客户合法持有其电子账户记录所对应的股份,且可以发生善意取得。值得注意的是,股票“无纸化”发行后,电子登记股份的善意取得内涵已发生了重要的变化。本文通过考察日本实物股票向电子登记股份演变过程中的善意取得概念之变化,明确在我国应肯定电子登记股份可以发生善意取得,并指出了在我国引入电子登记股份善意取得制度时应注意的理论问题。
As a developed country in the Asian securities market, Japan used the system of account transfer under the “non-mobile” securities for the early trading of stocks. Later in 2004, the “Law on Transferring Account of Corporations and Shares” set out clearly the non-issue of shares by listed companies and the transfer of electronic registered shares by way of account transfer, which presumed that customers legally hold the shares corresponding to their electronic account records , And can be acquired in good faith. It is noteworthy that, after the issuance of stock “paperless” shares, the goodwill acquisition of electronic registration shares has undergone significant changes. This article examines the changes in the concept of goodwill acquired during the evolution of Japan’s physical stocks to electronic registrations, clarifies that the acquisition of shares by affirmation in China can be made in good faith, and points out the theory that should be noticed when introducing the system of goodwill acquisition by electronic registration problem.