Research on the Limits of Actual Investors' Rights in Execution Objection Litigation over Nominee Equity Holding

Abstract

The implementation of the 2025 judicial interpretation on actions for objection to execution has made clarifying the normative limits of actual investors' rights to exclude execution the core issue in resolving such difficulties. Actions for objection to execution should be limited to procedural remedies, yet they are often used as a channel for substantive right confirmation, causing adjudication to deviate from its focus and reducing execution efficiency. The adjudicative logic often overlooks the statutory restrictions on the transformation of an actual investor's creditor's claim into an exclusive right, and exhibits a formalistic bias in the mechanical application of the commercial appearance doctrine to non-transactional domains. The root of the controversy lies not in whether substantive interests should be recognized, but in the scope and manner in which such interests can be accommodated at the execution stage. To resolve this conflict, it is necessary to establish an adjudicative stance centered on the protection of reliance interests, and to limit the application of the appearance doctrine by distinguishing the specificity and non-transactional nature of creditor's claims. Through element-based review, the strength of exclusive rights and interests should be precisely identified, and a typological adjudication path guided by the stratification of the nature of creditor's claims and risk-creation attribution should be constructed, with a view to achieving an organic coordination between procedural efficiency and substantive legal logic while safeguarding substantive justice.